Transfer Cash ISAs Discussion Area

leaphaze

rowena01 wrote: »

My husband has just spent a very frutrating 1 1/2 hrs speaking to Nationwides ISA department.
Mid March he applied a the nearest branch to transfer his Santander ISA to Nationwide. Subsequently he received a letter from their head office asking for more ID. He sent it immediately and on 30th March received it back and saying his application was proceeding and they had everything they needed. The lettter by the way did not give him a reference to quote
He rang again at the end of April and was told it was going through OK.
Then we get to today. He gave them all the above info, went through a security check and the NW left him on hold. Eventually they came back to him asked for the exact amount of transfer. He gave them the amount as at mid march and said it would be slightly different because there would be some additional interest when the account was finally closed. The response was" sorry, you have failed the security check. I can't speak to you anymore because of security."
This went on as I said for 1 1/2 hours and all they could say was you'll have to go back to the local branch and go through the security again. My husband pointed out that he had a letter from the head office ISA dept confirming recept of the correct ID etc and that the local branch would just tell him to get back to head office.
No joy whatsoever, so husband is now driving 15 mile to the local branch expecting to be told it's nothing to do with them.
Has anyone any advice please as how we can proceed if this is what happens?

Since your account hasn't been activated yet, you are free to open an account with another provider.

boobbby

rowena01 wrote: »

My husband has just spent a very frutrating 1 1/2 hrs speaking to Nationwides ISA department.
Mid March he applied a the nearest branch to transfer his Santander ISA to Nationwide. Subsequently he received a letter from their head office asking for more ID. He sent it immediately and on 30th March received it back and saying his application was proceeding and they had everything they needed. The lettter by the way did not give him a reference to quote
He rang again at the end of April and was told it was going through OK.
Then we get to today. He gave them all the above info, went through a security check and the NW left him on hold. Eventually they came back to him asked for the exact amount of transfer. He gave them the amount as at mid march and said it would be slightly different because there would be some additional interest when the account was finally closed. The response was" sorry, you have failed the security check. I can't speak to you anymore because of security."
This went on as I said for 1 1/2 hours and all they could say was you'll have to go back to the local branch and go through the security again. My husband pointed out that he had a letter from the head office ISA dept confirming recept of the correct ID etc and that the local branch would just tell him to get back to head office.
No joy whatsoever, so husband is now driving 15 mile to the local branch expecting to be told it's nothing to do with them.
Has anyone any advice please as how we can proceed if this is what happens?

I also decided to transfer from lloydsTSB to a Nationwide ISA. First I had to open a flex account to get an account number although I didnt put any money in it. A few days later armed with the account number I filled in the transfer form from the local NW office. I would think no more than 10 days later the transfer was completed and the interest backdated to the date I had put on the transfer form. I now have to transfer this years allowance from my bank to the flex account (or make payments at the branch into the flex account) then move the money from the flex account into the ISA. It all went very smoothly!!

Baldur

gozaimasu wrote: »

Can they transfer ALL of their money across?

Yes.

If that is the case, then why can't they just transfer it all and then be left with the remainder of their allowance until the next tax year? I realise you can only subscribe to 1 ISA per tax year but surely if you have one allowance then it shouldn't matter if you transfer all your money then continue to add to it when it reaches the new account.

That's exactly what you can do. The old provider informs the new one how much of the transferred funds relate to the current tax year and you can subscribe any remaining balance after the transfer.

Also some accounts state that you must have an opening balance of £1, but that if you are transferring previous year's ISAs then you have to open an account THEN fill out a transfer request form. How can this work? (Halifax is one example who states £1 opening balance). If you can't subscribe to 2 ISAs in the same tax year then how can they do the transfer without opening an account first?

From memory (I transferred two ISAs to Halifax in April) there is a section of the application which asks how you intend to fund the ISA - I entered 'by ISA transfer'.

The balance of your transferred funds will presumably exceed £1, so will meet the minimum funding requirement.

suelynx

I asked Lloyds to transfer my Isa from Santander to Lloyds on 27 3 2011, they did so. On 7th April Santander sent the money to Lloyds. Santander then closed the ISA account On 11th April Lloyds sent it back to Santander at their request. I had not heard anything after the required 15 days, so contacted both banks, to be told the above. The question is where is the money. It's not with Santander, they deny receiving it. Lloyds say it was sent to Santander. Each time I phone it's 20 minutes on 0845 and go through security checks, speak to a different person each time, who tells me a different story. They have offered compensation and advised me to report it to the Banking Ombudsman, which will take 8 weeks. Horrific.

rb10

suelynx wrote: »

I asked Lloyds to transfer my Isa from Santander to Lloyds on 27 3 2011, they did so. On 7th April Santander sent the money to Lloyds. Santander then closed the ISA account On 11th April Lloyds sent it back to Santander at their request. I had not heard anything after the required 15 days, so contacted both banks, to be told the above. The question is where is the money. It's not with Santander, they deny receiving it. Lloyds say it was sent to Santander. Each time I phone it's 20 minutes on 0845 and go through security checks, speak to a different person each time, who tells me a different story. They have offered compensation and advised me to report it to the Banking Ombudsman, which will take 8 weeks. Horrific.

I'd ask Lloyds TSB to trace the money - they are the ones who sent it, so should know how (cheque? BACS?), when and where (address? account number?) they sent it.

One bit I'm unclear on is 'Lloyds sent it back to Santander at their request' - whose request? Lloyds' or Santander's? What was the reason given for this?

Baldur

suelynx wrote: »

..... They have offered compensation and advised me to report it to the Banking Ombudsman, which will take 8 weeks. Horrific.

It's 8 weeks after formally complaining before you can apply to the FOS, not that the FOS process will take 8 weeks - I had to do this a few years ago and it actually took about 10 months to achieve a result.

suelynx

rb10 wrote: »

I'd ask Lloyds TSB to trace the money - they are the ones who sent it, so should know how (cheque? BACS?), when and where (address? account number?) they sent it.

One bit I'm unclear on is 'Lloyds sent it back to Santander at their request' - whose request? Lloyds' or Santander's? What was the reason given for this?

Santander requested the money back from Lloyds, I can't get an answer as to why, except Santander say they didn't request it, and Lloyds say they did! Lloyds say the Isa wasn't transferred correctly. Santander say it was. Lloyds say it was sent back back because my surname was incorrectly spelt. It was sent back to Santander by BACS, Lloyds tell me it takes two weeks to search for a missing BACS. I've asked Lloyds to trace the money. Flipping farce. I'll use the space under the bed in future!

Amigo34

My 1 Year ISA with Coventry matures on 31st May 2011.
They have offered to roll it over for another year.
I was keen to roll it for 5 years; but their 5 years ISA does not accept transfers. How stupid- I now have to move the funds to Birmingham Midshire who accepts transfers.
But it would be a logistics nightmare.

I have already used my 2011 ISA allowance; so cannot open the ISA with Birm Mid with whatever minimum they require. Hmmm.

So I have opened the account but not sent any money.
I now have to wait for their 'acceptance letter ' that I will sign and return to them together with the Transfer document that I will download.
I can only send these to them on say Friday 27 May so that they receive it on or shortly after 31st May.
Then hopefully they will ask Coventry within the next 14 days as after that Coventry will roll it into another year.
I had thought of moving the ISA into a instant access at Coventry.
Sadly, that was not even an option they offered.

Fingers crossed now. Is there anything else I could do.
Any suggestion will be welcome.

All this because Coventry BS does not want prior years ISA.
How stupid again ? I can understand they think their 5% rate is that great and that they only want a limited amount of money ie only this year ISA allowance. But others are offering the same rates.
The whole ISA transfers situation is a mess.

Sorry for the long post

Baldur

Amigo34 wrote: »

I have already used my 2011 ISA allowance; so cannot open the ISA with Birm Mid with whatever minimum they require.

There is no need to do anything but submit an application & ISA transfer form to BM.

You should have received notification of maturity & your options from Coventry a month before the actual date.

I transferred a large tranche of previous tax years' Cash ISA funds to BM last month with no problem, having already subscribed my 2011/12 allowance elsewhere.

The transfer form was sent to BM on 18th April and the funds were received by them on 26th April.

attemptingmoneysaving

I can't work out where I should post this - but thought it was a decent deal and some praise should be given. I have a Coventry BS Isa that was a 1 year fixed rate last year, they have written to me saying that if I do nothing, it will be transferred to a new 3.1% 1 yr fixed rate Isa - not far off the best rate available? and unusual, since usually if you do nothing, you get nothing! Please correct me if I am wrong!