📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!

Transfer Cash ISAs Discussion Area

1218219221223224319

Comments

  • Hi all wonder if anyone could help as I’m not sure I’ve found an answer which convinces me 100%.

    I have a number of years of allowance in a RBS ISA with a poor rate - my interest is paid annually at the end of the year and I want to switch to a new provider once my interest has been paid. But I haven’t used any of this years allowance and I wondered if it would be okay to open with someone else now and transfer the RBS years in a couple of months?
  • 10_66
    10_66 Posts: 3,462 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Photogenic
    c1239 wrote: »
    Hi all wonder if anyone could help as I’m not sure I’ve found an answer which convinces me 100%.

    I have a number of years of allowance in a RBS ISA with a poor rate - my interest is paid annually at the end of the year and I want to switch to a new provider once my interest has been paid. But I haven’t used any of this years allowance and I wondered if it would be okay to open with someone else now and transfer the RBS years in a couple of months?

    Providing you choose an ISA that permits transfers in, you can certainly open one now using this year's subscription and then transfer your RBS one into it. If your RBS is just a bog standard variable rate and isn't a fixed rate ISA or one with restrictions on it (check its T&Cs) you don't have to wait a couple of months' to transfer it into your new one, if you did it as soon as your new one's opened, on closure at transfer of your RBS one, any interest earned on it would be added to the account before being transferred out to your new provider.
  • Thanks 10_66 I'll look into my T&Cs.
  • boobbby
    boobbby Posts: 769 Forumite
    On the 9 April 2011 I took out a Santander Direct ISA 7 which allows transfers in (The direct ISA 7 was not available until Febuary 2011) I then transfered into the new ISA my old Direct ISA 6 and a flexible ISA. This new ISA I was told would give me 2.5% for one year then after 0.5%. All the above arrangements were carries out by a local Santander branch. I have now received a statement from Santander showing I am on the Direct ISA 7 but saying I am on the 0.5% rate which has been confirmed by their customer services. My local branch say they have made a mistake but the customer services wont back down and insist they are giving out the correct information. What suggestions does anybody have to resolve this dispute?
  • boobbby wrote: »
    On the 9 April 2011 I took out a Santander Direct ISA 7 which allows transfers in (The direct ISA 7 was not available until Febuary 2011) I then transfered into the new ISA my old Direct ISA 6 and a flexible ISA. This new ISA I was told would give me 2.5% for one year then after 0.5%. All the above arrangements were carries out by a local Santander branch. I have now received a statement from Santander showing I am on the Direct ISA 7 but saying I am on the 0.5% rate which has been confirmed by their customer services. My local branch say they have made a mistake but the customer services wont back down and insist they are giving out the correct information. What suggestions does anybody have to resolve this dispute?

    If you Google "santander direct isa 7" you can get a PDF download of the terms and it says

    Direct ISA (issue 7)
    2.50% tax free/AER (variable) on your savings for
    balances of £14,000+ for 12 months
    under this amount and you get 0.5%

    So I presume you have less than £14,000 in there in which case the interest rate you are entitled to is 0.5%.

    If you were told otherwise then the person who told you did make a mistake.
    So if you can get that person to put in writing what they told you and when and that they did so in a professional advisory capacity then you have a legal case to claim that it was miss sold to you and should start by making a complaint to Santander in writing with your evidence asking for compensation.
    Personally I think your chances are quite remote.

    In all events at least there is nothing to prevent you transferring your ISA somewhere else immediately. Which is what I would do
  • boobbby
    boobbby Posts: 769 Forumite
    If you Google "santander direct isa 7" you can get a PDF download of the terms and it says

    Direct ISA (issue 7)
    2.50% tax free/AER (variable) on your savings for
    balances of £14,000+ for 12 months
    under this amount and you get 0.5%

    So I presume you have less than £14,000 in there in which case the interest rate you are entitled to is 0.5%.

    If you were told otherwise then the person who told you did make a mistake.
    So if you can get that person to put in writing what they told you and when and that they did so in a professional advisory capacity then you have a legal case to claim that it was miss sold to you and should start by making a complaint to Santander in writing with your evidence asking for compensation.
    Personally I think your chances are quite remote.

    In all events at least there is nothing to prevent you transferring your ISA somewhere else immediately. Which is what I would do

    Sorry!! but I forgot to say I did indeed invest £16000 so there should not have been a problem
  • neil324
    neil324 Posts: 460 Forumite
    Anyone take a guess if Halifax will be bringing out a better Cash ISA Reward around April. I have an ISA with them where the bonus will end on April the 8th. I have just looked at the website and their rate seems to have dropped since last year.

    I still have this years allowance to use and was wondering whether to open a new one that allows transfers and start the ball rolling.

    Do i need to leave £1 in the Halifax Reward for a year to get the bonus.
  • boobbby wrote: »
    Sorry!! but I forgot to say I did indeed invest £16000 so there should not have been a problem

    Ah. So when your local branch said they made a mistake what was the mistake? Did they make the opening date wrong by making it the start date of your previous ISA 6 account or was it that there is a rule that you should not have been allowed to have two consecutive ISA's with Santander? also What term of the ISA 7 terms do customer service quote when they say you only get 0.5%.

    My suggestion is
    If you want to fight it. I think you should get a print out of the terms and ask your local branch and customer services for their replies in writing so you have everything in writing and then start on Santanders written complaints procedure so that if you don't get satisfaction from them you can build up a body of written evidence to enable you to go to the ombudsman.

    You can see what you need here

    http://www.financial-ombudsman.org.uk/faq/answers/complaints_a1.html
  • leaphaze
    leaphaze Posts: 361 Forumite
    Part of the Furniture 100 Posts Combo Breaker
    10_66 wrote: »
    Yes, you'll be able to transfer it. As I've never transferred between Halifax ISA's before, I'm not sure whether you'd need to complete a transfer form to send to them, or whether you'd only need to ring them to arrange for the transfer.

    I did this a few years ago. If I remember correctly it was all done online and very quickly.
    Wearing my other one today.
  • Thank you for your reply.

    It is just an online reward ISA that I have, I had it for a year, this runs out in March and I am free to move it If I want to, obviously If I leave it there I will lose money due to the subtraction of the bonus offered at the time.

    I just wondered if I could move it into another online reward account. I will take it out and put it into another account with better rates, I'd rather it be Halifax because it's more convenient and that's why I wondered if they would allow me to transfer it into another better paying ISA account, instead of losing my money.

    Thanks again.

    Sue

    I take it you are aware that when transferring an ISA (even to a different bank) you don't actually have to take the money out you just fill in one form for the new account and they do the rest.
Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 351.3K Banking & Borrowing
  • 253.2K Reduce Debt & Boost Income
  • 453.7K Spending & Discounts
  • 244.2K Work, Benefits & Business
  • 599.4K Mortgages, Homes & Bills
  • 177.1K Life & Family
  • 257.7K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16.2K Discuss & Feedback
  • 37.6K Read-Only Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.