Transfer Cash ISAs Discussion Area

meanscot

Hi Spike87

It normally takes a few days for the money to get into your account after Santander receives it from another bank. I suspect the cash is transferred by cheque and not electronically, so it takes a day or two to clear but you should get interest from day Santander get the money.

meanscot

leaphaze

spike87 wrote: »

Is this normal as I currently have a lot of money not showing in either account?

Yes, this is normal since the balance is transferred by cheque. Give it a few days before you start chasing Santander.

mah500

Hi

I'm looking at transferring a 2010/11 Cash ISA from First Direct to the the Premier Cash ISA from Post Office which pays 3.01% AER.

On reviewing the recent discussions on this forum there seems to be little or no comments on it. There is much said about Santander but I'd rather avoid them because of past dealings with that outfit. Are there any issues with the Post Office Premier Cash ISA or am I being over cautious?

lanstrom

mah500 wrote: »

Hi

I'm looking at transferring a 2010/11 Cash ISA from First Direct to the the Premier Cash ISA from Post Office which pays 3.01% AER.

On reviewing the recent discussions on this forum there seems to be little or no comments on it. There is much said about Santander but I'd rather avoid them because of past dealings with that outfit. Are there any issues with the Post Office Premier Cash ISA or am I being over cautious?

My experience with Post Office (Premier ISA) ...

I decided I didn't want my forms lost in the post so I printed them out, filled them in and took them to my local post office (which was a complete diversion from my usual route home by 30 minutes due to severe traffic).

On arriving at the post office the cashier could not have looked LESS interested if you had paid her to be so. She was slouched back in her chair and couldn't even be bothered to ask me if she could help. I explained to her that I was dropping the forms off and would like a receipt for them (as I had been instructed to do so after a phone call to Post Office). She replied that she didn't know how to do that. She then took the forms off me and saw there was a bar code on the first page (of 3) which she tried scanning. This worked so she printed a receipt off and then told me she would send the forms off in their internal post, and with that she dissapeared into a back room with all 3 pages.

Just over 1 week later I receive a letter from the Post Office informing me that they could not process my transfer because I had only sent them page 3 (instead of all 3 pages). Needless to say I was seriously annoyed for lots of reasons including the fact that I have now lost 1 weeks interest + a further week to sort it out, not to mention that they have lost 2 pieces of paper with very personal information on.

I phoned the post office (which turned out to be Family Investments) and she said she would put a complaint in on my behalf. I pointed out to her that the post office must have all 3 sheets because the cashier actually scanned the first page (it had the bar code on !). She replied that I should fill all the forms in again and try posting them directly rather than taking them into the branch.

Its complete incompetence to loose such personal information and I will be looking to transfer my ISA elsewhere.

boobbby

lanstrom wrote: »

My experience with Post Office (Premier ISA) ...

I decided I didn't want my forms lost in the post so I printed them out, filled them in and took them to my local post office (which was a complete diversion from my usual route home by 30 minutes due to severe traffic).

On arriving at the post office the cashier could not have looked LESS interested if you had paid her to be so. She was slouched back in her chair and couldn't even be bothered to ask me if she could help. I explained to her that I was dropping the forms off and would like a receipt for them (as I had been instructed to do so after a phone call to Post Office). She replied that she didn't know how to do that. She then took the forms off me and saw there was a bar code on the first page (of 3) which she tried scanning. This worked so she printed a receipt off and then told me she would send the forms off in their internal post, and with that she dissapeared into a back room with all 3 pages.

Just over 1 week later I receive a letter from the Post Office informing me that they could not process my transfer because I had only sent them page 3 (instead of all 3 pages). Needless to say I was seriously annoyed for lots of reasons including the fact that I have now lost 1 weeks interest + a further week to sort it out, not to mention that they have lost 2 pieces of paper with very personal information on.

I phoned the post office (which turned out to be Family Investments) and she said she would put a complaint in on my behalf. I pointed out to her that the post office must have all 3 sheets because the cashier actually scanned the first page (it had the bar code on !). She replied that I should fill all the forms in again and try posting them directly rather than taking them into the branch.

Its complete incompetence to loose such personal information and I will be looking to transfer my ISA elsewhere.

Unless you need the money during the next 2 years then it is worth considering the Lloyds fixed rate 2 year ISA. You can add your allowance or transfer to it during the next 2 years and gives a rate of 3.2% (was 3.7%)

lanstrom

boobbby wrote: »

Unless you need the money during the next 2 years then it is worth considering the Lloyds fixed rate 2 year ISA. You can add your allowance or transfer to it during the next 2 years and gives a rate of 3.2% (was 3.7%)

I actually wanted to put it in the Santander 4.0% one but unfortunately they dropped the rate to 3.6% just as my existing fixed rate finished The really annoying thing is that I already have a 4.0% one with Santander with this years subscription in it but of course they wont let me add to it.

I feel like taking a gamble that there will be better rates in April hence wanting a good variable rate for now.

Freeness2006

I want to get my ISA money from an old Halifax cash ISA transferred to Coventry BS 60 day notice cash isa paying 3.25% and pay this year's allowance into the Coventry ISA. I have not opened an ISA tis year. But I only want to keep the New ISA until the better rates come out in March/April 2013 (if there are better rates) and then I want to move to a better rate ISA. Do I have to give the Coventry 60 days notice if I want to transfer the money in the ISA? Is a withdrawal the same as a transfer to another ISA?

innovate

If you want to keep the tax-free status of your money, you must not withdraw it. Instead ask your new provider to transfer the money for you.

If your ISA has a notice period, you can either specify on the transfer form that you wish the transfer only to go ahead at the end of the notice period, or you can give such notice earlier to your provider. I would do the latter - - I would not trust any provider to protect my notice period.

leaphaze

Freeness2006 wrote: »

Do I have to give the Coventry 60 days notice if I want to transfer the money in the ISA? Is a withdrawal the same as a transfer to another ISA?

You must transfer rather than withdraw since any cash paid into an ISA (rather than transferred) is counted as part of this year's ISA allowance. You don't need to give Coventry 60 days notice since the transfer form has an option to do this for you. The amount of time it takes to transfer an ISA varies, so if you wanted to give the Coventry notice you'd have to get the timing right and would probably end up losing interest.

dragilex

This is quite a naive question and I think I know the answer but I need someone to confirm it for me before I go ahead.

I have a Northern Rock ISA (previous years) and the I'd like to transfer it to the new Sainsburys one. If the Northern Rock account pays interest annually and I have not made it to the anniversary of the account opening yet will interest accrued be paid upon the date of transfer?