Transfer Cash ISAs Discussion Area

jamesd

gundo, most ISA providers willl accept you opening an ISA account with a transfer from another account, so pick your preferred ISA for your mother and check their terms to verify that they do accept transfers.

I-LOV-MONEY

FatDickie wrote: »

Do we therefore Lose 2 months interest!!!

I have asked Barclays the question as , until A&L process the Barclays cheque, Barclays still have hold of MY money. :mad:

Surely if we end up losing a couple of months interest it cancels out the benefits of transferring in the first place.

Having ascertained that the NEW provider will pay interest from the date the cheque was received with them (how old fashioned!!). Does the LOSING provider pay interest up until the date they send off the cheque? So do we lose only about 2-3 days interest?

magpiesaver

Four weeks ago I opened an ISA with A&L, in the local branch. I authorised them to arrange to accept the tranfer of all the funds in my Abbey ISA (where the interest rate had dropped to a derisory level). The person I saw told me to contact her if there were any problems.

I have looked online and my new account, although open, is still empty. I contacted Abbey who say they can't see any record of a transfer instruction on my account.

So I rang the A&L branch only to find that the person who dealt with me had left. The new person said they couldn't tell me any more than I already knew, and suggested I try telephone banking. They told me that the transfer request had not been sent out until 30th April, although I had been told on 14th that this would happen immediately. In any case, the Abbey ought to be aware of it by now.

Both banks are supposed to be calling me back after further inquiries, but I'm angry and upset. All this time my money is earning about half the interest it should be getting, and I don't know what to do next or who to complain to. It seems that both banks may be at fault, but have I any redress against them?

LeonW

redcar wrote: »

Did they contact you or did you contact them? I've asked them to do the same so quite concerned if they don't allow this. I have phoned up to check they got the forms OK and they didn't mention anything then...

As this is allowed by HMRC shouldn't they have something in their T&Cs if they are being stricter than is necessary?

They sent me a letter at the end of 30 days saying they didn't do partial transfers, I had phoned after about 10 days to check they had the forms and they didn't say anything then. I phoned them after receiving the letter and they confirmed that they don't do partial transfers - Sorry to have to tell you this - I was pretty upset myself - it will be their loss as I will transfer all my funds from them.

moscow_flyer

Hi.....Im thinking of moving my old NS and I ISA into A&l.

Im slightly confused with some of the A&L Conditions.

I want to know at the start of 2009/10 tax year how easy it would be to move funds over to another provider with better int.at the time.

The Terms say that :-

"Early closure, part withdrawals and transferring out to another ISA will all be subject to 180 days of lost interest.

Am I interpreting this correctly? If so, this would mean you were stuck with this account once you opened it?

Cheers.

Lokolo

Is it a fixed rate?

If so theres usually a term period where you have to keep the account, 1,2,3,5 years etc. It means if you withdraw the money before the period is over you will lose 180 days interest.

Where in the T&Cs did you see this? (the number e.g. 10.2)

moscow_flyer

http://www.alliance-leicester.co.uk/savings/SA8887.pdf

See Page 13 onwards

Lokolo

Yes its a fixed rate bond. and it will be for a term (number of years or months) where you have to keep the money in i.e. no withdrawel. If you do, then you will lose 180 days interest.

Once your bond has matured (i.e. gone past the term of # of years or whatever) you will get interest paid and you can then do what you like.

For example. you take out a 1 year bond with £2000 @ 10% on 1st January 2008.
Now if you withdraw/transfer before 1st January 2009 you will lose 180 days interest. However, on the 1st or 2nd January 2009 you will be paid £200 in interest. At this point you can then withdraw/transfer the money as you want.

moscow_flyer

Thanks...!!

lindsay2610

moscow_flyer wrote: »

http://www.alliance-leicester.co.uk/savings/SA8887.pdf

See Page 13 onwards

And these are the latest changes to those terms and conditions. See the piece about not being able to change your nominated current account

http://www.alliance-leicester.co.uk/savings/Leaflet.pdf