Transfer Cash ISAs Discussion Area

david78

I noticed today (19 April) that my Nationwide ISA has now been transfered to my Halifax ISA Fixed 3%. Does anyone who has been through a transfer to Halifax know how they ensure that interest is calculated from the date I submitted the transfer form (9 April)?

Nothing about this is showing in my online account which just shows todays date as the first payment date. It would be nice to get the extra 10 days interest at 3% they have promised.

I wasn't expecting this additional interest up front, but was expecting they would backdate the initial payment to the date the transfer application was made.

KTF

david78 wrote: »

I noticed today (19 April) that my Nationwide ISA has now been transfered to my Halifax ISA Fixed 3%. Does anyone who has been through a transfer to Halifax know how they ensure that interest is calculated from the date I submitted the transfer form (9 April)?

Nothing about this is showing in my online account which just shows todays date as the first payment date. It would be nice to get the extra 10 days interest at 3% they have promised.

I wasn't expecting this additional interest up front, but was expecting they would backdate the initial payment to the date the transfer application was made.

If you check online banking tomorrow then there should be a date in brackets next to the details showing when the interest is backdated to.

david78

Thanks KTF. I will check tomorrow. I expect Halifax will also write to me about the transfer being completed and this may also explain when interest accrues from.

ManPants

Hello All,

I transferred previous years in and deposited full amount for 2013/2014 in into it. Halifax 3 year fixed! Glad thats it all done and dusted! Only down point was I had to pay the full amount of £5760 in straight away as only one deposit was allowed.

Hope you're all well!

SPS

marshall2k

For anyone wondering about Santander --> First Direct transfer times:

2nd April - FD received transfer form
18th April - Santander account disappeared from online banking
19th April - Transfer appeared on FD

DragonQ

Rather different from my experience:

18th March: hand in transfer form to Nationwide.
22nd March: Nationwide sends transfer instructions to Santander.
25th March: Santander send me a letter saying they can't transfer the ISA yet, mistakenly thinking it's a fixed term account.
29th March: I receive said letter and call Santander to correct them. They agree and initiate transfer.
4th April: Santander complete the transfer and close account. I lodge a complaint.
12th April: I visit a branch to find out about the complaint. They promise to call me 3 times but never do.
16th April: I visit another branch who confirm the complaint has been "actioned" but not resolved yet.
17th April: Santander text me saying the complaint has been "resolved". I call them and they say the "resolution" was that they did nothing wrong so no further action will be taken.
18th April: Nationwide deposits the funds.

Took an entire month and it ain't over yet.

pqrdef

DragonQ wrote: »

25th March: Santander send me a letter saying they can't transfer the ISA yet, mistakenly thinking it's a fixed term account.

No such thing as can't. Unless you instruct that the transfer should be postponed until maturity, they should just go ahead, and charge you the withdrawal penalty, which their computer (being less confused) would have calculated as zero.

david78

Nationwide should be giving you interest from 18 March in any case. Have you asked them if they are going to honour this.

typistretired

HM Revenue & Customs allow a period of 15 days from the date of the request for the transfer to be processed

kingkoopa

Re- The 15 working days transfer period. Does anyone know if a bank have to honour the original interest rate you applied for?

What has happened to me - applied to transfer a cash ISA from natwest to Halifax 3 year fixed on 9th April via online banking. Was 3% fixed for 3 years, have recieved text updates since then saying its progessing , we have asked your old ISA provider to transfer etc up till the 24th april. Still not gone through yet but what i am worried about is the 3 year ISA from halifax has now dropped to 2.25% from yesterday i think.

So will i get the 3% i originally applied for on 9th April or since the transfer has taken so long and said account is now 2.25%, will i be stuck with that?

Have a bad feelling....