Transfer Cash ISAs Discussion Area

Energize

Is there a faster way to make transfers happen? Can't I just hand a form into my branch who my current ISA is with and tell them to make the transfer themselves without sending anything to A&L?

Baldur

Energize wrote: »

Is there a faster way to make transfers happen? Can't I just hand a form into my branch who my current ISA is with and tell them to make the transfer themselves without sending anything to A&L?

Transfers have to be initiated by the new ISA manager - in your scenario, where would the money go, if there is no ISA account set up to receive it?

Energize

Baldur wrote: »

Transfers have to be initiated by the new ISA manager - in your scenario, where would the money go, if there is no ISA account set up to receive it?

I've already set up the A&L ISA and deposited money into it via direct debit. I don't see why the system has to be so complicated. I can transfer money between bank accounts with a couple of days so why does transferring from one ISA to another take months?

Baldur

Energize wrote: »

I've already set up the A&L ISA and deposited money into it via direct debit. I don't see why the system has to be so complicated. I can transfer money between bank accounts with a couple of days so why does transferring from one ISA to another take months?

In that case print off the A & L ISA Transfer form and send it (completed in full) to your old provider - but be aware that, under HMRC rules, they have 30 days from receipt of the form in which to carry out the transfer.

I-LOV-MONEY

Baldur wrote: »

In that case print off the A & L ISA Transfer form and send it to your old provider - but be aware that, under HMRC rules, they have 30 days from receipt of the form in which to carry out the transfer.

But presumably until the transfer goes through it is still earning interest (albeit at a lower rate) with the old provider, so you are not losing everything.

Energize

Baldur wrote: »

In that case print off the A & L ISA Transfer form and send it (completed in full) to your old provider - but be aware that, under HMRC rules, they have 30 days from receipt of the form in which to carry out the transfer.

So If I just hand in the transfer form at the branch, it will be guaranteed to be done in about 30 days?

Baldur

Energize wrote: »

So If I just hand in the transfer form at the branch, it will be guaranteed to be done in about 30 days?

What's 'guaranteed' in life, apart from death? The HMRC rules give them 30 days.

dekkard

Baldur wrote: »

If you are transferring you are not subscribing to two Cash ISAs in one year, which is what that that sentence is intended to prevent - this is an HMRC rule, not an A & L policy.

If in doubt, ring the HMRC ISA helpline - see HERE

Yes, you're right - went back to the A&L today and another person confirms that I can indeed transfer. Thanks for your advice.

Dack

Just a bit of spleen venting about Smile (sic) and A and L.

Opened A+L account 18th of April. Smile finally got around to transfering the funds and closing the old ISA account 16th of May. Funds have still not appeared in the A+L account.

I telephoned Smile today to see what has happened and the conversation went along the lines of:
"where is the money, has it been transfered?"
"your account was closed on the 16th and, to tell you the truth we probably sent the cheque to A+L out on the 17th - you'll have to get in touch with them"
"A cheque? Why not a bank transfer"
"It's how we do it. We then send a letter out a few days later telling them what the cheque is in relation to"
"I was also trying to confirm the date of closure but the secure message containing the info has been deleted"
"yes. when the account is closed we delete all the statements and secure message etc. relating to it"
"I sent a secure message about this the other day, why didn't it get answered"
"Honestly half the staff are off ill at the moment and there's a backlog"

So basically I don't know where the money is at present - I have to hope that it's arrived at A+L (though they haven't replied to their secure message yet). Telephoning A+L also requires a 12 digit customer code when the customer code for the A+L ISA is either 11 digits or 8 so trying to navigate their telephone system gets you through to security.

Think Smile will be losing the rest of my accounts very shortly........

I-LOV-MONEY

Dack wrote: »

we probably sent the cheque to A+L out on the 17th - you'll have to get in touch with them"
"A cheque? Why not a bank transfer"
"It's how we do it. We then send a letter out a few days later telling them what the cheque is in relation to".

It seems that is how all transfers are done, by cheque !!!

I am with IceSave, and they said although it may not appear on my account immediately, they will backdate the interest from the date they receive the cheque. (Now try and work out if that has been done!). But it still means we lose a day or two's interest between accounts.