Transfer Cash ISAs Discussion Area

lovemystudentloan

lovemystudentloan wrote: »

Woo hoo :j

Thanks Baldur, in that case i'll fill in forms and post them tomorrow as i won't have to rely on my shockingly poor memory x cheers :beer:

but then hubby says act in haste, repent at leisure, go for Yorkshire BS... I don't know what to do... will go and sleep on it. 17K to reinvest so I don't want to lose lots interest on it

Baldur

lovemystudentloan wrote: »

but then hubby says act in haste, repent at leisure, go for Yorkshire BS... I don't know what to do... will go and sleep on it. 17K to reinvest so I don't want to lose lots interest on it

Whatever you feel most comfortable with - the difference between JH's 6.5% and YBS's 6.3% is only £34 on 17k for a year anyway.

peterx666

Dont know how to put this;;; but if I take out a cash ISA and transfer my other cash ISAs into it and the rate changes or a better ISA is available can I trasfer again later in the year?

i.e if I open an ISA now can I move it around if a better one pops up?

Crabman

peterx666 wrote: »

Dont know how to put this;;; but if I take out a cash ISA and transfer my other cash ISAs into it and the rate changes or a better ISA is available can I trasfer again later in the year?

i.e if I open an ISA now can I move it around if a better one pops up?

Yes you can transfer as long as the new provider accepts transfers in. Bear in mind you may lose interest during the transfer period unless they agree to backdate interest.

Details in Martin's Article: Cash ISA Transfers

SAPStar_2

magpiesaver wrote: »

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?

Hi Magpie

I'm having a similar experience over the phone between Abbey and A&L aswell. Abbey in their wisdom have in isolation decided to cancel the original cheque, and have now refused liability for the loss of interest on a considerable amount (to me). No-one wants to help, assist, own the problem, and they are more than happy to ping you around all the departments. A good one is when to call the ISA saving team, it constantly spills over to another overflow call centre who have no ability to assist. The response is to take your details for a return call which never materialises, or state "can you try calling in again -you might get through to the actual department next time". Another flaw is that the complaints dept just point you to the ISA Saving Dept as their solution, and around you go again.

Let me know how you're progressing (I will likewise with mine), perhaps we can share strategies to get these 2 financial organisations to work for the customer for a change.

Regards

caveat_emptor

"Let me know how you're progressing (I will likewise with mine), perhaps we can share strategies to get these 2 financial organisations to work for the customer for a change."
I doubt you'll get Abbey to work for the customer as in my experience they're totally useless. My wife transferred, or so she thought, an ISA and after not hearing from Abbey after two months visited the branch and was told there was an error in setting the ISA up due to the staff's lack of understanding of the product (the words of the representative she spoke to) and the transfer had been cancelled. Amazingly, my wife had not been advised that there was a problem and funds are still with her previous, now present, provider.
Moral, steer well clear of the Abbey.

I-LOV-MONEY

caveat_emptor wrote: »

I doubt you'll get Abbey to work for the customer as in my experience they're totally useless.
Moral, steer well clear of the Abbey.

With all these problems, particularly with the Abbey, might it be as a first step to complain to the Branch Manager. If you get no satisfaction, try Head Office. At last resorts, surely the FSA would be interested, and ultimately your MP. (It is amazing how things suddenly move when a MP writes to the Chairman of a company !).

There is also a local radio phone-in as well; however I doubt they will let you mention Abbey for fear that they maybe sued !!

caveat_emptor

Thanks I-L-M but we've wasted too much time with the Abbey and there are plenty of other providers. Problem is finding one that works which is a sad state of affairs.

I-LOV-MONEY

caveat_emptor wrote: »

Thanks I-L-M but we've wasted too much time with the Abbey and there are plenty of other providers. Problem is finding one that works which is a sad state of affairs.

I have transferred three ISAs into IceSave and not had any problem.

closedit

I have been reading through the mesages regarding Barclays' Tax Haven ISA and the problems that people are having opening new accounts.

I had a cash ISA with Barclays up untill quite recently, since the Tax Haven ISA was announced it is virtually impossible for long standing Barclays customers to even speak to anyone regarding their existing ISA account. I have been a Barclay customer since the 1970s! so much for loyalty.

I spent over a week trying to transfer money from a current account into my ISA, the phone lines were blocked solid, on average I was holding on the end of the line for over an hour at - my expense of course! When I eventually managed to speak to someone I questioned the delay in getting through to them I was told 'it is because of the new tax haven ISA'. Eventually after many, many frustrating hours spent at the end of a telephone line my money was transferred twice due to the problems with the phone line and lack of communication. From start to finish it was a nightmare, after sending them a stinking letter of complaint I eventually received an an apology and a refund for phone calls and some small compensation but things are no better even at the time of writing as it is still more or less impossible to speak to anyone without having the marathon wait.

I feel sorry for anyone opening a Tax Haven ISA especially if you need to speak to someone at Barclays quickly.

They didn't even keep a seperate phone line open to deal with the new Tax haven ISA thus causing must frustration to its long standing customers as well as the new customers queuing up to invest with them.

I am in the process of transferring my ISA and other accounts elswhere as I am not prepared to tolerate the lack of service currently being dished out to customers.

I would have thought that such a large banking concern would have had a better system set up to deal with the influx of calls relating to the Tax Haven ISA, any monies being invested in the new tax haven ISA will just about cover the losses they make due to long standing customers moving their business elswhere, enough said!