Transfer Cash ISAs Discussion Area

NikkyWikky

Hi guys,

I've got most of my ISA in A+L cash ISA (6K) which is giving me 6.00% and maxed out my allowance for this year (3,600) by putting it into Barclays ISA haven at 6.25%. Now is possible for me:

1. To transfer both lots into the NatWest Cash ISA so that i'm in the £9,000 to £14,999 bracket and so I get the 6.87% AER interest rate.

2. And is worth we doing this. Ruff cacluclation says i would be £6.21 better off a month (£74.52 a year). Also, does any1 know how much i would use durign the transfer process, dont think theres any penalities.

Thanks Nik

Hellhawk

:rotfl:
You have to love these companies. Marketing says its a good idea to hawk it round the web. Then 21st Century man/woman actually tries to transfer his or her ISA.

NatWest The Farce:
Setting; sleepy little village branch in the Thames Valley.
Scene 1: Operative: "I've never seen one of those there intraweb forms before..do you have ID?"...she disappears to the back room with ID and filled in form.

Scene 2. I'm sorry sir (do I need to go on?)..you have to open a NatWest account to run alongside the ISA when you open it and you can't do that without an appointment to see someone in the branch who isn't here. If you wait half an hour while someone else who isn't here makes the application formal on the system (she can't do that of course) he will arrange for you to come back in a week or two for a meeting with the first person who isn't here to open an account you don't want in order for you to open an account you do want - but only for 12 months.

Scene 3. Me (only in my head). Which part of the last 20 years of advances in "on line banking" is it that they don't understand. Why would I want a relationship with these people; they want my money and I want an extra 1% interest - but my time is money and they think they are free to !!!!!! around with it as they see fit. Its a shame their marketing people didn't actually set up process and systems to make their ISA transfer work painlessly.

Scene 4: Me. GOODBYE:rotfl:

Snooping4Value

NikkyWikky,

The amount you stand to gain from switching to NatWest depends on how long the transfer period lasts as well. If the transfer takes 4 weeks during which I assume the money doesn't get any interest at all, you will be better off at the end of 1 year by £44.25.

The official guidance on the transfer time says 30 days. Is that 30 working days or 30 days flat? This would make a small difference to the interest lost ie 4 or 6 weeks' of interest. Whether its worthwhile or not depends on this little detail and the difference in interest rate.

NikkyWikky wrote: »

Hi guys,

I've got most of my ISA in A+L cash ISA (6K) which is giving me 6.00% and maxed out my allowance for this year (3,600) by putting it into Barclays ISA haven at 6.25%. Now is possible for me:

1. To transfer both lots into the NatWest Cash ISA so that i'm in the £9,000 to £14,999 bracket and so I get the 6.87% AER interest rate.

2. And is worth we doing this. Ruff cacluclation says i would be £6.21 better off a month (£74.52 a year). Also, does any1 know how much i would use durign the transfer process, dont think theres any penalities.

Thanks Nik

rosy

Snooping4Value wrote: »

If the transfer takes 4 weeks during which I assume the money doesn't get any interest at all.

Is this right? Wouldn't the money stay with the original bank up to the point of transfer and if interest is calculated daily on that account it will all ( including interest accrued) be transferred across at that point with the usual 3 working day or faster payment bank transfer times? Surely it can't be sitting somewhere in limbo for 30 days?

NikkyWikky

Is point number 1 possible i.e. legal for me to transfer both lots to NatWest?

clouds21

mcspanna wrote: »

I have 4 years worth of ISAs held with Intelligent Finance. Can anyone tell me if IF (!) is part of the same company as NatWest? I'd get a much better rate by transferring to NatWest but spotted the small print about not within the same company - I know that IF are part of Halifax but with the takeover recently I'm confused about who else they're now part of!

Thanks in advance :-)

Hi mcspanna

IF belongs to HBOS (Halifax and Bank of Scotland), whereas NatWest was taken over by RBS (Royal Bank of Scotland) in 2000. Completely separate companies, so you're safe.

Cheers
clouds

clouds21

Baldur wrote: »

I've done many Cash ISA transfers at all times of the year - see the link in my post HERE for ISA transfer information and the rules on subscribing to ISAs after transfer.

Dear Baldur

Am still finding my feet on the forum and I am not sure whether my thank-you came through to you, so hereby THANK-YOU, that helped! :T

Best
clouds21

mervyncp

My thoughts exactly Rosy.
I've put in the forms to transfer ISA's from Barclays and A&L to Nat west this morning, so we'll see how long they take and how long the money is in limbo banking land.

I have to say the process has been very easy so far & I was very impressed with the nice lady I saw at NatWest here in sleepy Hereford, but I did already have a somewhat dormant current account with them.

She did say that she couldn't believe the huge numbers of people who had been throwing money at her in the last week.

I said that it was all down to Martin Lewis, and she didn't know who he was???? She must work too many hours

fruity1_2

I visited Barclays to check out my ISA rate and whether to move it to the Tax Haven Isa however after waiting 30 minutes with 8 people in the queue (Happy to Help You) I walked out. I'm a customer and thought that the ignorance of the staff to people waiting to enquire as opposed to paying in/drawing out was abismal. I then went to Natwest to transfer my ISA. The lady was very helpful and advised me that I needed to open another account as well, any account, should I overpay into the ISA (I already knew this from this board). She also advised that it could take up to 30 days however the interest rate applied from he date the application was processed. One other thing I was told was that if you haven't got the full allowance in the account on transfer, the 2% is only applied to the balance transfer and not to any amounts you put in thereafter.

JackyF

I had a pretty similar experience to Hellhawk at a town centre branch of NatWest.

I was rather surprised to find the "online application" was merely filling out a form to be printed and taken to a branch. Undaunted I waited for about half an hour in the queue listening to the moans of those sitting adjacent to the queue whose appointment times had long since passed waiting to see advisors.

When I finally got served I too was stunned to find I had to open another account first and undergo an appointment (why didn't it tell me that on the website)? The thought of another visit to this hellhole was too much, I decided to forego the pleasure of the extra £125 or so I might have made over the next year and told the lady that life was too short to open an account here.

I haven't dealt with any of the "Big Four" banks for a long time. I thought things must have improved over the years. But no

"Savings - another way" as Nat West say. There certainly is - I'll leave them across the road in the Nationwide.