Transfer Cash ISAs Discussion Area

davidtgordon

BlackBladder wrote: »

I have tried to do a transfer in registration, as I already have an ISA this year and an ISA with a third bank from 2 and 3 years ago. I answered the question have you registered an ISA this year as yes, and would I like to transfer an ISA from another bank as yes.





At the end of the registration before it is complete I am asked to agree to this:

I declare that

• I have not subscribed, and will not subscribe, to a maxi ISA or to another cash mini ISA in the same year that I subscribe to this mini ISA

I cannot declare that, as I have already opened another ISA this year. I thought you could open another ISA in the same year if it is funded not through new cash, but through previous years contributions. However they are asking me to make this declaration on a transfer-in ISA too. Has anyone else been getting this?

I have encountered a similar problem with the Natwest into whom I want to transfer an old (4 years) ISA that is paying poor interest even without the bonus. They want me to open an ISA account for the current year which I cannot as I already have one with another provider. Anyone know a solution?
Thanks
David

Baldur

davidtgordon wrote: »

I have encountered a similar problem with the Natwest into whom I want to transfer an old (4 years) ISA that is paying poor interest even without the bonus. They want me to open an ISA account for the current year which I cannot as I already have one with another provider. Anyone know a solution

You are not 'subscribing', i.e. paying new money in, you are merely transferring - a new ISA account has to be opened in order that the transfer can take place but you cannot subscribe new money into it.

Dustykitten

Thanks for all your posts can somebody help me with a few things

I can cope with having to open another account, does it matter which I have (not going to use)?


My Current ISA is nationwide and needs 60 days notice - do I give notice then go to Natwest?

Is there a chance this could all go wrong?

Thanks in advance

Snooping4Value

Never mind the 30 days' limbo. I'm just confused with the 30 days issue. While the transfer might take a while to complete, during this period, you get paid interest at the current ISA provider's rate till it is transferred to the new provider.

rosy wrote: »

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?

Dustykitten

Quote from RBS website

When does the bonus period start?
The bonus will be calculated from the day your transfer form is received even if the funds have not yet been applied to the account. You will continue to receive the bonus interest until the twelve month anniversary of receipt of the transferred ISA funds.

bellarubyroo_2

Hello,

I would like to open my first ISA account, and was considering opening one with the Post Office. Then I read about transferring, and the better interest rates available. I don't fully understand how ISAa work - if I open an ISA with Post office, giving 6.25% would I then be able to transfer to say Natwest and take advantage of the 6.67%? I noticed that post office pay the interest yearly, so if I transferred would I still be paid interest from them?

Many thanks in advance
Bell

Baldur

bellarubyroo wrote: »

I would like to open my first ISA account, and was considering opening one with the Post Office. Then I read about transferring, and the better interest rates available. I don't fully understand how ISAa work - if I open an ISA with Post office, giving 6.25% would I then be able to transfer to say Natwest and take advantage of the 6.67%? I noticed that post office pay the interest yearly, so if I transferred would I still be paid interest from them?

You could do, but could possibly lose more in the transfer process than you'd gain in interest. The Post Office would pay interest up to the date of any transfer, which closes the account as far as they are concerned.

suttonsaver

Don't get caught like I did, with NatWest's hopelessly bureaucratic processes and differing advice to customers from branch staff, depending on who you speak to. I wanted to transfer my wife's 3 existing ISAs (all fully subscribed) into the new NatWest ISA and assumed that 3 transfer forms, signed by her, would suffice, given that we have a joint current account and credit card account with NW already. Fine, says first staff member last Saturday morning (branch heaving with customers), come back during the week and complete the formalities when it's less frantic in here. So I return today (Tues), as soon as the branch opens, at some inconvenience and guess what? Staff member 2 says - No, not good enough, your wife has to come back in and sign the new ISA opening form - oh and btw, she must bring in 2 proofs of ID as well. Terribly sorry you have wasted your time. So I reply, what kind of insanity is this? I know all about anti-ML requirements - and what you have told me is totally OTT. All I get in response is a shrug of the shoulders and a nothing-to-do-with-me smirk.

Contrast this with Icesave, to which I moved a couple of my ISAs last July. Fill in their ISA transfer form (downloadable from their website)), send it off and you can have the whole process done and dusted in well under 30 days. And - Rosy please note - you only lose about 2 days' interest.

Baldur

suttonsaver wrote: »

you only lose about 2 days' interest.

That assumes that the transfer process goes without a hitch - a number of posters on these forums, including myself, are still awaiting the completion of Cash ISA transfers from March/April 2008.......

freeasabird

I must say all the comments about the level of customer service at Nat West have put me off. I went through this with my current provider and I'd rather give up on interest than go through that again. My current ISA pays 5.25%. Is peace of mind more important than extra interest?