Transfer Cash ISAs Discussion Area

HMR

I have tried to transfer my Cash ISA from Nationwide to NATWEST but the Nationwide account has a 9 digit account number - too long to fit into the online application form. Have been on to both providers, neither can help! If I close the original account I will not be able to put the funds into a new account - limit being £3600 and have already used allowance for this financial year. Any ideas? Can't believe this trivial problem can stop a transfer! Thanks.

Lokolo

Put 9 digits on the application form (paper) and see what happens!

HMR

Have already tried that - won't take 9 numbers!

Lokolo

On paper form....

murphydavid

HMR wrote: »

I have tried to transfer my Cash ISA from Nationwide to NATWEST but the Nationwide account has a 9 digit account number - too long to fit into the online application form. Have been on to both providers, neither can help! If I close the original account I will not be able to put the funds into a new account - limit being £3600 and have already used allowance for this financial year. Any ideas? Can't believe this trivial problem can stop a transfer! Thanks.

I'm surprised Nationwide would not help, may be the person you spoke to didn't want to loose the investment. I think you will find that the first two or three digits of the nationwide account number are a code that goes with the account description so that they can tell what kind of account you have using just the number. So I believe you can miss off the first digit on the Nat West form. As the transfer is direct from your account to your account it can't do any harm if I'm wrong - Just hold things up a bit. (Do not miss off the last digit as this will be personal to you).
Having said that I have just had dealings with the Nat West and found them very hard to deal with because of comunications problems.
These were
Every time I wanted to ask a question on line I was told to contact my local branch. My local branch's phones are automatically directed to a call centre after 2 rings and the call centre people are ignorant and suggest you physically go to the branch. The receptionist at the branch is usually also unable to answer questions and the person who can is often away at another branch so you end up having to make an appointment and coming back to the branch another day. To add to this the detail available on line is not very good. Maybe you have easy access to a branch office in which case you will be fine.

Hope this is helpfull

pandora205

I'm sure it's on this thread somewhere but can't find the answer to my query.

I have two ISAs (mini cash 07-8 and direct 08-9) with National Savings earning not a lot of interest just now. I'm planning to transfer and take out another in 09-10 after 1st April.

When is the best time to make the transfer? Presumably the interest is added at the end of the year so does it make sense to wait and do it all at once?

I'll start researching best deals and read all Martin's advice when I know what I'm doing!

Thanks

favemuppet

HMR wrote: »

I have tried to transfer my Cash ISA from Nationwide to NATWEST but the Nationwide account has a 9 digit account number - too long to fit into the online application form. Have been on to both providers, neither can help! If I close the original account I will not be able to put the funds into a new account - limit being £3600 and have already used allowance for this financial year. Any ideas? Can't believe this trivial problem can stop a transfer! Thanks.

What address did you use for the Nationwise ISA?
And are you sending the passbook there as well?

Lugh_Chronain

HMR, why not open Marks and Spencer's 3.1% online cash ISA instead though this includes a 1% bonus until 21 Apr 2010. M&S say they won't be dropping their interest rate.

Or Standard Life's 3% telephone based account. Standard Life have already dropped their interest rate.

I thought you had to have a Natwest current or savings account to be able to transfer in to Natwest's ISA if it's the Cash Plus ISA you're after.

Natwest haven't yet dropped their interest rate by the way.

Failing the above, try phoning Natwest again as you’ll more than likely get a different operative who might be able to help with your query.

Good luck

pandora205

I'm reposting as no replies so far

I'm sure it's on this thread somewhere but can't find the answer to my query.

I have two ISAs (mini cash 07-8 and direct 08-9) with National Savings earning not a lot of interest just now. I'm planning to transfer and take out another in 09-10 after 1st April.

When is the best time to make the transfer? Presumably the interest is added at the end of the year so does it make sense to wait and do it all at once?

I'll start researching best deals and read all Martin's advice when I know what I'm doing!

Thanks

KingL

pandora205 wrote: »

I'm reposting as no replies so far

I'm sure it's on this thread somewhere but can't find the answer to my query.

I have two ISAs (mini cash 07-8 and direct 08-9) with National Savings earning not a lot of interest just now. I'm planning to transfer and take out another in 09-10 after 1st April.

When is the best time to make the transfer? Presumably the interest is added at the end of the year so does it make sense to wait and do it all at once?

I'll start researching best deals and read all Martin's advice when I know what I'm doing!

Thanks

Generally, the interest to-date will be calculated and added when you do the transfer so it shouldn't matter whether you do it mid-year or not. Check your terms and conditions to see there there isn;t anything that makes your ISA different.

It's up to you when you do the transfer. If you leave it until after the new tax year (6 April, not 1 April, btw), you can open the new one and transfer the old ones into it. If you do it before the end of the tax year, you transfer the old ones into an empty one and then add next years funds when the time comes along. Either should work. Note that if you choose a fixed rate, they often won't let you add further funds after the initial deposit.