HSBC e-ISA

Aegis

Aegis wrote: »

The impression I got from my colleagues was that it is a "new money only" ISA. I'm not sure you will be able to transfer your ISA money to one, internally or externally. I'll try to remember to check tomorrow though.

I confirmed that this is a new money only ISA, by the way. Transfers are still accepted in to the standard cash ISA, but I'd personally give it a miss if you already have a decent rate, unless you're wanting to bring all your accounts under one roof or something.

simpleguy_blr

Aegis wrote: »

I confirmed that this is a new money only ISA, by the way. Transfers are still accepted in to the standard cash ISA, but I'd personally give it a miss if you already have a decent rate, unless you're wanting to bring all your accounts under one roof or something.

So it does imply that the your ISA from previous year (standard ISA) and the new fund e-ISA can co-exist. Where as I was adviced through an HSBC email that I have to close the previous years ISA in order to open an new one....

I have gone ahead and opened new e-ISA and later plan to transfer the existing standard ISA to another provider as the interest paid is just under 4.5%

PauliPauli

simpleguy_blr wrote: »

So it does imply that the your ISA from previous year (standard ISA) and the new fund e-ISA can co-exist. Where as I was adviced through an HSBC email that I have to close the previous years ISA in order to open an new one....

I have gone ahead and opened new e-ISA and later plan to transfer the existing standard ISA to another provider as the interest paid is just under 4.5%

ditto ..... unless they have a computer glitch on trasnfer or if i when I apply for a premier account I actually get to talk to a human being who has some decent access rights on the PC in front of them

brookerbabyisababy

My e-isa and previous cash isa are showing on the online banking website. I had a cash isa before opening the e-isa - and basically from what I can see online now I can't withdraw any money from the cash isa. This is slightly worrying since I was under the illusion that a ISA was a tax free INSTANT ACCESS savings account. Just because I have opened a new account doesn't mean I should be stopped from access any previous monies deposited. Or is it just a computer error or am I mistaken?

brookerbabyisababy

is it a mistake by hsbc or me?

Aegis

Probably an error in the way they've set it up. Give the telephone banking line a call at some point if you want to withdraw money.

You certainly shouldn't be denied access to your money because of the new financial year!

kbw271186

Hi all,

I had a preferential rate cash ISA with HSBC and saw the advert for their 6% e-cash ISA so I contacted them via secure messaging on internet banking to find out about opening the e-cash ISA.

They replied saying that in order for me to open thte e-cash ISA I would need to close my other ISA with them which I did.

I have been chassing the application up for the e-cash ISA and have been told that they are unable to open this as I have already subscribed for 08/09!

I am fumming as now I do not have an ISA for 08/09 and was going on their advise from what they said via the secure messaging :mad: :

Dear Mr XXXXXX

Cash e-ISA

Thank you for your e-message received 7 April 2008.

Please be advised that you will need to cancel the existing Cash ISA, in order to open a Cash e-ISA.


Kind regards
Pradeep Kumar
HSBC Internet Banking Customer Support

I have lodged a complaint with HSBC, but was wondering where I stand on this?

Many thanks

PauliPauli

PauliPauli wrote: »

Just playing it as it goes ... if they cancel the transfer in I'll just go back to my original ISA provider and move somewhere else

Sometimes with HSBC is feels everything depends on who is dealing with your issue on that day and what level of access they have on the system. I've tested this theory br ringing in past on same issue on differnet days and getting different outcomes (ringing saturday morning is a good day to get something done that has been refused previously, as the normal people weekday people are off)

It worked !! my ISA got transferred into HSBC E-ISA today ... can always rely on "back office failures"

Mr_frostee

Sorry to pick up a 3 month old thread.

i'm pulling my hair out with HSBC and their ISA's
i've had an old INT CASH ISA with about £3k in it from last year's tax free allowance. now i've managed to open an E-ISA too (yes in addition to the INT CASH ISA depiste what HSBC tell you over the phone)

i've now added £3600 in to the E-ISA and now want to transfer last years ISA money into it (thus increasing funds on the E-ISA account to roughly £6600)
i've had a very long telephone call with two HSBC people and found them to offer information ranging from just incorrect to downright riduculous, to a point where i worry about the people running who i bank with, and if i hear them repeat "The maximum allowance you can put in an E-ISA is £3600" another time i'm going to rip someones head off ! is my money safe with these guys !!!

however from reading this thread i've found i'm not alone in recieving this duff info from HSBC. I notice someone on this forum has managed to transfer funds from an old INT CASH ISA to an E-ISA, i'd really appreaciate finding out how it is done. as speaking to HSBC doesn't seem the right route from my experience.
many thanks
Jez

Aegis

Well, the e-ISA is for new money only, so people aren't supposed to be able to transfer into it from anywhere...