Kent Reliance ISA - Moving Funds

bristolleedsfan

meatandtwoveg wrote: »

Do you think if we go into the branch tommorrow afternoon, we will be able to get one of these accounts with the Nationwide, i might open one aswell, seem a good deal. The one thing that worries me though is my brother has just by BACS sent £3600.00 to the KRB/S for this years tax allowance what a donkey hey, i told him to wait, now it will only be in there for a couple of days?

.

If u go to a branch fill in ISA application form + transfer form, leave the forms at the branch they forward them to ISA office in Swindon who then contact KRBS by which time the BACS payment will be cleared.

BTW I put my 2008/09 allowance into Bradford and Bingley 6.25% One Year Fix, no wait account was opened immediately and I left with Fixed Rate certificate. :j ( no transfers in )

meatandtwoveg

Cheers BLF,

Have a nice evening!

BTW, good luck in the playoff's, be good to see you back up where you belong in the top flight, but next stop the Championship next season!

McAllister is a legend!:cool: Pipe and slippers man in midfield for Liverpool!

bristolleedsfan

Big improvement at Nationwide BS, second transfer in only took 2 weeks to issue Fixed Rate Certificate. :j ( Fully backdated to date of outgoing transfer cheque. :beer: )

meatandtwoveg

bristolleedsfan wrote: »

Big improvement at Nationwide BS, second transfer in only took 2 weeks to issue Fixed Rate Certificate. :j ( Fully backdated to date of outgoing transfer cheque. :beer: )

I am off down there now this afternoon, if they back date and allow me to open today, well its good bye KRBS, the only sad thing is i will lose my membership to KRBS, so any chance of shares if they get taken over?

bristolleedsfan

meatandtwoveg wrote: »

I am off down there now this afternoon, if they back date and allow me to open today, well its good bye KRBS, the only sad thing is i will lose my membership to KRBS, so any chance of shares if they get taken over?

Worth opening a one or two year fixed rate @ KRBS IMO with 100.00. If u take such steps immediately, ie download application form and whip 100.00 cheque in the post to KRBS they will get it before they hear from Nationwide thus ensuring membership is continuous.

Only possibility is KRBS being bought in the future by another building society, in that event "any" merger payment would be cash rather than shares.

http://www.krbs.co.uk/2yearfixedbond.aspx

http://www.krbs.co.uk/pdfs/2yrfixedratebondawdmar08.pdf

meatandtwoveg

Well some bad news, we went down town today to open a two year fixed ISA with the N/W B/S. But the guy told us they could but guarantee the rate at 6.15% to be this rate when they recieve my brothers cheque. He said off record, if the base rate drops on Thursday (0.25% or 0.5%), well it could also drop maybe, its been at 6.15 for quite some time now you see. So if we opened today and made the migration of funds from the KRB/S to the N/W, then we could either be stuck with a two year bond paying whatever it drops to, or if we cancel after due to mind change/rate drop; then they will return the cheque to the KRB/S and we have lost a couple of weeks interest, as the KRB/S will not pay interest once the cheque is released.:o

So then we went to the Loyds TSB, but i am unsure about the banks, they said they will guarantee the rate of 6.5% once the account is opened (from say today), so different from the N/W. They said they will also pay interest from the day the KRB/S write/release the cheque, so the date on the cheque, so you lose no interest. I am just not that keen on the Loyds TSB, i do not know why, maybe i like building society's?

I think we will sleep on it, see what the corrupt bank of England do on Thursday and come back on here for more advice. I am unsure, what are your thoughts BLF?

Cheers.

alared

K&R are about the most CONSISTANT rate followers of the BoE and so get my vote.

My experience of LTSB is they will rope everyone in for a year and then drasically cut the rate,hoping you`ll forget to move elsewhere.

wearside_2

I opened my FR ISA at Loyds TSB on 3 March and completed the transfer forms for the KBS the same day. The funds were not received from the KBS until 27 March and that was only after I telephoned them, when they said that they had 30 days to complete the transfer. LloydsTSB finally credited my account today after emails, visits and telephone calls. They have said that I would receive interest from 27 march to yesterday, but the amount quoted has not gone in my acount yet. I'll give it until the end of the week and then email them via the wonderful website https://www.howtocomplain.com

bristolleedsfan

meatandtwoveg wrote: »

Well some bad news, we went down town today to open a two year fixed ISA with the N/W B/S. But the guy told us they could but guarantee the rate at 6.15% to be this rate when they recieve my brothers cheque. He said off record, if the base rate drops on Thursday (0.25% or 0.5%), well it could also drop maybe, its been at 6.15 for quite some time now you see. So if we opened today and made the migration of funds from the KRB/S to the N/W, then we could either be stuck with a two year bond paying whatever it drops to, or if we cancel after due to mind change/rate drop; then they will return the cheque to the KRB/S and we have lost a couple of weeks interest, as the KRB/S will not pay interest once the cheque is released.:o

Cheers.

That is what I said in post no 2.

" Nationwide say the rate is the prevailing rate when they receive the funds, like u say KRBS will in probability mirror all Base Rate movements so nothing to lose."

In February/March I was thinking do I initiate my transfers for the same reasons as u mention, Base rate reduced in February and most variable rates reduced on 1 March 2008, Nationwide fixed ISA rates remained unchanged.

Last week Nationwide increased its non ISA fixed rates, branches are therefore misinformed, as many on here will agree fixed term accounts currently have more to do with interbank lending rates than Bank Rates. ( interbank lending rates have been increasing despite base rates falling )

6.15% rate has been in force since early July 2007 despite Base Rate movements up and down since then.

The belief that people have in the ISA sub forum is that should Nationwide not honour its 6.15% rate people would have 60 days to transfer to another ISA provider should they wish to, sadly branches dont administer the transfers ( they go to swindon) some branches of all organisations talk rubbish at the best of times. ( BTW whether LloydsTSB do backdate interest or not, LloydsTSB have informed another poster by email that it states in the terms and conditions that their would be loss of interest while the transfer cheque is in transit, again LloydsTSB branches dont administer the transfer in(s). They are administered at a cental ISA office.

Its also a fact that should Base Rates decrease on Thursday as another poster pointed out "KRBS are one of the most consistent followers of Base Rate changes" so in all probability KRBS ISA rate would decrease following any Base Rate change as well.

To the poster who said he/she opened his Lloyds/TSB ISA on 3rd March and KRBS didnt send the transfer cheque until what ever date in March, the poster actually applied on 3rd March, he/she seems to assume that LloydsTSB contacted KRBS immediately which is unlikely to be the case.

I dont see the problem of "getting roped in for a year" as a poster describes ( which is true) as long as no interest is lost whilst transferring from provider to provider, that poster is advising you to stay put yet on 20000.00 the difference between the LloydsTSB rate and KRBS rate is 148.00 for a year. :eek: with KRBS rate likely to fall further during 2008. ( at the end of 12 months u merely complete 2 forms to move elsewhere, back to KRBS if u wanted to ( they dont backdate interest on transfers in) or fixing for 2 years at 6.15% "may" turn out to be prudent. )

Another option is fix for 4 years at Halifax ( 6.20%) they also backdate interest on transfers in.

Once Aprils Base Rate decision is known people will say well why dont you wait for May, June Base Rate decisons and so on.

To the apparent KRBS fan, when my transfer cheque went to KRBS in late November 2007, KRBS were happy for me to lose interest over TWO weekends on the transfer in funds, this is despite KRBS Chief Executive reported to have a salary of over 400000 a year to run a one branch operation albeit an efficient operation.

http://www.thisismoney.co.uk/news/columnists/article.html?in_article_id=431527&in_page_id=19&in_author_id=3

meatandtwoveg

BLF,

Thanks for the advice, you talk alot of sense, i am going to sleep on it, have a think about it. Gone right off the TSB option, but still like the NW/BS option, just wish they would honour the rate on opening?:o