NSI to Lloyds

typeractive

Hi everyone.

I opted for the new fixed rate isa from lloyds.

Setup the account - no probs.
Put in new monies for the tax year - some problems, but got it in eventually.
Leading me to my question:

I've completed the transfer in form, for my old ISA from NS&I. Obviously this is going to take time to complete - I accept that, however do I need to contact NS&I myself to tell them to close the account? (I am withdrawing all funds).

I hope that makes sense.
Thankies

nordberg

I will be doing exactly this today/tomorrow so I'd like to know the answer also.

earlgrey_3

No, you shouldn't need to do any more, it should all go wonderfully smoothly and just appear on your statement. I hope so anyway because I've just done the same, transfered to Lloyds from both NS&I and from Kent Reliance.

(ISA transfers usually take a week or two but can take up to 30 days.)

marshall2k

Don't contact them and saying you want to close! That would mean you lose the tax free status. Seems like the transfer is all set up and will be done soon

uiui

yes i did exactly the same thing [nsi to lloyds + this years 3600 takes it over 9000]-went in just over 2 weeks ago-received a letter from lloyds a couple of days ago to say that they'd sent off the transfer documents to nsi, which seems pretty slow going-and now with the talk that the 6.5% is closing...ho hum.

luckylizard

my transfer forms were completed in a lloyds branch on march 5. the money still hasn't arrived. i spoke to lloyds yestdy and they said their ISA centre has a huge backlog. i was told the interest would be backdated to the day they received the cheque from nsandi.

if you've only just initiated this process, you've probly got at least a 4-week wait, i'm afraid. it's pathetic really.