Kent Reliance Direct ISA - can't transfer out?

Legacy_user

I have a cash ISA with Kent Reliance, today they wrote and asked me if I would like to transfer it to the New Direct Variable Rate mini cash ISA which is not CAT standard. I am not going to do this as according to Money Supermarket, it is not possible to transfer out of this new ISA which I assume means that once my money is in I cannot move it to another provider. I am not impressed if this is true.

dunstonh

Rather than rely on a third party, have you checked with the provider?

isasmurf

All ISAs must allow you to transfer it to another provider. It is part of the ISA regulations.

YorkshireBoy

flo wrote:

I have a cash ISA with Kent Reliance, today they wrote and asked me if I would like to transfer it to the New Direct Variable Rate mini cash ISA which is not CAT standard. I am not going to do this as according to Money Supermarket, it is not possible to transfer out of this new ISA which I assume means that once my money is in I cannot move it to another provider. I am not impressed if this is true.

The Kent Reliance T&C's (No 16) at http://www.krbs.co.uk/usefulinfo/savings/isaterms.htm say quite clearly that you can transfer out (albeit not partially) to another provider.

What's more, the new ISA is paying 0.1% more than the old one!

Moral: Visit providers website, not third party sites, for product information.

steady__eddie

I also have had one these letters today from Kent and I'm trying to figure out what the "catch" is. Usually if a Bldg. Soc. has a better product, they don't always bring it to the attention of existing customers or it's a case of "new customers only". This to me looks like a carrot being dangled, but for the sake af three quid a year, what is it going to cost me ?

System

Well something abouth this account is making it NOT CAT standard and I'm not sure what that is

isasmurf

I suppose its because Partial transfers or partial withdrawals are not permitted.

CAT Standards don't exist anymore, they have been replaced by Stakeholders. According to the Government's website only Bank of Scotland, Foresters, Halifax, HSBC and Nationwide offer Stakeholder Cash ISAs

YorkshireBoy

isasmurf wrote:

I suppose its because Partial transfers or partial withdrawals are not permitted.

From...

http://www.moneysupermarket.com/ISA/GuideToIsas.asp

"The stakeholder conditions are as follows:

Cash ISAs: Stakeholder deposit account

* There are no charges to pay on stakeholder cash ISAs.
* The minimum deposit cannot be higher than £10.
* You can pay into the account in any of the following ways: cash, cheque, direct debit, standing order, BACS.
* You can make unlimited withdrawals.
* Withdrawals should be paid to you within seven days or less.
* The interest rate paid must be no less than 1% below the Bank of England base rate.
* If the Bank of England rate increases, the minimum interest rate must also increase within one month."

Hobo_2

Why are they offering the switch?
Read on another board the theory that long term "members" would loose any carpetbaggers benefit in doing so!
Haven`t a clue myself, sneaky if true apparently the Cheshire have done similar thing.

http://www.rpoints.com/bb/viewtopic.php?t=1001570