Timescales for ISA transfers

forevergrey

bryanb wrote: »

I'm transferring from NS&I ISA to Nationwide Fixed rate ISA that has no withdrawals during the fixed period of 1 year. Does it make any difference how long the transfer takes as Nationwide say that the rate when I applied will be honoured.

Was it a branch that told you this? Because many of us were given the same assurance only to realise later that Nationwide will guarantee the fixed rate if it is still in force at the date on the transfer cheque from the current provider.

bryanb

forevergrey wrote: »

Was it a branch that told you this? Because many of us were given the same assurance only to realise later that Nationwide will guarantee the fixed rate if it is still in force at the date on the transfer cheque from the current provider.

Yes, in fact it was said by the branch. NS&I statement arrived today, Cheque date was 4th June.I'd better check Nationwides rates again. Thanks for that. BB

Update- Just checked Nationwide, no change in rate-Phew!
What would have happened if the rate had risen? One to ponder I guess

forevergrey

Bryanb - it may well be worth keeping a check on progress at Nationwide. Like you, I did a transfer from NS&I, my cheque date was 7 May and it's only just gone on to the system. Admittedly I had complications with a lost cheque having to be reissued (then discovering that the original cheque wasn't lost at all) and it's true that the fixed rate hasn't changed since last July.

It's very unsatisfactory that so many of these providers are unable to at least confirm receipt of transfer cheques and put customers' minds at rest.

mobile10

bryanb wrote: »

What stopped you opening an account with the £3600 on 6th April and transferring into it later?
.

I can just imagine the confusion with opening up a new account and then transferring into that when my other new account comes through from Nationwide:rolleyes: Anyway, I haven't got that much to invest...I was speaking hypothetically (hope spelling is right !)

Davey316

I'm at my wits end with the nationwide, I have never dealt with an organisation so shoddy and insincere. I have a significant amount of money *lost* in the system and I can’t get anyone to acknowledge a problem, or honour a promise of a call back from the highly unavailable ISA transfer team.

I am now extremely nervous as to where my money is fearing it may have been misplaced or fraudulently intercepted. I regret the day I transferred to the nationwide.

Neither the previous institution nor the nationwide will entertain my enquiries my money has disappeared for 6 weeks now and given the insolent silence I fear for the worst.

This isn’t about interest, this about locating my savings! I obviously need to go 3rd party with my complaint, what are my options?

Baldur

Davey316 wrote: »

I'm at my wits end with the nationwide, I have never dealt with an organisation so shoddy and insincere. I have a significant amount of money *lost* in the system and I can’t get anyone to acknowledge a problem, or honour a promise of a call back from the highly unavailable ISA transfer team.

It can be worse, believe me, I've been in a similar position since March with Lloyds TSB.

Have you made a formal complaint to Nationwide? The procedure is outlined HERE.

If your complaint is still unresolved after eight weeks from your official complaint and Nationwide's procedure has been followed, you have recourse to the Financial Ombudsman Service - note that they will not consider a complaint until the NW complaints procedure has been exhausted.

roddydogs

Did anyone read yesterdays Daily mail (Wed 19/08) it seems to be endemic, been waiting nearly 3 months with Lloyds/Tsb

Baldur

roddydogs wrote: »

Did anyone read yesterdays Daily mail (Wed 19/08) it seems to be endemic, been waiting nearly 3 months with Lloyds/Tsb

The article is here - it's not so much a case of long delay in opening the account (since 5th March, in my case) as I have never intended to move it until the end of the fixed rate period anyway, so it doesn't really matter when they open it (as long as it's by the end of the 08/09 tax year).

As with Davey316, LTSB have basically 'lost' a large amount of my previous years' transferred funds, alleging (after two months of my enquiries) for some spurious reason that these have been returned to my previous ISA manager, who has no record of such a transaction.

Milarky

Interesting to see it confirmed by HMRC spokesman that cheques are not mandated for transfers. There is nothing therefore to prevent a customer stipulating the transfer should be made electronically. (When the bank says it can't, you tell them they can..)

Jonbvn

Jonbvn wrote: »

My wife & I have been in the process of transferring out of NS&I Direct ISA and our experiences have been markedly different. My ISA money was with my new ISA provider within 2 weeks. However, coming up for a month now, and my wifes NS&I direct ISA is still refusing to budge. NS&I say that they try to complete within 30-days as per HMRC suggestion.

Why would it be so different for each of us??? Beggars belief.

I am happy to report that my wife's ISA has finally been transferred out of NS&I. It took just under the 30-days req'd.

TBH, although our experience of transfers was generally good, the whole ISA transfer issue is generally very poor. The whole idea of ISA providers sending cheques to each other is a recipe for a disaster.