Bradford and Bingley ISA transfers out

andrewj100

Hello all, I have a bit of a gripe about Bradford and Bingley someone here might be able to help with.
I have 2 years worth of cash ISA with them which is currently on an apparent constantly reducing interest rate.
I have another ISA account with Hargreaves Lansdown which has the remainder of my ISA allowances in for the last few years. I’ve been consistently getting much better returns investing in funds than I could ever hope to get in a normal banking organisation.
I contacted Hargreaves Lansdown to transfer my Bradford and Bingley cash ISA over to my stocks and shares ISA as per the new ISA rules but for a month and a half now Bradford and Bingley have refused to acknowledge any phone calls or letters from Hargreaves Lansdown and have not replied to any of my emails.

Is there a time limit for these transfers? Ideally will the FSO be able to intervene?

I thinks it’s very much the case that Bradford and Bingley know if I withdraw the cash I loose my ISA allowance and as such have just decided to make life difficult for me until I go away.

umami

Correct me if I am wrong but I was on the www.bbc.co.uk/moneybox website and it said you can't transfer cash isas to stocks and shares.

suemjack

andrewj100 wrote: »

Hello all, I have a bit of a gripe about Bradford and Bingley someone here might be able to help with.

I have 2 years worth of cash ISA with them which is currently on an apparent constantly reducing interest rate.
I have another ISA account with Hargreaves Lansdown which has the remainder of my ISA allowances in for the last few years. I’ve been consistently getting much better returns investing in funds than I could ever hope to get in a normal banking organisation.
I contacted Hargreaves Lansdown to transfer my Bradford and Bingley cash ISA over to my stocks and shares ISA as per the new ISA rules but for a month and a half now Bradford and Bingley have refused to acknowledge any phone calls or letters from Hargreaves Lansdown and have not replied to any of my emails.

Is there a time limit for these transfers? Ideally will the FSO be able to intervene?

I thinks it’s very much the case that Bradford and Bingley know if I withdraw the cash I loose my ISA allowance and as such have just decided to make life difficult for me until I go away.

I am having a similar problem transferring my ISA from B and B to A &L. Submitted the application on April 8th and still nothing. A & L say it is still with B and B and they are not responding to my calls/messages. Not happy.

debbie42

chun wrote: »

Correct me if I am wrong but I was on the www.bbc.co.uk/moneybox website and it said you can't transfer cash isas to stocks and shares.

New rules for this tax year are that you can (or should be able to!) transfer from a cash ISA to a S&S ISA, but not the other way.

andrewj100

Hargreaves Lansdown, a very good financial company have said as of April this year you can and will sort it out for me as soon as B&B get their backsides into gear.

suemjack - let me know how you get on.
I've sent B&B a snotty email asking to firstly explain what the problem is and secondly why, after 1 1/2 months, they have not made the effort to inform me of any problems.
H-L said it is normal for banks like B&B to not respond to phone calls so they have written letters.
Next stop is to call B&B and give them a contact at H-L.
After that it's to the complaints proceedure, step one I have already done, step 2 is to ask for an independent investigation and step 3 got the FSO involved.

nrsql

I transfered a B&B cash ISA to Icesave.
It took ove a month and the B&B ISA was closed over a week before the money was credited to Icesave.

Did the same thing (twice) with Yorkshire - Icesave and it was all done in a couple of weeks with a couple of days for the transfer.

hawkesbaynz

Transferred my wifes 06/07 from B&B to Scarborough. Took about a month over April/May. Still waiting for ING though. Doing mine now but may take longer with their current troubles.

Transferred my fathers cash ISA from Abbey to HL's S&S. Took about a month and Abbey never responded to HLs letters.

andrewj100

After complaining to B&B twice, they have finaly said all the details are being processed. They appear to have "lost" my first 2 emails asking what had happened and also the first letter my new provider sent.
Their excuse "It was sent to the wrong office".