Moving an ISA

[derrynoose]

Can I move an ISA from one bank to another and still "enjoy" ISA terms and conditions in the second bank. If it is possible, is the transfer easy i.e. can my present bank delay its transfer?

[smouse]

Yes you can
we moved from halifax to natwest and it was very easy

[derrynoose]

Thanks for the quick answer, smouse. Encouraging!

[annie0000]

If they try to delay the transfer - just tell them that they are not conforming to Outcome 6 of the FSA Treating Customers Fairly regime.

Outcome 6: Consumers do not face unreasonable post-sale barriers imposed by firms to change product, switch provider, submit a claim or make a complaint.

[factor-fiction]

The only problem i've had with transfers is that there is usually a period of around two weeks during which you gain no interest, and this can sometimes cancel out any benefits from better interest rates

[annie0000]

factor30 - there is no reason that it should take 2 weeks - challenge them on how that process is treating customers fairly. All financial companys are supposed to have imbedded the TCF principles into their organisation - this is a big area of focus for the FSA and it is up to consumers to challenge companys when you see a process that is inheritently unfair.

[Bert]

Two weeks' loss of interest at today's rates is b*gger all! I found that my cash ISA was getting 1.5% interest recently, so I have moved it. What you mustn't do is close the account and get a cheque for the balance, since then it will lose the ISA status. Go to the firm you want to put your money with and fill in their forms and they will get the money from your current ISA provider.

[factor-fiction]

Annie, I did challenge this each time but it seems the delays were endemic in the system because when an account is transferred the first bank closes the account and then apparently sends a cheque to the new provider- so there's delay while it's in the post and being opened by the new ISA provider. And then it could take a week or so for the funds to clear.