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Moving cash from a SS Isa to a cash ISA with my Bank

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GarraGee
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Moving cash from a SS Isa to a cash ISA with my Bank

#201288

Postby GarraGee » February 14th, 2019, 11:32 am

I have sold some shares from my SS Isa and I've asked my Bank (N/W) to arrange for the cash proceeds to go into one of their cash ISA's.

There seems to be a problem with Sort Codes i.e. N'wide use them (obviously) but the brokers holding the shares (Saga) do not.

Both parties seem to be stuck on this point.

Can anyone throw any light on this issue?

Many thanks

GG

Alaric
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Re: Moving cash from a SS Isa to a cash ISA with my Bank

#201303

Postby Alaric » February 14th, 2019, 12:03 pm

GarraGee wrote:Both parties seem to be stuck on this point.


Wouldn't you have to go through the formal process of "part transfer of an ISA"? That would usually require Nationwide as the receiver to initiate the process on your instruction.

GarraGee
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Re: Moving cash from a SS Isa to a cash ISA with my Bank

#201308

Postby GarraGee » February 14th, 2019, 12:15 pm

Wouldn't you have to go through the formal process of "part transfer of an ISA"? That would usually require Nationwide as the receiver to initiate the process on your instruction.


Thanks. Yes, Nationwide have started the process, but it seems neither party can get round the absence of a sort code at Saga.

DAK, is this likely to be a problem?

GG

Alaric
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Re: Moving cash from a SS Isa to a cash ISA with my Bank

#201314

Postby Alaric » February 14th, 2019, 12:28 pm

GarraGee wrote:but it seems neither party can get round the absence of a sort code at Saga.


Being an S&S ISA, I would have thought Saga would be holding the cash in a pooled account from which they transfer the relevant amount to Nationwide who then internally sort out where it goes.

Presumably your S&S ISA has an account number or code at Sage. Nationwide will need to know what this is, so their request can take the form of "please transfer £ x from Saga Account abcd to Nationwide".

GarraGee
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Re: Moving cash from a SS Isa to a cash ISA with my Bank

#201336

Postby GarraGee » February 14th, 2019, 1:01 pm

Presumably your S&S ISA has an account number or code at Sage. Nationwide will need to know what this is, so their request can take the form of "please transfer £ x from Saga Account abcd to Nationwide".

====================================================================

Yes to that. I gave NW the Saga details at the beginning of the process.....it seems as though NW can't handle the fact that there is no sort code. I'll chase all parties if nothing happens today.

Any other thoughts all appreciated.

GG

OZYU
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Re: Moving cash from a SS Isa to a cash ISA with my Bank

#202971

Postby OZYU » February 21st, 2019, 4:51 pm

There does not seem to be much that Nationwide can do properly. My wife has Power of Attorney for a very ancient relative, and they are making a pigs ear of similar matters, so bad that she has complained on their incompetence with the Office of the Public Guardian, as Nationwide are basically being obstructive in her discharging her basic responsibilities under POA.

Back to the OP, this partial transfer of cash from an SS ISA to a Cash ISA should be a simple routine matter.


Ozyu


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