Lloyds Banking Group promises faster ISA transfers
by Gill Montia
Lloyds Banking Group is providing new electronic transfer methods for investors in Individual Savings Accounts (ISAs).
Transfers to Lloyds TSB, Halifax and Cheltenham & Gloucester ISAs can now be sent electronically via BACS, when previously savers had to make payments by cheque.
Last year saw lengthy delays in the completion of ISA transfers between banks.
According to HM Revenue & Customs’ (HMRC) guidelines on switching ISAs, no transfer should take longer than 30 days, but many savers found that their funds disappeared from one account but did not turn up with their new ISA provider for well beyond the deadline.
Complains were made to the Financial Ombudsman Service; however there is no penalty for exceeding the HMRC 30 day limit.
This year should see considerable improvements for Lloyds Banking Group customers as in addition to faster transfers, they have access to a new tracking system that allows ISA savers to check out the whereabouts of their cash.
Abbey and Royal Bank of Scotland are also signed up to electronic transfers for ISAs.
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