How long should it take to transfer a stocks and shares ISA?
Some investment platforms are taking longer than they should do to transfer stocks and shares ISAs
If you want to transfer your stocks and shares ISA, you might have a long wait. Whereas it can take three weeks to transfer a cash ISA from one provider to another, it can take up to six weeks – or even longer if you want to transfer your stocks and shares ISA from one investment platform to another. Why the wait? And what can you do about it?
If your ISA provider drops the interest rate without warning or withdraws a fixed rate account, what can you do?
If you’ve taken out a cash ISA this year, you may feel that the low interest rates are enough grounds to complain (and who could blame you?). But, every year – at around this time - the free to use Financial Ombudsman Service gets a steady stream of complaints about banks or building societies not transferring or opening ISAs correctly or chopping and changing interest rates. So, when can you complain and when is it a case of ‘saver beware’?
Which banks are in the UK savings compensation scheme and do they protect £85,000 of savings?
Which banks share a compensation limit and which aren’t members of the UK’s compensation scheme?
The vast majority of banks operating in the UK (and building societies) are covered by the Financial Services Compensation Scheme. That means if you have savings with them, you are protected up to a limit of £85,000. But it’s not that simple as some banks ‘share’ the £85,000 limit between them. How does it work?