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ISA money transfer rules changed

Customers who hold their savings in ISAs might be pleased to learn that new rules have been introduced which will reduce the amount of time it takes to transfer money between accounts.

In the past, people who wanted to earn higher interest rates and planned to move their money to highest paying tax-free savings accounts in order to do so, were subject to delays in the time taken to transfer the cash. These delays were costing savers up to £3 billion a year.

After numerous complaints, the Office of Fair Trading (OFT) has announced that banks and building societies must now complete money transfers within 15 working days.

Currently, these financial institutions have up to 23 working days to transfer money. Last year, the OFT revealed that the average cash ISA transfer was taking between 26 and 30 working days, during which time customers were earning the lower rate of interest paid by their previous provider.

The OFT regulations also state that interest must be paid by the new provider within two days of the funds being received.

Copyright © Press Association 2011

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