Remember ISA transfer should be faster than it used to be…..

In 2010 after a 90-day investigation following a super-complaint from Consumer Focus about the cash ISA market , the OFT secured agreement from the industry to: publish clearly the interest rates on the face of cash ISA statements - around 15 per cent of customers currently receive statements that include their interest rate, but from early 2012 all statements will include this information, and they agreed to revise industry guidelines on how long cash ISA transfers should take: down from 23 to 15 working days – which came into effect from 31 December 2010.

Clive Maxwell, the OFT's Senior Director for Services, said: 'This is an important market for the 17.5 million consumers with £143 billion of savings in cash ISAs, and also for the wider economy since those savings support lending to many households and businesses. Our work over the past 90 days has revealed that, whilst there is often strong competition between providers in this market to win new savings, the transfer of cash ISAs is taking too long and there is not enough transparency over interest rates. The voluntary changes announced today will give consumers a fairer deal and drive stronger competition. We are grateful to Consumer Focus for bringing these issues to our attention.'

Enable of Bishop’s Stortford can help with your ISA contributions and ISA transfers,  as Independent Financial Advisors experience tells us that sorting out ISA contributions and transfers  help you maximise your savings.