New electronic ISA transfer measures are 'great news for savers' says moneysupermarket.com, as Lloyds Banking Group announces it will join Abbey and Royal Bank of Scotland (RBS) in using the method.
According to moneysupermarket.com, cash ISA
transfers have been causing problems for those who use the website's forums, and it is about time that cash ISA transfers
were brought into the 21st century.
"It is incredible in this day and age that these transfers have relied on posting cheques. No wonder the process has been rife with delays and complaints," said Kevin Mountford, head of banking at moneysupermarket.com.
"Thankfully Lloyds Banking Group – with a quarter of the ISA
market – plus fellow big players Abbey and RBS Group have now bitten the bullet and entered the electronic world that applies to almost all other financial products," Mr Mountford added.
Commenting onLloyds Banking Group's
decision to join the initiative, Colin Walsh, managing director of savings and investment at Lloyds Banking Group said: "The industry-wide delays experienced by customers last year were largely due to the outdated cheque and postal system on which the ISA transfer market was dependant.
"The move to electronic transfers is an important step forward but it is essential we continue to work together as an industry to improve the process."
Mr Mountford added: "At a time when so many savings rates are at rock bottom, every opportunity should be given to consumers to transfer their funds to ensure they get the best value for money. This certainly is a step in the right direction."
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