if mini cash isa review

Have a picture of IF Mini Cash ISA?, please send it to us.

Average Ratings

Customer Service	6/10
Value for Money	8.5/10
Overall rating	7.5/10

100% Recommended2 out of 2 Reviews

• Overview
• Reviews
• Write your review
• Ask a Question

By lilinmak on 24th Jun 2004

lilinmak's Ratings

Customer Service	7/10
Value for money	7/10
Overall value	7/10
lilinmak's recommendation

Good Points

- one of the highest interest rates offered for new customers: currently 4.6% and guaranteed to pay at least 0.3% above the Bank of England rate until 31st January 2005
- good customer service and callbacks within specified time and on specified day (but always take name of representative just in case)

Bad Points

- numerous security codes and passwords to access details online and via telephone banking - therefore easier to make a mistake so have to write everything down
- it takes 3-5 working days to get a new security code if you make a mistake (you're only allowed three tries, which includes all online and telephone access, i.e., not six tries in total)
- make sure you transfer from a current account
- account number is not actually your account number when you are transferring funds between accounts with other banks
- changes to your details are not always entered onto your account log or there is a 3-day delay, especially if you deal with back office staff
- as with all banks, if further investigations or required, back office staff finish at 5pm so you might have to wait until the next day or day after for an answer (standard 48 hour response rate)
- need to complete a direct debit mandate even though it is a one-time deposit only account

General Comments

IF TOISA - Attracted by the excellent interest rate, using the online website, I recently set up a TOISA and a mini-cash ISA with IF. In the next few days, the printouts arrived in the post ready for me to sign. However, the length of residence in my current home - I had to correct this on the form. With the application pack, I also had to complete two direct debit mandates - one for each account - my "linked accounts" as IF call them. Why do I need one for a TOISA when it is a one-time deposit only account? I complete it anyway just in case they delay my account opening if I don't. It must not have been an issue as I received confirmation of my account opening for my mini-cash ISA within 10 days and a fortnight for my TOISA (I suppose because I was transferring funds from a matured TESSA rather than sending a cheque for my initial deposit as per my mini-cash ISA).

It was not until I received my plan summary (a month later) that I realised the initial deposit of my TESSA capital had not been accepted. When I spoke to IF, they said that they could not accept a direct debit instruction from my linked account because it is a savings account (I don't know if this is standard practice but it was not clear in their application instructions). It was suggested that I try to transfer the money online via the internet banking service of my other bank, HSBC. However, I did not know that HSBC only accept 8 digits in the account number box and had pressed "Ok" before I realised my mistake. I put my hands up - this part was clearly a user issue and I should have checked. The IF account number is 10 digits long (apparently, the first 2 digits relate to your sort code and the last 8 digits are your account number - as an IF representative later explained to me, who also admitted that yes, this was not clearly stated in any of the IF documentation).

So, I called IF again to explain what had happened. I was told that the account number I had incorrectly entered did not exist and so on receipt of my payment the money would sit in the IF clearing account(s) for further investigation. The representative was very helpful but was not able to give me an answer as to the next step as I had called after 5pm and the back-office department I needed to speak to were closed. So he scheduled someone from the clearing department to call me back in the next 48 hours.

I received a message on my work number from one of the IF back-office staff the following afternoon (I had asked them to call me on my mobile - not a big deal but failure to listen to follow a customer's request is never a good thing). I called back and was told that the person who called me was in a meeting and would have to call me back. Despite my misgivings about callbacks, within half an hour, I was called back. Unfortunately, on confirming my security code, I made the dreaded 3 tries mistake (aaaargh!) but the person I spoke to was friendly and helpful and said that though she could not give me any other information on my account, she would personally see to it when they receive the money (it takes 3 days to 'arrive') she would ensure that it went straight into my TOISA account. I asked her to arrange for someone to call me back just to confirm that this had been done. She also said that she would send me a new security code.

Today, a week later, having not received a call to confirm the transfer, I tried to check my account details online. However, as my security code had been revoked, I was not able to login (this is when I learned that the 3 tries rule also includes online access).

As I had not received a security code (it's meant to take 3-5 days), I called IF again. I was told that there was no reference of a new code being sent out to me and so the representative had to put in a new request, saying that I need to use the one with today's date on it as any other code would not work. She confirmed that the money had been transferred into the correct account but a direct debit mandate had been sent out to me so that I could give the correct details for a linked account. I was also told that the notes from my conversation last week were completed the day before (a good 3 working days since my conversation with the back-office person).

Overall, customer service is good in terms of polite and friendly staff as well as an efficient callback service. However, I can't give full marks as their attention to detail is not excellent. The TOISA and ISA are good value for money but the amount of money spent on telephone calls adds up - to correct mistakes made by said poor attention to detail, unclear instructions and how easy it is to make mistakes logging into the internet and telephone service adds up - you have to call them to get a new security code sent out. (I know it is a local call 0845 number but does anyone know if they could be in cahoots with a telephone company to make money from these calls?!) Plus, it kind of defeats the point of an internet banking service if you have to call them to make sure things are done properly.

As the customer service has been above average and they have managed to deal with the problems that have arisen, I will stay with IF until something seriously goes wrong and they are unable to sort it out.

lilinmak's review has yet to be rated - Be the first!