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Transfer Cash ISAs Discussion Area
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As far as I'm aware, no exit fee would be involved but it can take 30 days or more for an ISA transfer to complete and the 5th April is only just over two weeks away.does anyone know if a transfer out of Barclays (last year's tax haven ISA) would incur an exit fee - or take so long that the new ISA with another provider would not happen before 5 April? They were incredibly inefficient when opening it last year.
Why is the 5th April so important? Transfers can take place at any time, they are unrelated to the tax year.0 -
For anyone thats looking to quickly transfer ICESAVE allowance, first direct have been great. Posted the transfer forms on the 17th, account up and running with funds on the 20th. Faultless.0
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Yes, as long as the Terms & Conditions of the accounts don't have any 'gotchas' about transferring out.I have my current year's subscription with Barclays Bank (already paid in £3,600.00) and previous years' subscription with Lloyds TSB Bank.
Can I open a new Cash ISA with NatWest now and transfer both in now?
Yes, that fine.The application form states that I am applying for the tax year of 2008 to 2009, but I am assuming this is OK as long as I don't make any payments until the new tax year (from 6 April 2009)?0 -
I have my current year's subscription with Barclays Bank (already paid in £3,600.00) and previous years' subscription with Lloyds TSB Bank.
Can I open a new Cash ISA with NatWest now and transfer both in now?
The application form states that I am applying for the tax year of 2008 to 2009, but I am assuming this is OK as long as I don't make any payments until the new tax year (from 6 April 2009)?
You can transfer your current and previous ISA's and also pay in more next tax year. You will need a saving account with Natwest although you only need pay in £1. The most imortant thing is to open the correct ISA which in your case would be the eISA0 -
My friend is interested in opening a Halifax ISA at 3% however he has £47k from selling a flat sitting with Inteligence Finance. Apparently they are both the same organisation some of his friends are telling him - does anyone know if that's correct? As he was hoping to transfer his existing ISA into Halifax... I didn't know they were owned by same company myself..This is a system account and does not represent a real person. To contact the Forum Team email forumteam@moneysavingexpert.com0
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My friend is interested in opening a Halifax ISA at 3% however he has £47k from selling a flat sitting with Inteligence Finance. Apparently they are both the same organisation some of his friends are telling him - does anyone know if that's correct? As he was hoping to transfer his existing ISA into Halifax... I didn't know they were owned by same company myself..
http://www.moneysavingexpert.com/savings/safe-savings0 -
Thanks for that link.. Oh dear - the Halifax and Intelligence Finance are the same institutions, he completed his forms and took them to Halifax last week so all signed and being processed - I wonder if it's too late for him to go and cancel them due to finding this out..This is a system account and does not represent a real person. To contact the Forum Team email forumteam@moneysavingexpert.com0
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You can transfer your current and previous ISA's and also pay in more next tax year. You will need a saving account with Natwest although you only need pay in £1. The most imortant thing is to open the correct ISA which in your case would be the eISA
I just tried this (EISA)- and it wouldn't let me. It insists that I deposit an amount (min £1) which I can't do as I have already used the allowance for 2008/9.0 -
I opened mine without a deposit yesterday, though I think it asked me to specify an initial deposit during the opening pocess.I just tried this (EISA)- and it wouldn't let me. It insists that I deposit an amount (min £1) which I can't do as I have already used the allowance for 2008/9.
However, if I've understood the HMRC rules correctly, you only actually 'subscribe' to an ISA when you actually put money in it so it shouldn't be a problem if you're only transferring in (the 'initial deposit' doesn't specify new money or a transfer).0 -
The 'adviser', who opened one in branch today for a friend, had to enter a nominal deposit figure on the Halifax intranet in order to complete the transfer application - no physical deposit was actually required.I opened mine without a deposit yesterday, though I think it asked me to specify an initial deposit during the opening pocess.
However, if I've understood the HMRC rules correctly, you only actually 'subscribe' to an ISA when you actually put money in it so it shouldn't be a problem if you're only transferring in (the 'initial deposit' doesn't specify new money or a transfer).0
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