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[MSE Dan]

This thread is specifically to discuss the the

Transferring Cash ISAs to up the interest

article

[diggingdaddy]

Just like to point out a problem with your Icesave's top paying ISA. Looks like the interest has to be drawn iether monthly or yearly, so if this being the case anyone transfering a large ISA and having to draw the interest and not being allowed to compound would mean the yearly ISA allowance plus compounded interest would be drastically reduced!

[Yogi1309Cat]

I'd like to point out another problem with transferring to Icesave's top paying ISA.
You can only transfer current ISA's from the following companies - NatWest, Halifax, HSBC, LloydsTSB, Barclays or Nationwide.
If your ISA isn't with one of these companies you can forget it!
They also have to be variable rate ISA's or the same applies.
We have ISA's with Bradford & Bingley so we can't take advantage of this offer. Are there any other Banks out there we can transfer these to for a higher rate of interest?

[freakshadow4]

Hiya, can anyone tells me what happens to your interest when you transfer out of an account? My ISA currently only pays the interest at the end of the financial year, would this be recalculated and paid out as part of the transfer?

Can I just check that you can transfer out this financial year, or should I wait until April and just do it next year?

Thanks,

[icecoolbabe]

Originally Posted by Yogi1309Cat

I'd like to point out another problem with transferring to Icesave's top paying ISA.
You can only transfer current ISA's from the following companies - NatWest, Halifax, HSBC, LloydsTSB, Barclays or Nationwide.
If your ISA isn't with one of these companies you can forget it!

I think this is only in respect of them paying you the £1000 if the interest rate is not better.

If you click on 'your questions answered' on the left side of the main page then look across to the section headed Opening an easy Access ISA there is a question as follows

Do you accept transfers in from other providers into the Easy Access ISA?

and the answer -

Yes you can transfer in Mini Cash ISAs held with other providers into the Icesave Easy Access ISA. You can choose to make a transfer in as part of your application or, once your account is open, simply log in and select the option to make a transfer-in to your Easy Access ISA.
Transfers in from other providers do not count towards your annual subscription limit. There is no restriction to the number of providers you can transfer-in from.


From the above I take it that any other ISA providers count.

[luv_my_brass]

I had the feeling that I had to keep my current isa's until the end of the tax year to qualify for a whole year's interest. But looking at my pass book, it says interest is added 30th November. I want to transfer them from Northern Rock to Icesave (I also have a savings acc. with Icesave) and have noted the tips on the best way of doing this. But just to clarify, should I send the passbook to NR for them to update the interest and am I correct in thinking that I can transfer now without losing any interest?

[tallutd]

I have a Platinum Plus ISA from CIS. I pay in £30 a month but just found out it is only paying interest of 2.5%. I rang them today and they said I could not transfer it only cash it in. Is this right?

[alastair_h]

Originally Posted by diggingdaddy

Just like to point out a problem with your Icesave's top paying ISA. Looks like the interest has to be drawn iether monthly or yearly, so if this being the case anyone transfering a large ISA and having to draw the interest and not being allowed to compound would mean the yearly ISA allowance plus compounded interest would be drastically reduced!

Hi,

That's not how I read it or set my Icesave account as, my understanding is the compounded interest can be paid back into your Icesave ISA OR a separate account. Therefore if you selected pay into Icesave ISA (this account) option your compounded interest would be normal (you don't have to withdraw this interest).

PS - you also have the option to have 6.1% AER per annum or 5.94% monthly which I think compounds up to 6.1044% over the year, every little helps!

Hope this helps.

[alastair_h]

Originally Posted by freakshadow4

Hiya, can anyone tells me what happens to your interest when you transfer out of an account? My ISA currently only pays the interest at the end of the financial year, would this be recalculated and paid out as part of the transfer?

Can I just check that you can transfer out this financial year, or should I wait until April and just do it next year?

Thanks,

Hi,

Yes if you request a transfer as soon as possible they will re-calculate the interest to that date and make the transfer. If you have an ISA where you have to give notice or loose interest you may have to make that date 30 or 90 days ahead (for example).

Providing there are no penalty clauses you can transfer out when you like, and if you're going to a better rate - the quicker the better in my opinion. This is what I have been doing for the last two years to make the most of my savings.

Hope this helps. PS remember to transfer correctly not withdraw the funds.

[alastair_h]

Originally Posted by luv_my_brass

I had the feeling that I had to keep my current isa's until the end of the tax year to qualify for a whole year's interest. But looking at my pass book, it says interest is added 30th November. I want to transfer them from Northern Rock to Icesave (I also have a savings acc. with Icesave) and have noted the tips on the best way of doing this. But just to clarify, should I send the passbook to NR for them to update the interest and am I correct in thinking that I can transfer now without losing any interest?

Hi,

If you complete the Icesave form and return it to Icesave after completing the on-line application form (it gives you a reference number to put onto the paperwork). Then they will request the transfer from NR, who will calculate the interest to date and transfer funds to Icesave. Ice write to you with account number etc and it shows up below you Instant Access account.

My move from Yorshire BS was very quick - all complete in 15/16 days!

[jonsayce]

I have just been looking into transfering my ISA from the Halifax to Icesave but I can only find information about fixed rate ISA Saver account charges.

I quote "
Although it's best to leave a fixed rate Halifax ISA Saver open until the end of the fixed term, you can close your account or transfer out to another ISA Manager. However, you will lose an amount equal to 180 days' interest, calculated on the rate at which interest is paid on your account."

Any ideas? Or has anyone else transfered from Halifax?

Jon

[alduncan]

To the question:

Who can open an Easy Access ISA? it says:

To open an Icesave Easy Access ISA you must:
- Have not contributed to, or opened another, Mini Cash ISA or Maxi ISA during this tax year

I imagine many people will have already contributed to an ISA this tax year so will not be eligible to open an Icesave ISA?

[dogs_basket]

The FAQs on the website answer many of these questions:

• Do you accept transfers in from other providers into the Easy Access ISA? Yes you can transfer in Mini Cash ISAs held with other providers into the Icesave Easy Access ISA. You can choose to make a transfer in as part of your application or, once your account is open, simply log in and select the option to make a transfer-in to your Easy Access ISA.
  Transfers in from other providers do not count towards your annual subscription limit. There is no restriction to the number of providers you can transfer-in from.

[diggingdaddy]

Originally Posted by alastair_h

Hi,

That's not how I read it or set my Icesave account as, my understanding is the compounded interest can be paid back into your Icesave ISA OR a separate account. Therefore if you selected pay into Icesave ISA (this account) option your compounded interest would be normal (you don't have to withdraw this interest).

PS - you also have the option to have 6.1% AER per annum or 5.94% monthly which I think compounds up to 6.1044% over the year, every little helps!

Hope this helps.

Yes you're right I got it wrong and have since signed up "this account" and then other text further into the signup saying nominated account for payment of interest led me to believe they were going to pay the interest into the nominated account, a little more clarity would have been helpful but all OK now!

[shirlls]

I opened my first ISA with NSI in July 07 with the full 3k allowed. Can I transfer this 3k, plus interest, into the higher rate Icesave ISA now, and then on April 5th 2008 put another £3,600 into the same ISA?

[MSE Dan]

I'd like to point out another problem with transferring to Icesave's top paying ISA.
You can only transfer current ISA's from the following companies - NatWest, Halifax, HSBC, LloydsTSB, Barclays or Nationwide.
If your ISA isn't with one of these companies you can forget it!

Hi guys,

this isn't the case, it accepts transfers from all cash ISA providers.

Dan

[BlackBladder]

I have tried to do a transfer in registration, as I already have an ISA this year and an ISA with a third bank from 2 and 3 years ago. I answered the question have you registered an ISA this year as yes, and would I like to transfer an ISA from another bank as yes.





At the end of the registration before it is complete I am asked to agree to this:

I declare that

• I have not subscribed, and will not subscribe, to a maxi ISA or to another cash mini ISA in the same year that I subscribe to this mini ISA

I cannot declare that, as I have already opened another ISA this year. I thought you could open another ISA in the same year if it is funded not through new cash, but through previous years contributions. However they are asking me to make this declaration on a transfer-in ISA too. Has anyone else been getting this?

[BlackBladder]

Teh other thing I noticed during the application is that you are subscribing for this year, and future years unless cancelled. In future years, do you have to put money in to this one, or can you keep it open and invest in another ISA elswhere?

[BlackBladder]

Originally Posted by BlackBladder

At the end of the registration before it is complete I am asked to agree to this:

I declare that

• I have not subscribed, and will not subscribe, to a maxi ISA or to another cash mini ISA in the same year that I subscribe to this mini ISA

Well, I have just phoned ICESAVE and they have told me that I need to tick it and send it off, but it only applies to people that are opening an ISA with new money and not opening an ISA to transfer an existing ISA into. Something doesn't feel right about making such a declaration when I know it is false.

[Oxyd]

Originally Posted by shirlls

I opened my first ISA with NSI in July 07 with the full 3k allowed. Can I transfer this 3k, plus interest, into the higher rate Icesave ISA now, and then on April 5th 2008 put another £3,600 into the same ISA?

Hi,
I am in the same situation (opened with NS&I in September 07) and I'd like to know if it's better to transfer now or wait until September 08?

Many thanks in advance,
Oxyd