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M&S Money 4% ISA
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Has anybody questioned if on maturity M&S will allow transfers to another providers ISA? Their Fixed rate Savings Issue 9 (Cash ISA) T&C does not list it as an option! They mention transferring to an ISA they make available and withdrawing the funds by cheque or to a bank or building society account. No mention of transfer to another provider. Loss of ISA allowance on maturaty would make this a non starter.0
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If you read the Ts & Cs, you can transfer the FRISA into their variable rate ISA at any time (subject to the £100 fee), from which you can transfer as you wish.Has anybody questioned if on maturity M&S will allow transfers to another providers ISA? Their Fixed rate Savings Issue 9 (Cash ISA) T&C does not list it as an option! They mention transferring to an ISA they make available and withdrawing the funds by cheque or to a bank or building society account. No mention of transfer to another provider. Loss of ISA allowance on maturaty would make this a non starter.0 -
Looks like everyone is wanting to transfer from LLoydsTSB to M&S!
I too, have a large sum built up.
My LLoyds matures on 7th April, I have just been in today to top up the extra allowance of £1500.
Still not heard from them about their new rates, but it does seem 3.30% fro 2 yrs is rather on the low side and think they are mad not to keep up with the competition
I know I'll have to do something as soon as my ISA matures, I could put it in their variable of 2.5% and transfer it to M&S, or take their 3.3% 2yr fixed.
The trouble is I don't think I'll be able to add my full allowance immediately, perhaps not for a few months.
what to do?????
LLoyds can be added to, even their fixed rate., I'm hoping never to take this out but the withdrawal penalty or closure is 160 days, and if it were for complete closure that is a horrendous sum on nearly £40k.
The M&S one is a winner on that score but can I transfer on maturity date, then open a new one with them , or as the maturity date/transfer would be taking place in the new tax year, does this constitute as opening 2 ISA's.
I'm getting more confused by the minute.:(0 -
If you read the Ts & Cs, you can transfer the FRISA into their variable rate ISA at any time (subject to the £100 fee), from which you can transfer as you wish.
If you read my posts at the beginning of the thread, M&S also said by email that transfers out are fine (subject to the £100 fee).0 -
That is what I am going to do as I have the money waiting in a Lloyds Vantage current account ready for my Lloyds fixed rate ISA to mature on April 7.I guess I can still put next years ISA funds into Lloyds before the transfer takes place to M&S.
As soon as my ISA matures I will top it up with this years allowance and put April 9 as the date for M&S to transfer over the matured fixed rate ISA + this years allowance.
Edit: Having just tried to apply for the M&S ISA online is there any way to open one without putting in an initial deposit as I cant see the option to open one using transferred funds.0 -
If you read the Ts & Cs, you can transfer the FRISA into their variable rate ISA at any time (subject to the £100 fee), from which you can transfer as you wish.
So you might have to do two transfers to get the money to another provider and pay the £100 fee! In the maturity options part ii it is only may include the optionm to transfer to a variable rate savings option of the account. Sounds risky. They might only make a fixed ISA available for transfers on maturity. You might be forced to pay the early exit to get it to another provider even if you want to leave it to maturity.0 -
So you might have to do two transfers to get the money to another provider and pay the £100 fee! In the maturity options part ii it is only may include the optionm to transfer to a variable rate savings option of the account. Sounds risky. They might only make a fixed ISA available for transfers on maturity. You might be forced to pay the early exit to get it to another provider even if you want to leave it to maturity.(ii) You may switch money held in your Account from any of the Fixed Rate Bonds into the Variable Rate Savings Option at any time. Except for where the switch is made on or after the Maturity Date, this will be subject to the withdrawal charges set out in paragraph 9(ii) below.
These are simply options not totally exclusive - your other option, on maturity (as you will have fulfilled all of the Ts & Cs) would be to instruct M&S to transfer the proceeds of the matured FRISA to a new ISA manager, via the ISA transfer form of that new manager.(ii) The notice in (i) above will outline the options open to you in respect of the Fixed Rate Bond approaching maturity. This may include the option to transfer to any new Fixed Rate Bond we make available at that time, or the Variable Rate Savings Option of the Account.0 -
From memory, there are 3 options on the form - new money, part-transfer, and full transfer (of existing ISAs), also a tick box if you've already subscribed 2009/10 ISA (mine was just a transfer from a this-year + previous years).Edit: Having just tried to apply for the M&S ISA online is there any way to open one without putting in an initial deposit as I cant see the option to open one using transferred funds.
Think you may need to download the transfer form from their site and post it in (pretty sure that's what I did).0 -
SallySunshine wrote: »The M&S one is a winner on that score but can I transfer on maturity date, then open a new one with them , or as the maturity date/transfer would be taking place in the new tax year, does this constitute as opening 2 ISA's.
I'm getting more confused by the minute.:(
You can pay new money in to one new ISA each tax year, transfers don't count as opening a new ISA. Transfer your £40k in to the M&S ISA on maturity. When you have your funds ready in a few months to subscribe to 2010/2011 tax year ISA, have a look to see whats on offer at that time.Edit: Having just tried to apply for the M&S ISA on-line is there any way to open one without putting in an initial deposit as I cant see the option to open one using transferred funds.
I didn't apply on-line instead asked for the forms to be sent to me in the post, they arrived in 4 days with a pre paid envelope.
If you don't have any luck applying on-line you could try printing the forms from the M&S site, then as mentioned by ManAtHome you need to select the transfer form: M&S Cash ISA Transfer Form
Never let the perfume of the premium overpower the odour of the risk0 -
I can see the transfer form and the offline application form on their site but even the offline one has a section asking for an initial payment.
I will phone them up and ask if I can just score through that section or how to get round it.
Edit: Found it in the guidance notes section:
So I just need to fill in and return the transfer form.How do I transfer my Cash ISA(s)
to a Marks & Spencer Cash ISA?
• Use the enclosed transfer form headed ‘M&S Cash ISA Transfer Form’. This allows you to transfer to us:
- a current tax year Cash ISA
and/or
- a previous tax year Cash ISA.
There is no need to complete a new Cash ISA Application Form, unless you wish to
take advantage of this year’s tax-free Cash ISA allowance.0
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