Maxi Cash Isa Transfer

wendyjo_2 · 2 March 2008 at 6:10PM

I have a maxi cash isa from about 4 years ago and it is only getting a rate of 5% aer with first direct. You often read about transferring mini Isa s but not maxi isa s. Can u transfer maxi isa s and does anyone know a good rate?

thanks.

jem16 · 2 March 2008 at 6:13PM

Are you sure it's a Maxi Cash ISA? I have only ever heard of Mini cash ISAs. The Maxi ISA is for stocks and shares.

dunstonh · 2 March 2008 at 6:53PM

There were a few MAXI cash ISAs available where a provider offered a stocks and shares element and cash element. They were not that common but did exist.

wendyjo_2 · 3 March 2008 at 1:14AM

Yes i definitely have a maxi cash isa that was £3000 a few years ago, the rest of it was stocks and shares.{up to the £7000} Still don t know if i can transfer.

greenmummy35 · 6 March 2008 at 10:43AM

Hi, I've got one of those too and it confused me big time. I was advised that the cash element can be transferred ,as cash is cash whether in a maxi or mini, BUT only for the previous tax years, ie if you've made contribution this tax year it can't be transferred.
I've got a Virgin Maxi ISA with stock and shares and cash, and I'm tranfserring the cash to the Icesave mini ISA. Its a bit of a faf with transfer forms etc and ICESAVE are so behind because of their popular rates they're overwhelmed with enquiries. However they assure me that it will be complete by April. Watch this space

alastair_h · 6 March 2008 at 7:09PM

greenmummy35 wrote: »

Hi, I've got one of those too and it confused me big time. I was advised that the cash element can be transferred ,as cash is cash whether in a maxi or mini, BUT only for the previous tax years, ie if you've made contribution this tax year it can't be transferred.
I've got a Virgin Maxi ISA with stock and shares and cash, and I'm tranfserring the cash to the Icesave mini ISA. Its a bit of a faf with transfer forms etc and ICESAVE are so behind because of their popular rates they're overwhelmed with enquiries. However they assure me that it will be complete by April. Watch this space

You can transfer the previous years cash element to Icesave. You would need to check the ISA's T&C's to see if the first ISA allows you to transfer out the cash element if you contributed to it this tax year (2007/8), if it was before this I don't see a problem.

isasmurf · 6 March 2008 at 10:01PM

As previous posters have said you can transfer previous years contributions to any cash ISA - whether you have contributed this year or not is irrelevant to previous years contributions. alistair_h suggests you check the T&Cs to see if you can transfer if you have made contributions this year. This is not necessary as you must be allowed access to your ISA at all times. You should check the T&Cs for any charge or notice period you have to give.

For contributions made this year you can only transfer to another MAXI Isa along with any stocks and shares contributions you have made.

You contribute to a Cash ISA or a Stocks and Shares ISA. The Mini/Maxi labels only apply to contributions made during the current tax year. So any contributions made in previous years will not have the Maxi label attached to them so you can transfer them to any cash ISA.

isasmurf · 6 March 2008 at 10:15PM

jem16 wrote: »

Are you sure it's a Maxi Cash ISA? I have only ever heard of Mini cash ISAs. The Maxi ISA is for stocks and shares.

According to HMRC £30m was put in the Cash component of the Maxi ISA in the first 6 months of this tax year.

Maxi Cash Isa Transfer

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