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  • Hern
    Hern Posts: 464 Forumite
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    Sincere thanks to typistretired and 10_66 for their help. I'll forward on the details to MIL -- looks like she'll need to go with the Post Office, seeing as how she lives in Lancashire and though the KRBS offer looks excellent, I guess she'll prefer the idea of on-the-doorstep access.

    Thanks again to you both for the quick and helpful responses.
  • nicsav
    nicsav Posts: 1 Newbie
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    I have savings in old, and therefore badly performing, cash ISAs which I wish to transfer to a new ISA that allows transfers in, but for new savings I'd prefer to pick a new cash ISA from one that doesn't allow transfers in.
    Can I do that?
    Or is opening two cash ISAs in one year not allowed even if one is only for transfers in?
  • Mr._H_2
    Mr._H_2 Posts: 488 Forumite
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    nicsav wrote: »
    I have savings in old, and therefore badly performing, cash ISAs

    This thread is for discussion of instant-access savings accounts, not ISAs. Please ask ISA questions in the ISA sub-forum.
  • IanIan
    IanIan Posts: 70 Forumite
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    Northern Rock have just launched an instant access account paying 4%. They call it a regular Saver Issue 3. Maximum deposit is £250 per month. Can open with £1. It pays 4% and is instant access. Interest rate is fixed until 1 August 2012. Can also be used as a regular savings account.
  • KTF
    KTF Posts: 4,820 Forumite
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    Given that you can only put in £250 a month it is definitely more of a Regular Saver than an instant access account but I can see how it could be used as such for smaller sums.
  • ritac1
    ritac1 Posts: 294 Forumite
    edited 22 May 2011 at 2:21PM
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    My son has an ISA from last year with Santander currently earning almost no interest at all. I believe their top paying ISA does not allow transfers in. Would it then be possible to open a this years ISA and deposit cash from a savings account and withdraw the funds from the last years ISA and put those into the savings account.

    I tend to think that this would not be possible but not sure why.

    Can anyone help?

    Sorry, just realised I am in the wrong thread. Ignore please since I have asked in the correct place.
  • Steve_xx
    Steve_xx Posts: 6,976 Forumite
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    edited 22 May 2011 at 5:51PM
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    ritac1 wrote: »
    My son has an ISA from last year with Santander currently earning almost no interest at all. I believe their top paying ISA does not allow transfers in. Would it then be possible to open a this years ISA and deposit cash from a savings account and withdraw the funds from the last years ISA and put those into the savings account.

    I tend to think that this would not be possible but not sure why.

    Can anyone help?

    Sorry, just realised I am in the wrong thread. Ignore please since I have asked in the correct place.

    Yes it is possible.

    However, you must not physically draw the money out of the low paying ISA, instead, when you choose your new ISA provider you should authorise them to transfer the Santander ISA for you. Be sure that whoever you choose for the new ISA allows 'transfers in' of existing ISA's. Sometimes the new provider wont allow tranfers in, so check to be sure. This 5 year bond ISA from Newcastle Building Soc pay 4.40% and does allows transfers in.

    http://www.newcastle.co.uk/savings/PremierISA
  • thebigbosh
    thebigbosh Posts: 298 Forumite
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    Hi all - I'm an expat living abroad and like Hern above just realised that my old Nationwide ISA is paying this pitiful 0.5%... ridiculous!

    My challenge, however is somewhat different: the fact that I live abroad, take up to 3 months to receive post from my UK address, and don't pay tax.

    I'm quite keen to move the money from my old ISA into a savings account; happy to tie it down for a year at a time. However, even if I do it on the internet - is it possible to transfer money without actually visiting the branches or receving postal mail? And how would I ensure that the bank didn't lop tax off any interest I might earn?

    thanks!

    B
    School is important, but Rugby is importanter.
  • Mr._H_2
    Mr._H_2 Posts: 488 Forumite
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    thebigbosh wrote: »
    I'm quite keen to move the money from my old ISA into a savings account; happy to tie it down for a year at a time. However, even if I do it on the internet - is it possible to transfer money without actually visiting the branches or receving postal mail?

    That depends upon you being able to open a new account online and your current ISA having internet banking. Not sure how easy it is to open an ex-pat account without using post, as part of the security checks involved in opening a new account usually involve checking your address against the electoral register which obviously won't work in your case.
    thebigbosh wrote: »
    And how would I ensure that the bank didn't lop tax off any interest I might earn?

    Fill out an R85 form and return it to your bank.
  • Baldur
    Baldur Posts: 6,565 Forumite
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    thebigbosh wrote: »
    Hi all - I'm an expat living abroad and like Hern above just realised that my old Nationwide ISA is paying this pitiful 0.5%... ridiculous!

    My challenge, however is somewhat different: the fact that I live abroad, take up to 3 months to receive post from my UK address, and don't pay tax.
    As you already have this account open with Nationwide, the easiest way of dealing with the potential problems caused by your ex-pat status would appear to be by transferring it 'in-house', i.e. to whichever account that Nationwide is currently offering which pays a reasonable interest rate.
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