How do I transfer my ISA???

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Frugality_2
Frugality_2 Posts: 54 Forumite
in ISAs & tax-free savings
Hi thanks for visiting.

I currently have an ISA with Lloyds and only earn 3.75 interest rate until I manage to attain over 3k.

However, I want a better deal, I notice, for example, that NS&I are offering 5.3 (direct ISA) and 4.6 (cash ISA - Can anyone explain the difference).

Do you have to wait until the new financial year to switch? I want to move to NS&I now. I currently have 2k in my Lloyds ISA and aim to put in 4-500 pm.

What do you recommend?

Thank you.
«13

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  • Lokolo
    Lokolo Posts: 20,861 Forumite
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    They are all poor rates. HSBC have an e-ISA which is 6.25%. Not sure if it allows transfer though.

    When you go to open a new ISA, you ask them you wish to transfer previous ISA in and they will make you fill in some forms.
  • Frugality_2
    Frugality_2 Posts: 54 Forumite
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    Thanks, So I can just move my money from Lloyds now into NS&I and start filling that up and begin earning 4.6 rather than 3.75?
  • Lokolo
    Lokolo Posts: 20,861 Forumite
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    Yes but you yourself don't transfer it. You ask them, you fill in forms, and they do it.
  • The_One_Who
    The_One_Who Posts: 2,418 Forumite
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    4.6% is still a very poor rate. Principality is offering 6% and accepts transfers in.

    You would apply and there will be a section in the application about transferring (if they allow it) and then you fill out a form and send it off and they should do it all for you.
  • McKneff
    McKneff Posts: 38,823 Forumite
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    abbey have an ISA at 6.25, instant access and a card for the ATM for depositing and withdrawal also throgh internet.
    make the most of it, we are only here for the weekend.
    and we will never, ever return.
  • Frugality_2
    Frugality_2 Posts: 54 Forumite
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    Why did a chap at Barclays say I can't transfer to his ISA because I had already started filling up my Lloyds one this year? Do you know?

    I'll pop into Abbey tomorrow.
  • The_One_Who
    The_One_Who Posts: 2,418 Forumite
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    Frugality wrote: »
    Why did a chap at Barclays say I can't transfer to his ISA because I had already started filling up my Lloyds one this year? Do you know?

    I'll pop into Abbey tomorrow.

    I'm sure Barclays is a new money ISA only, it does not accept transfers in. Since you have already started an ISA for this tax year then you would need to transfer and Barclays do not allow this.

    I'm not an expert on ISAs but this is what I've picked up.
  • Frugality_2
    Frugality_2 Posts: 54 Forumite
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    anniehanlon wrote: »
    abbey have an ISA at 6.25, instant access and a card for the ATM for depositing and withdrawal also throgh internet.

    It was a 6% for direct ISA and I did it today. Phew.

    I can't believe I stayed with Lloyds and their 3.75 for so long.

    Thanks for your help.
  • luddite
    luddite Posts: 2 Newbie
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    My wife tried to open an HSBC online e-isa 6.25% in the current tax year but was told as she already had a cash isa (4.5% ish we think) with them, opened in the last tax year they don't allow customers to have 2 different isa products!!!!!!! seems a bit unfair to us anyone had the same problems.
  • Trying_to_be_good
    Trying_to_be_good Posts: 1,989 Forumite
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    You can't pay into more that one ISA in a tax year - if you plan to change mid-year, fill the first ISA (ISA 1) and then transfer it as you won't be allowed to 'top-up' the new one (ISA 2 - that you transferred to) even if you hadn't used the whole allowance.
    Mortgage Free thanks to ill-health retirement
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