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How do I transfer my ISA???
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# 1
Frugality
Old 14-09-2008, 9:16 PM
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Default How do I transfer my ISA???

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.
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# 2
Lokolo
Old 14-09-2008, 9:19 PM
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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.
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# 3
Frugality
Old 14-09-2008, 9:21 PM
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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?
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# 4
Lokolo
Old 14-09-2008, 9:27 PM
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Yes but you yourself don't transfer it. You ask them, you fill in forms, and they do it.
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# 5
The One Who
Old 14-09-2008, 9:38 PM
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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.
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# 6
McKneff
Old 14-09-2008, 9:41 PM
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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.
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# 7
Frugality
Old 14-09-2008, 11:59 PM
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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.
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# 8
The One Who
Old 15-09-2008, 10:26 AM
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Quote:
Originally Posted by Frugality View Post
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.
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# 9
Frugality
Old 15-09-2008, 4:57 PM
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Quote:
Originally Posted by anniehanlon View Post
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.
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# 10
luddite
Old 15-09-2008, 9:06 PM
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Default hsbc e-isa

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.
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# 11
Trying to be good
Old 16-09-2008, 4:55 PM
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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.
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# 12
Lokolo
Old 16-09-2008, 5:43 PM
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Quote:
Originally Posted by Trying to be good View Post
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.
Yes you can. There is nothing wrong with doing this.

i.e. I put 2000 in Egg ISA. I transfer it to HSBC ISA, I can top up 1600.
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# 13
luddite
Old 16-09-2008, 8:04 PM
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My wife has not paid into her existing isa in this tax year so she is entitled to open a new one the problem is HSBC say they won't allow anybody to hold 2 isa products or is this a coverup to get around their bad advice?
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# 14
tiptoe_mouse
Old 17-09-2008, 9:55 AM
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Quote:
Originally Posted by luddite View Post
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.
Sounds like either the HSBC employee didn't know what they were talking about, or HSBC have their own special rulres. Either way, it would be a good idea to transfer the 4.5% ISA to another provider. It's paying a poor rate (you should be able to get at least 6%) and then you should hopefully be able to open an e-isa with them, if you still want to.

HTH

tiptoe
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# 15
penguine
Old 18-09-2008, 10:25 PM
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I recently transferred about 3 separate cash ISAs into an Icesave ISA which pays IIRC 6.25%. I had already begun making contributions for 08-09 but was able to carry on paying up to this year's limit into Icesave. The transfers all went through pretty quickly, within about 3 weeks I think.
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# 16
Frugality
Old 11-10-2008, 9:08 PM
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Icesave?

Can you let us know how you are doing??
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# 17
Rimmer209
Old 11-10-2008, 9:36 PM
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Question please ??

I have an Abbey ISA and i am thinking of transferring to Natwest as they have a 7.25% PA rate, if i do will i lose any interest? are there any penalties?

The Abbey account is the Direct ISA issue 2, obviously the Natwest one has a 2% one year bonus, i will keep the money there a year if its ok and then move elsewhere.

Any advise appreciated !
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# 18
Baldur
Old 12-10-2008, 5:28 AM
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Quote:
Originally Posted by Rimmer209 View Post
I have an Abbey ISA and i am thinking of transferring to Natwest as they have a 7.25% PA rate, if i do will i lose any interest? are there any penalties?
The Natwest Cash ISA 7.32% rate only applies to amounts over 27,000, the rates are tiered - from 1 to 8,999 it's 6.67%.

There are no penalties - see Direct ISA 2 Terms & Conditions, section 17. You may lose a couple of days interest while the cheque from Abbey clears into the Natwest account but that's all.
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# 19
Rimmer209
Old 12-10-2008, 10:13 AM
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Baldur

Many thanks for the reply - appreciated.

Sorry to post twice it wasnt intended, i posted and then like the numpty i am found the right forum place for the question.

One more while i am here if i may there are obviously lots here interested in the Natwest deal, to save me searching the small print is there anything to lock you in past 12 months and can they change the rate in that period?
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# 20
Baldur
Old 12-10-2008, 11:04 AM
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Quote:
Originally Posted by Rimmer209 View Post
One more while i am here if i may there are obviously lots here interested in the Natwest deal, to save me searching the small print is there anything to lock you in past 12 months and can they change the rate in that period?
They can certainly change the rate, as it's a variable rate product, rather than a fixed-rate one.
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