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  • FIRST POST
    Frugality
    How do I transfer my ISA???
    • #1
    • 14th Sep 08, 9:16 PM
    How do I transfer my ISA??? 14th Sep 08 at 9:16 PM
    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.
Page 1
    • Lokolo
    • By Lokolo 14th Sep 08, 9:19 PM
    • 19,511 Posts
    • 14,465 Thanks
    Lokolo
    • #2
    • 14th Sep 08, 9:19 PM
    • #2
    • 14th Sep 08, 9:19 PM
    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
    • #3
    • 14th Sep 08, 9:21 PM
    • #3
    • 14th Sep 08, 9:21 PM
    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
    • By Lokolo 14th Sep 08, 9:27 PM
    • 19,511 Posts
    • 14,465 Thanks
    Lokolo
    • #4
    • 14th Sep 08, 9:27 PM
    • #4
    • 14th Sep 08, 9:27 PM
    Yes but you yourself don't transfer it. You ask them, you fill in forms, and they do it.
    • The One Who
    • By The One Who 14th Sep 08, 9:38 PM
    • 2,368 Posts
    • 2,924 Thanks
    The One Who
    • #5
    • 14th Sep 08, 9:38 PM
    • #5
    • 14th Sep 08, 9:38 PM
    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
    • By McKneff 14th Sep 08, 9:41 PM
    • 34,495 Posts
    • 44,361 Thanks
    McKneff
    • #6
    • 14th Sep 08, 9:41 PM
    • #6
    • 14th Sep 08, 9:41 PM
    abbey have an ISA at 6.25, instant access and a card for the ATM for depositing and withdrawal also throgh internet.
    No one can make you feel inferior without your consent
  • Frugality
    • #7
    • 14th Sep 08, 11:59 PM
    • #7
    • 14th Sep 08, 11:59 PM
    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
    • By The One Who 15th Sep 08, 10:26 AM
    • 2,368 Posts
    • 2,924 Thanks
    The One Who
    • #8
    • 15th Sep 08, 10:26 AM
    • #8
    • 15th Sep 08, 10:26 AM
    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.
    Originally posted by Frugality
    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
    • #9
    • 15th Sep 08, 4:57 PM
    • #9
    • 15th Sep 08, 4:57 PM
    abbey have an ISA at 6.25, instant access and a card for the ATM for depositing and withdrawal also throgh internet.
    Originally posted by anniehanlon
    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
    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.
    • Trying to be good
    • By Trying to be good 16th Sep 08, 4:55 PM
    • 1,880 Posts
    • 2,396 Thanks
    Trying to be good
    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 in Three T4; target to clear (or offset) mortgage by 25 Jan 19
    £103,000 for a target Mortgage balance of £NOTHING
    £61,000 of a £20,000 target Cash ISAs
    £8,000 of a £6,000 target Savings
    • Lokolo
    • By Lokolo 16th Sep 08, 5:43 PM
    • 19,511 Posts
    • 14,465 Thanks
    Lokolo
    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.
    Originally posted by Trying to be good
    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.
  • luddite
    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?
    • tiptoe_mouse
    • By tiptoe_mouse 17th Sep 08, 9:55 AM
    • 323 Posts
    • 111 Thanks
    tiptoe_mouse
    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.
    Originally posted by luddite
    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
    • penguine
    • By penguine 18th Sep 08, 10:25 PM
    • 1,079 Posts
    • 3,121 Thanks
    penguine
    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.
  • Frugality
    Icesave?

    Can you let us know how you are doing??
  • Rimmer209
    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 !
  • Baldur
    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?
    Originally posted by Rimmer209
    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.
  • Rimmer209
    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?
  • Baldur
    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?
    Originally posted by Rimmer209
    They can certainly change the rate, as it's a variable rate product, rather than a fixed-rate one.
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