natwest isa 7.32%

richardlionheart

hi

the £ 27000 limit would this include a mixture of cash isa's and ex tessa isa's ?
as i have a tessa isa ( started out as a tessa all those years ago ) now is £12,500 in the 2nd year of a 3 year term with B&B.

and a further £15000 + in standard cash isa's with other providers. (ING , EGG , CO-OP BANK , ALLIANCE &LEICESTER )

so i could lump them all together into the NatWest , ?

i suppose thats the reason for the 27k min limit as only those who have been into tax free savings for a long time will be into that bracket.


daft thing is the Allaince and Leicester are offer slightly better rates to those who transfer their cash isa's to them ,but not if you already have one with them !, so i might transfer the one i have with A&L to Natwest and the one out of CO-OP into the alliance !

as well as working all this moving money around is very time consuming
as i am very lazy at getting around to doing anything , at the moment

regards
Rich

Baldur

richardlionheart wrote: »

....so i could lump them all together into the NatWest , ?

Yes, as of 6th April this year, there is no such thing as a TOISA (TESSA Only ISA) - they all became Cash ISAs under the 2008-2009 ISA rules.

gogsboy

Wonder if someone could advise, I have £3200 in Barclays ISA, the one that was over 6% but now is less, is it simple to transfer this to Natwest and in addition, would I be allowed to add more money once transfered or would it be best to add the money to Barclays first then make the transfer.

If this is the best way are you allowed to put £3600 into Barclays then once its transfered put in another £3600 to Natwest or is that a no no.

And finally can someone else do it for me or do I need to go to the branch in person.

Thanks

Baldur

gogsboy wrote: »

....would I be allowed to add more money once transfered or would it be best to add the money to Barclays first then make the transfer.

It's potentially less complicated if you pay any balance of this year's allowance into Barclays then transfer the lot.

If this is the best way are you allowed to put £3600 into Barclays then once its transfered put in another £3600 to Natwest or is that a no no.

It's a definite NO NO - you can only pay £3600 into one Cash ISA per tax year.

And finally can someone else do it for me or do I need to go to the branch in person.

No - it's an Individual account, you'll need to prove your identity.

gogsboy

Thanks for the info, much appreciated.

Do you know if Barclays would let me send someone in with a cheque written and signed by myself to pay into the existing ISA account or is that a no go?

runciblespoon

Should be no problem, especially if you provide them with a paying in slip or some other details of your account. In this case they're just being your postman

lisyloo

And finally can someone else do it for me or do I need to go to the branch in person

I handed my husbands forms in for him, but the fact that we are already nat west customers may have helped.

sly_dog_jonah

Went into a Natwest today to transfer in my two existing ISAs (Newcastle BS and ICESave) as a new customer. Had printed off two transfer forms at home and filled those in prior to going to the bank, and had my ID documents with me.
Whole process took around 30mins including waiting 5-10mins to see an adviser, setting up the ISA, copying ID docs, and opening up a First Reserve savings account (for any excess deposits). Hopefully the transfers will go smoothly and closely together for a juicy 7.32% AER for 12 months. I've got the added complication that the Newcastle BS ISA is a fixed rate deal which matures 20th Oct, so I had to specify that date on the transfer form. ICESave is administered by a subsidary of the Newcastle BS so hopefully both transfers will be administered in similar timescales.

GraemeW

So, I downloaded two forms (one for the Mrs too). We filled them in and drove 8 miles to the nearest Natwest. Waited 10 minutes to see someone and was told I needed to open a current account. Feeling incensed I got home and checked the Natwest website and it does not clearly say you need a second account but deep in the FAQ's there is a question which says "Do I need another account" and the answer is "Yes, a current account". I even checked on the helpline and was told the same. I am so fed up with trying to keep ahead of the game and not loose track of accounts somewhere along the line that the last thing I need is an unecessary current account.
Nothing is ever straightforward!

Reaper

GraemeW wrote: »

...deep in the FAQ's there is a question which says "Do I need another account" and the answer is "Yes, a current account". I even checked on the helpline and was told the same. I am so fed up with trying to keep ahead of the game and not loose track of accounts somewhere along the line that the last thing I need is an unecessary current account.

No, you don't. You need a second account but it can be a bog standard savings account. I opened a First Reserve. Simple, low interest, £0 balance.

The Nat West FAQ actually says:

Do I need another account with NatWest?
Yes. You need to have a current account or instant access savings with us.