First Direct Cash ISA - Who are you switching to ?

daveonline

I have the First Direct Cash ISA which the rate reduces on 15th Feb 06 so will soon have to switch it to a better rate. Anyone else doing this ?
The Halifax cash ISA looks good, anyone considering others available ?

inkie

I went recently from NSI to Halifax - very smooth transfer - excellent communication from the halifax

RichyRich

I was going to switch to Alliance & Leicester but I have already susbcribed to an ISA in this tax year and I don't think you can move this year's subscription over

So I will have to wait until the new tax year

Rich

nearlyrich

Richyrich check that out because it is not counted as this years ISA if it is transferred in from another account. What is the rate on the A & L ? I have a deep mistrust of the Halifax based on previous experience and I hate their ads LOL.

RichyRich

Its 5.20%.

They say I can only open one if I haven't subscribed to one in this tax year.

Unless you can find anything different - http://www.alliance-leicester.co.uk

tomstickland

Ah, that might be their own terms then.

How do I transfer my ISA to them? Is there an option on the application form, or am I going to have to phone them up?

nearlyrich

RichyRich wrote:

Its 5.20%.

They say I can only open one if I haven't subscribed to one in this tax year.

Unless you can find anything different - http://www.alliance-leicester.co.uk

Do they accept transfers in then? I will have to have a look at the ts and cs.

RichyRich

They do accept trnsfers in, but I believe only from previous tax years. I'll check again tomorrow and if its still ambiguous might give them a buzz

tomstickland

Useful info on their website: http://www.alliance-leicester.co.uk/directisauserguide/index.asp?page=page5

If your existing ISA funds are at another bank
To transfer existing ISA funds into Direct ISA you must use an ISA Transfer Authority Form (pdf format*). You will be provided with this with your Direct ISA welcome letter, but if you should need another, then please print a copy or ask at any Alliance & Leicester branch.

*To read a PDF document you will need Adobe Acrobat Reader 4.0 or above. To download please visit the Adobe website.

DO NOT put your existing ISA funds into a non ISA account if you want to transfer them into your Direct ISA because they will lose their tax free status. You must use the ISA Transfer Authority Form.

RichyRich

Yes, but it was this that confused me;

Who can apply for Direct ISA?
You can apply for a Direct ISA if:

You are 18 years old or over
You have not subscribed and will not subscribe to a Maxi ISA or another Mini Cash ISA in the same tax year that you subscribe to this Direct ISA

And I don't wanna get caught out :S

daveonline

I agree the wording is confusing. It does seem like you have to have the direct ISA opened with them before you can transfer from another provider which means it excludes those that have opened an ISA in this tax year because you can only open 1 cash ISA per tax year.
Shame because its a v.good rate at 5.2 % ( bonus included until Apr 2007 ).