Tessa Only ISA and Mini Cash ISA

kernowjst

Hello all,

I have a Toisa and a Mini cash ISA both with M&S. I was thinking of moving the ISA to A&L as they have a better rate. Would it be worth/ can I move the Toisa with the ISA and put it into one?

Many thanks,

jst

RichyRich

A&L are at 5.20%. I've applied from this to move from Abbey at 4.90%. I don't know what the rate on the M&S one is at present? It's free to move your ISA (provided M&S don't make a charge) so it's up to you to decide whether the amount of extra money you'll get is worth it or not.

As for your TOISA, you can't transfer that into a normal ISA account. I think you can transfer it to another providor, but you would have to transfer it into another TOISA vehicle.

HTH
Rich

Careful_ly

Yes A&L will accept both into the same account, no need to keep them seperate anymore HTH

Careful_ly

RichyRich wrote:

A&L are at 5.20%. I've applied from this to move from Abbey at 4.90%. I don't know what the rate on the M&S one is at present? It's free to move your ISA (provided M&S don't make a charge) so it's up to you to decide whether the amount of extra money you'll get is worth it or not.

As for your TOISA, you can't transfer that into a normal ISA account. I think you can transfer it to another providor, but you would have to transfer it into another TOISA vehicle.

HTH
Rich

Sorry but you can now add TOISAs to ISA' not with all building society I know but it can be done

isasmurf

Careful_ly wrote:

Sorry but you can now add TOISAs to ISA' not with all building society I know but it can be done

You have always been allowed to add TOISAs to ISAs. In fact, I don't know why everybody didn't put their TESSA into an ISA in the first place.

Careful_ly

Britannia building society will not allow you to transfer a TOISA into an ISA account, or so a member of their staff told me. She tried to tell me that it would be a silly idea to do so anyway as "you would loose the benefit"

RichyRich

Sorry, I'm mistaken.

It's been known before. Once.

Rich

lisyloo

You have always been allowed to add TOISAs to ISAs. In fact, I don't know why everybody didn't put their TESSA into an ISA in the first place.

I don't think this was generally understood by the public.
I'm an ardent money saver (every day on the net) but I didn't know about it.
Also the staff in some banks give out the wrong information.

Britannia building society will not allow you to transfer a TOISA into an ISA account, or so a member of their staff told me. She tried to tell me that it would be a silly idea to do so anyway as "you would loose the benefit"

This is wrong.
You do not loose the tax free status and it does not use any of your current ISA allowance.
Of course some lenders may choose not to offer this particular service.

Halifax (who I believe are 5%) do allow you to do this (because I did it).

bevboy

We have a Tessa only ISA with the Northern Rock for approx. £9,000. The current interest rate seems to be very low.
Our 'other' building society will not allow a transfer to any of its offerings.
What should we do????????????

ReportInvestor

Hello bevboy and welcome to the site .

Halifax Bank of Scotland will allow transfers and pays 5% gross. They have loads of branches and a website.

I can't find anyone on MoneyFacts that pays higher.