Cash Isas Transfer discussion

isasmurf

Wirenth wrote:

A quick (daft) question...

I'm also debating about transferring to an A&L ISA. I've got a TOISA and and ISA with IF (rate now dreadful), anything stopping me from transferring them both into ONE ISA account?

Nothing at all.

Jenerally_Confused

Thanks for this, will get onto transferring asap!

AddieH

Might be best to get one of you IFAs to comment on Statutory Instrument 2002/3158 ( http://www.opsi.gov.uk/si/si2002/20023158.htm#n4 ).

Does this mean (presuming it's still valid) that it is technically allowed to subscribe to two ISAs in one year providing you do use the proceeds from the first ISA to open the second once you've closed the first account? (i.e. the second account can be "repaired" so that it attracts tax relief?)

Is that a sensible interpretation, or am I completely wrong?

MCSTRAC

I recently contacted AMP Pearl and asked if I would incur any penalty if I transferred my existing mini cash ISA funds as they only pay 1%. They responded by saying that as I was within the first 5 years since starting the ISA i would incur penalties of 20% of the current balance. When i pointed out that I was not actually cashing it in but rather I wanted to transfer in its ISA form to another ISA accont i was advised that "You are effectively cashing in your ISA therefore you incur penalties", when I re-iterated that I was not actually cashing it in merely transferring , they said" Yes, you are transferring but we treat it as though you are cashing it in."

Can anyone advise whether this is correct or whether I have been given incorrect advice as a figure of 20% of a penalty seems rather large.

grumbler

MCSTRAC wrote:

I recently contacted AMP Pearl and asked if I would incur any penalty if I transferred my existing mini cash ISA funds as they only pay 1%.

I have serious doubts that the product you have with them is mini cash ISA...

snezhinskproject

Does anybody know definitively whether Alliance & Leicester charges an exit fee for transferring a mini cash ISA to another provider?

The website is very confusing, when I log in to my A&L internet banking the FAQ suggest that it will charge a fee. However, linking to the normal terms & conditions I see no mention of an exit fee. What is the position?

macca64

I beleive there are no exit charges on the A&L ISA, this was dropped a while ago. However to be sure I'd phone them.

grumbler

macca64 wrote:

I beleive there are no exit charges on the A&L ISA, this was dropped a while ago. However to be sure I'd phone them.

No charge and no need to phone. See ISA Transfer Lloyds TSB to A+L thread.

MCSTRAC

grumbler wrote:

I have serious doubts that the product you have with them is mini cash ISA...

You are indeed correct in that it does not state it is mini "CASH" isa, it is called a Pearl Mini ISA.

Given that this is the exact name of the account, can anyone help me with my initial post query?

grumbler

Since this thread is called 'Cash Isas Transfer discussion' and is aimed to discuss the Cash Isas Transfer article your chances to get here the advice you need are very low :rolleyes: . Start a new thread (Forum Tools ) and you'll have a chance that Dunstonh, EdInvestor or somebody else will help you ...