Cash Isas Transfer discussion

Middle_Sister

I plan to put £3K into the Barclays ISA but am having difficulties deciding what to do with my existing ISA. I had planned to transfer it to Kent Reliance but they have an upper limit of £24K and I have over that amount. Which is the best transfer in ISA account which will accept £26.5K?

grahalex

I have £5700 in a Halifax isa direct saver paying 5.3%, I don't plan to touch this money in the next year,where would be the best place to invest it?

jem16

Best to read this thread which will give you all this information and links.

http://forums.moneysavingexpert.com/showthread.html?t=401374

ED

lesleyfb - interesting quandary re Kent Reliance having a £24,000 maximum permitted limit for transfers-in. Perhaps the time has come for HMRC (or another relevant body) to permit 'split' transfers to more than one new ISA provider. There may be many people who stuck with the same old provider for a great many years - having now accumulated perhaps as much as £40,000 with one provider, especially if including TOISA (ex TESSA).

Tom_Allen

There are some much better deals for transfering previous years ISA such as the Abbey at %.97 for 0ver £9,000 or Nationwide Fixed rate 1 Year ISA bond which pays 5.85% which will accept transfers only - you then review it next year for the best rate. You could then take out a Barclays new isa for this year at £6.5% - but there admin is in disarray with confirmations still being awaited for last years ISAs.

The Nationwide however are in some disarray over the terms since the website says that "the rate might drop before the funds are actually transferred", and none of the staff locally or at the national offices in Northhampton (" oh we would not do that") or Swindon "( does it really say that on the website that seems odd for a fixed rate ISA - I will have to ask a ISA specialist and ring you back").

Please note that the good deal offered by First Direct does not extend to transfered money only to new subscriptions.

If you have an Alliance and Leicester Direct or Direct 2 ISA there is not charge for transferring since they were both advertised as CAT schemes. IF they try to charge you ( which they will with the current Direct 3 scheme) then challenge them.

masonic

Tom_Allen wrote: »

If you have an Alliance and Leicester Direct or Direct 2 ISA there is not charge for transferring since they were both advertised as CAT schemes. IF they try to charge you ( which they will with the current Direct 3 scheme) then challenge them.

But there was a charge with Issue 1 and it was very clearly stated in the original T&Cs, so I don't follow your logic. In any case, the charge was dropped retrospectively as far as I'm aware, so nobody should be charged and certainly not Issue 3 customers.

hvaghela

Can someone clarify one point for me please. When transferring from one mini cash ISA provider to another can you tansfer the WHOLE fund (capital + interest) or just the capital (eg £9,000 for the last 3 years)?

masonic

hvaghela wrote: »

Can someone clarify one point for me please. When transferring from one mini cash ISA provider to another can you tansfer the WHOLE fund (capital + interest) or just the capital (eg £9,000 for the last 3 years)?

Yes, you can transfer the full balance of the ISA.

Shaztastic

I'm sure this question has probably been asked before but this is the first time I've had to transfer an ISA balance and I want to make sure I'm not breaking any rules!

Is it possible to open two mini cash ISAs in one tax year. I want to open one to transfer last year's ISA balance in to (I won't pay any other money into this one) and another to pay in this year's allowance to.

Is this allowed?

jem16

Yes you can do that.