Cash Isas Transfer discussion

Lugh_Chronain

Up to how much can you transfer to another ISA? How many times can you transfer to another ISA in a given year? How long does the transfer take i.e how much notice would you have to give the bank you transfer to, etc? If I have more than £3000 how much difference would this make, if any? For example, if I were to transfer money in this financial year over £3000 and were to invest this in the same or another bank would there be consequences?

What difference would this make?

Please help.

dunstonh

You can transfer a Mini equity into to provider where you hold a Maxi equity and have it on the same account number.

grumbler

isasmurf wrote:

Transfering Current Years Subscriptions
If you want to transfer savings you have made during the current tax year, they must be transferred in full. If you transfer this years savings but have not subscribed your full allowance, you can top-up your ISA with your new provider. Transfers do not count as subscriptions.

What is procedure of transferring? Should you apply for a new ISA with other provider first? This could look like the second application per current tax year.

Reaper

You could mention CAT standard ISAs are not allowed to charge any fees for transfers. Non-CAT ones you should read the small print before taking it out to see. I don't trust anything with an exit penalty - it suggests to me they plan to drop their rates later.

isasmurf

grumbler wrote:

What is procedure of transferring? Should you apply for a new ISA with other provider first? This could look like the second application per current tax year.

Fill in an application form with the new provider and tell them you want to transfer your ISA to them. They will do all the work.

david78

Mini and Maxi (and past years where there really is no mini/maxi tag) Stocks & Shares ISAs can sometimes be transfered to a money supermarket using "re-registration" rather than selling/buying. They can then be switched into other funds and this should be cheaper. You can usually do this through a discount broker to save even more money.

Twmble

I'm wanting to transfer a TOISA from Leeds and Holbeck to my Abbey Postal Isa, so I got the form from Abbey to do the transfer.

I contacted L&H asking what I should do with my passbook and they said that they would do the transferring - send a letter, the passbook and the filled in Abbey Transfer form to them and they would sort the transfer.

This seems slightly irregular from what other people have said, but on the other hand, I was happier that L&H were sorting it out (who have provided excellent service for a number of years) rather than Abbey, who anecdotally have messed up a number of isa transfers.

T

Llamatamer

Hi,
I invested 3k last tax year in the abbey postal ISA and now want to invest 3k this year in the first direct 6% odd ISA however, as the rate ends in October am I right in thinking that I can have them both open simultaneously then when the bonus rate runs out I can just transfer across from the 1st direct to the Abbey?

I dont particuarly want to move the 3k out of the Abbey and into the first direct as the interest only gets paid on 1st March & I only opened it up after this so it wont have earnt me anything.

Any help much appreciated.

Twmble

Llamatamer wrote:

Hi,
I invested 3k last tax year in the abbey postal ISA and now want to invest 3k this year in the first direct 6% odd ISA however, as the rate ends in October am I right in thinking that I can have them both open simultaneously then when the bonus rate runs out I can just transfer across from the 1st direct to the Abbey?

I'm not a ISA-master, but I think this is OK - I'm thinking of doing something similar.

Llamatamer wrote:

I dont particuarly want to move the 3k out of the Abbey and into the first direct as the interest only gets paid on 1st March & I only opened it up after this so it wont have earnt me anything.

Yes it will. Although the interest is paid on the 1st March, it is calculated daily - so if you close the Abbey ISA, you'll get paid the interest due from opening to closing.

HTH,

Twmble

flix_2

I have spoken to Alliance&Leicester, Nationwide and First Direct over the last few weeks and am amazed that none of the staff in these branches seem to know the regualtionsa round ISA transfers.

I've had a Nationwide ISA for 3 years and now the rate is low so want to transfer out. I have opened a First Direct ISA for new tax year and am transferring 1 years worth of Nationwide ISA into this. I want to transfer the remaining 2 years into Abbey but this would mean opening a new account with Abbey.

Is this a problem as I have already opened an account with First Direct? I will not be putting new funds into Abbery, simply transferring from my existing ISA so I will only put new funds in First Direct but can I do this?

All 3 banks gave very varied answers, so any dieas would be very gratefully received. Thanks in advance.