Cash Isas Transfer discussion

rockrat

quick dumb question coming... be gentle
my wife and i have an isa each with first direct, paying a paltry 4.65%

i wish to transfer the balances to new isa's with A&L simply because we already have accounts with them and i like the access, and the rate is better at 5.40% on the isa3 which allows transfers.

butt....... (dumb question coming) A&L pay interest annually, whereas First direct monthly. Is there a difference.
if FD pay me a little interest each month, then if i am right, shouldnt the payment slightly increase each month (i.e compounding)
if so then, overall would this beat the A&L annual rate

i cant get my head around it..
please help

csj_2

I have submitted an application to transfer my Nationwide and Alliance & Leicester Cash ISAs to Kent Reliance. The Alliance & Leicester transfer went smoothly but the Nationwide have yet to transfer my funds held with them even though I submitted the application 5 weeks ago i.e. more than the 30 days maximum which these institutions are supposedly allowed. On telephoning the Nationwide they advised me that they have a backlog of transfers. Do we have any recompense against Nationwide for exceeding their allowable 30 day limit?

Lowkey

A quick question.

I'm currently filling in the Kent Reliance transfer form to transfer my Alliance & Leicester balance over. On this form it says that I need to write the name and address of my current isa Manager. What do I write here? All I know is that it is with Alliance & Leicester I don't have the name and address of any branch or manager. Would it be fine to just write 'Alliance & Leicester' with my account number and leave it at that?

Any help would be appreciated

Thanks

csj_2

Hi Lowkey

The address for Alliance & Leicester is: Alliance & Leicester plc., Customer Services Centre, Narborough, Leicester LE19 0AL.

That is the address that I received my confirmatory letter from A&L that they had transferred my Cash ISA funds to Kent Reliance.

Naturally, you will need to include your A&L account number.

Lowkey

Many thanks for that csj. Much appreciated!

bigdave_4

20th March I opened 2 Tax beater ISA s with £1 each - one for April 2007 and one for April 2008. I maxed the April 2007 one on the 30th March with the same girl who completed the original paperwork. Barclays confirmed that one ISA was opened on the 2nd April and the other opened on the 5th April.

They now say that although they had my cheque and cashed it prior to 5th April, in the absence of an explicit and documentary record of my request to max the 2007 ISA they are unable to retrospectively contribute to the 2007 ISA - this they say complies with Inland Revenue regulations and is something over which they have no discretion.

Any insider advice would be welcome

overlandrover

It's probably been asked already, but I aplogise for not taking the time to trawl through the previous posts...

I'm planning to transfer my ISA from Smile.co.uk to Yorkshire's E-ISA. I have not deposited any funds into my ISA yet this year, but will do so after the transfer. However, on filling out the online application form on www.ybs.co.uk I noticed this throwaway line:

"The Society must have received a signed application form and cheque for the initial deposit on or before the 5th of April, for the account to be considered open within the tax year selected."

Does this mean that if I transfer funds now, it won't be eligible for gaining interest until April 2008? Would I get interest only on the £3000 I'll deposit once the transfer has completed?

Surely that's not the case?

Thanks in advance for your advice.

ericpode

I have existing ISAs with A&L and Halifax - I think these are now earning a mere 4.47% and 5.3% respectively. So I need to transfer them somewhere else.

I note that Kent Reliance seems to be the best for interest rate, but I'm not too keen to deal by post only.

Is the YBS the best otherwise?

It's not clear how much interest is lost during a transfer - for example Kent Reliance say they won't add interest until 3 days AFTER they receive the funds, so goodness knows how many total days interest gets lost each time we transfer an ISA. Is there any transparency about this?

the_gooner

I'm looking at transferring both my wife's ISA and mine into a better performing scheme.

I need internet account management, with transfer in ability and no charge for transferring out.

Am I right in thinking that the YBS e-isa is the best at the moment?

Thanks

bob_regis

I have been reading up on ISAs and have a question (probably a stupid one). I couldn't find the answer.

I have opened an Egg ISA this year and have filled my £2000 allowance so far.

I realise that I have money in an old (3 years ago) Northern Rock ISA which is only paying 4.90%.

As I have already opened up an ISA with Egg this year, and they don't allow transfers in, is my money now stuck with Northern Rock till the next tax year?