Cash Isas Transfer discussion

purplestar133

bob_regis wrote: »

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?

No, you can transfer the money in the 'old' isa to a different provider that allows transfers in, such as Kent Reliance - you just won't be able to add to it. When you apply for an account with say, Kent Reliance, they will send you a transfer form and you fill that out and they sort it out for you.

The rules say you can only subscribe to one isa each tax year, where 'subscribe' means 'put money into'. A transfer is not treated as adding or taking away any money.

So it is ok to have a current isa that you have paid into this year, your Egg isa and an isa which holds money you saved in previous years.

bob_regis

purplestar133 wrote: »

No, you can transfer the money in the 'old' isa to a different provider that allows transfers in, such as Kent Reliance - you just won't be able to add to it. When you apply for an account with say, Kent Reliance, they will send you a transfer form and you fill that out and they sort it out for you.

The rules say you can only subscribe to one isa each tax year, where 'subscribe' means 'put money into'. A transfer is not treated as adding or taking away any money.

So it is ok to have a current isa that you have paid into this year, your Egg isa and an isa which holds money you saved in previous years.

Thank you so much for the clarification.

sachsaini

Can someone please tell me on average how long does it take to transfer a ISA. I am transferring from a+l to Kent reliance sent the forms in about 1 month ago.

Hope someone can help thanks

csj_2

I transferred an ISA from A&L to Kent Reliance in May 2007 and it took about 2 to 3 weeks or so (which is about the quickest I've known of the many transfers I've done over the years).

jem16

Or then again it could take almost 3 months and still not be done :mad:

jicms

purplestar133 wrote: »

No, you can transfer the money in the 'old' isa to a different provider that allows transfers in, such as Kent Reliance - you just won't be able to add to it. When you apply for an account with say, Kent Reliance, they will send you a transfer form and you fill that out and they sort it out for you.

The rules say you can only subscribe to one isa each tax year, where 'subscribe' means 'put money into'. A transfer is not treated as adding or taking away any money.

So it is ok to have a current isa that you have paid into this year, your Egg isa and an isa which holds money you saved in previous years.

Is Kent Reliance a hassle being a postal account only. (I'm not too good about using pigeon post nowadays.)

Also if the transfer from my A&L ISA takes months will the money be in no-ones land losing interest or will it carry on accruing with A&L until the transfer happens?

sachsaini

hello csj/anybody,

can someone tell me how long I should wait before I start to ask them what is going on. 1 Month for a transfer is a hell of a long time. Also who should I ask A+L or kent.

Also Jicms mine is waiting to be transfered but it is still in the A+L account so it is still getting interest there just on that high thats all.

Thanks in advance sach

RussWWFC

I need some help/advice decding what to do.

My situation is as follows:

I have £15,500 in a Nationwide Members ISA Bond. For this amount they pay a fairly decent 5.7% interest. Terms and conditions say nothing about fees for moving the ISA, apart from the loss of 60 days interest

I have £3500 in my Northern Rock 30 day notice paying 5.5%.
Their terms and conditions say that if I give them 30 days notice I can withdraw a minimum of £250, or withdraw it instantly and cost me 30 days interest. Apart from if you use a "Chaps Transfer" where it charges £35. Looking on the net this is a same day transfer it appears. Again it is unclear on what it's posistion is on transfers.

So my question is, would it be worth transferring one or both of these, to my Kent Reliance paying 5.96% or would the lost interest make it not worth it.

Thanks for any advice

wayoflife

Firstly I would transfer it into the NS&I direct ISA as it pays much more at 6.3% and is guaranteed to beat the base rate (I think 0.5% above base) until 2008 (March I think)

Secondly, dont pay money to transfer with the CHAPS method. Ask about a normal transfer (the ones that apparently take 7-10 working days...I think that they have to upgrade them snails with roller skates or something!!) Im sure they will have a method like this.

Cheers

glocal

Can someone please confirm we can transfer mini ISAs from bank to bank as many times as we want in a year? Last month I transfered my mini ISA from A&L to Abbey, and then topped it up, using up all my allowance for this year. In the meanwhile, I see others offer a better interest rate (eg NS&I direct ISA). So, can I just move to another one -- and possibly later to another one? This sounds like a good idea if there are no exit charges, and as far as I know Abbey don't have any.

TIA