Cash Isas Transfer discussion

khalid

Hi fellow MSExperts,

Here is my current ISA situation:

Barclay’s Variable Rate ISA (2004-Present): £9,809.92 (4.96%)
Barclay’s Tax Beater Cash ISA (2007-Present): £3,062.86 (6.5%)

I need some advice on where I can transfer the variable rate ISA account money, considering the fact that the interest is only 4.96%. I am looking for another ISA provider that doesn’t charge for withdrawals, so that I won’t be penalised for transferring in future. I feel happier with online accounts, but am open for other suggestions!

I am also confused as to whether I would lose any interest for the current tax year if I transferred. Will Barclay’s provide interest from April to the date of the transfer? Also, will the new ISA provider only take money from the variable rate ISA account and not the tax beater cast ISA account?

Many thanks to all those people who reply (I will click the thanks button for any helpful information).

jem16

khalid wrote: »

Hi fellow MSExperts,

Here is my current ISA situation:

Barclay’s Variable Rate ISA (2004-Present): £9,809.92 (4.96%)
Barclay’s Tax Beater Cash ISA (2007-Present): £3,062.86 (6.5%)

I need some advice on where I can transfer the variable rate ISA account money, considering the fact that the interest is only 4.96%. I am looking for another ISA provider that doesn’t charge for withdrawals, so that I won’t be penalised for transferring in future. I feel happier with online accounts, but am open for other suggestions!

Best one is Kent Reliance at 6.21% but it's not online although it's rumoured to be in the future.

If not then Yorkshire BS does have an online ISA at 6.05%

I am also confused as to whether I would lose any interest for the current tax year if I transferred. Will Barclay’s provide interest from April to the date of the transfer?

Yes it will. Interest will be paid up to the date of transfer.

Also, will the new ISA provider only take money from the variable rate ISA account and not the tax beater cast ISA account?

Presumably each has a different account number? Make sure you only give the details of the one you want to transfer.

accountnurse

accountnurse wrote: »

My Mum wants to transfer her Britannia cash ISA. In branch they told her she could do a partial transfer out, application duly sent in & almost 3 weeks later she receives a letter saying no go. This year's allowance currently unused partly as ISA value will then exceed the amount covered by FSA protection scheme, she plans to split the funds between different providers to remain covered.
Is there a provider that accepts transfers in and allows partial transfers (in multiples of 3K) out? I can't find 'partial transfers' as a search option anywhere, maybe I just have to phone them all up and ask?..........
Wish list-
Need no notice or instant access ISA to receive Britannia mini cash ISA before moving part on, preferably to 1yr fixed rate cash ISA bond, annual interest paid into ISA, (variable rate also considered)
(Presuming I'm right that the transfer doesn't count as opening an ISA if no funds paid in yet this tax year, 2nd ISA then gets this year's allowance and is technically the only ISA opened this year?)

Thanks for reading, any advice welcome!

One last try!

katyjinny

I applied in a branch for a Nationwide ISA bond in April, with a cheque and transferring my ISA from Alliance and Leicester. As of 1st September I am still waiting for my bond. After many telephone calls and lodging a complaint I have now received a letter advising me that my transfer was received June 5th (Alliance and Leicester told me they had transferred on May 18th) and no mention of my £3000 cheque, but that I have not told them which account I want to invest in.:mad: They have sent me another application form, partially completed and dated 5th June. Am I being cynical or is it just a coincidence that 5th June was the final day for applying for the bond at 5.85%? The following day the rate went up. :huh: The branch advised me that Nationwide under estimated how popular this bond would be and did not take on the staff to deal with transfers so there have been a lot of complaints. I wish I hadn't bothered.

Vorlon

I wonder if anyone can help me on the best way to start an NS&I Direct ISA?

I have about £3,500 in a First Direct cash ISA and ideally I would transfer it but NS&I don't do transfers in this case. Is the best thing to wait until the end of the tax year and just start a new NS&I Isa providing I cease paying into the First Direct one - or do I have to close the First Direct one as well?

Many thanks

Phil

rob5ta

Vorlon wrote: »

I wonder if anyone can help me on the best way to start an NS&I Direct ISA?

I have about £3,500 in a First Direct cash ISA and ideally I would transfer it but NS&I don't do transfers in this case. Is the best thing to wait until the end of the tax year and just start a new NS&I Isa providing I cease paying into the First Direct one - or do I have to close the First Direct one as well?

Many thanks

Phil

Hi Phil,

You would be allowed to open a new ISA next tax year (08/09), and still keep your First Direct account open. You are also allowed to open one this tax year, but would have to transfer all of your funds over to it, and close the First Direct account.

So, you could open a new ISA every year if you liked, but can only pay into the one that has been opened in that tax year. Instead of having several, i think its just best to transfer your funds into one, and get the best interest rate you can and an account that services your needs

Rob

roddydogs

Can anyone answer this- when you transfer, it takes some time, do you lose any interest whilst its transferring between banks/Bld socys Also are all Tessa isa now just ISAs?

lipidicman

With my last transfer the Halifax backdated the interest, so no loss there. YMMV

jem16

sav4it wrote: »

Jem16, have you got a KR one? Is it just me that's not impressed with the website? Also they don't pay interest until 3 days after receipt of cleared funds I seem to remember seeing.

I've got a Halifax one and I think it's about time I did something with it but I'm not sure where to go.

I haven't got the KR one and no I didn't think much of the website. I believe it's being revamped to be called the Internet Bank so may look better then.

I too have the Halifax ISA and was thinking about transferring. In April I decided to transfer to Abbey - in June I gave up as they messed everything up. After a complaint I received £50 from Abbey as did my son.

I have been swithering between KR and Ruffler Bank who offer 6.4% but is a 30 day notice account. Can't make my mind up.

ruthiejane

I've got an ING direct cash ISA, £1500 or so in it, all paid in within the last 6 months. The interest rate drops to 5.12% at the end of this month. Can I open a new ISA with another provider, probably NS&I, and transfer the money I have paid into ING into NS&I?