Cash Isas Transfer discussion

jem16

ruthiejane wrote: »

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?

You can transfer to another provider but it won't be NS&I as they don't accept transfers.

Best bet is either Kent Reliance or Ruffler Bank.

Billy_Boy

accountnurse wrote: »

One last try!

Sorry, can't help but would be interested in the response so this may help by "bumping" it up a bit ! My reason for wanting to do a partial transfer from Britannia is that I have just realised that there is a maximum investment re earning 'loyalty points' (£22k IIRC) and I have almost £30k invested.
As I have been with them over 10 years the loyalty bonus is good but it may be a case of doing the maths and moving the lot.

sobersaver

I have a Maxi ISA with M&G. They are closing the cash component of the Maxi ISA to new investment from 6/4/08, and closing 'the product' completely on 14/4/08.

They offer a default, 'do-nothing', automatic option of having the existing cash ISA investment transferred to the Halifax ISA Saver Direct 'product'. Alternatively, we, as investors, can transfer to a plan manager of our own choice.

Is this a development that is occurring with other Maxi ISA providers?

I'm presently considering alternatives to the Halifax option, but it doesn't seem to me, being quite non-tech in these matters, as straightforward as simply transferring a standalone Cash ISA. My cash component is precisely that - a component. It's part of a larger item, a Maxi ISA. Is this going to be problematic?

And what, if any, is the difference between a Cash ISA and an ISA Saver Direct, or are they the same thing really?

Cappsy

This should be easy but I'm confused (easily done)

I have an existing e-isa with YBS which I'm about to transfer to KR.

I have the isa application and transfer forms from Kent Reliance filled in. These forms state that they are to be returned to KR, reasonably enough.

I understood that KR contact the old provider to arrange the transfer. However YBS web site says I have to write to them with the KR application form.

Do I have to contact YBS or do I leave it all to KR?

Thanks in advance for any help.

jem16

Cappsy wrote: »

Do I have to contact YBS or do I leave it all to KR?

Leave it all to KR.

thenewbaby

Can you open a new ISA this year with one provider and transfer your old ones to a different provider without opening one this year with them?

If not then the NS&I ISA isn't much good for people with old ISA's that are no longer performing well.

Actually looking at it the best one I can see on the market now is actually the Principality e-ISA as you can transfer in, the rate is the same as NS&I, and its an internet account.

DJFearRoss

I think Kent Reliance may have changed their rate cause when I click through from this website the rate comes up at 6.05% NOT 6.21% mentioned above.

Lugh_Chronain

roddydogs wrote: »

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?

You will be paying interest on the ISA you are transferring from until it is closed. Usually you start earning interest with your new provider as soon as they open your new ISA but there are a few that don't do this such as the likes of Kent Reliance who pay interest three working days after they receive your funds.

Your current provider will send your funds directly to the provider you are transferring to by cheque (they are allowed up to 30 days to do this). However there may be some unusual circumstances that may occur effecting the interest e.g. a delay between the cheque arriving and being processed. I have only had bad luck transferring an ISA once since I started doing this and that was due to bad administration. Don’t let this put you off transferring your ISA as these are rare occurrences, in my experience anyway.

As far as I'm aware there are still TESSA's available which are known as TESSA only ISA's however I'm sure there are more qualified people who can verify this.

Good luck!

P.S. I just found this on HM Revenue & Customs website: The last TESSA’s were converted into TESSA-only ISA’s in April 2004.

Cappsy

DJFearRoss wrote: »

I think Kent Reliance may have changed their rate cause when I click through from this website the rate comes up at 6.05% NOT 6.21% mentioned above.

The post mentioning 6.21% was in 2007. The rate changed to 6.05% on Jan 1st 2008.

jetfighter

As a Kent Reliance customer I'm not best pleased that I wasn't informed of the rate drop! Aren't you supposed to be told about these things? Or are you just expected to know?