Cash Isas Transfer discussion

1+1=3

What should I put as the 'Date of Transfer' on my Icesave ISA application form?

I just contacted my existing ISA provider (Nat West) and they said there is no notice period required, but I have read elsewhere that I should allow 30 days for the transfer... so should I put today's date or 30 days hence?

meanscot

I at present have my mini cash ISA funds with Abbey. I have not yet paid in the full £3000 for this year (still £250 to pay in for this years allowance)

1. Can I now open another ISA this year and transfer from Abbey to new provider before the end of this financial year then pay in my remaining £250 of my allowance ?

2. If I had paid in the full £3000 allowance for this year can I still open another ISA with another provider and transfer in my ISA fund before the end of this financial year ?

3. Can I apply to open in advance of next finanacial year an NS&I ISA. I know I will be unable to transfer any present funds into the NS&I ISA.

4. Next financial year if I have opened a NS&I ISA, will I still be able to transfer my present funds from Abbey to another ISA provider to get best interest rates.

Thanks for any advice.

meanscot

Lugh_Chronain

1+1=3 wrote: »

What should I put as the 'Date of Transfer' on my Icesave ISA application form?

I just contacted my existing ISA provider (Nat West) and they said there is no notice period required, but I have read elsewhere that I should allow 30 days for the transfer... so should I put today's date or 30 days hence?

If you are required by your current provider to give a specific date for the transfer you will need to provide this.

If not you can put today's date on the form.

An ISA transfer will take up to 30 days; this is standard practice for most ISA providers and is the timeframe set out by HMRC.

Stavros_3

I am going to be putting my max allowance into the best fixed rate ISA I can find on 6th April, however my current ISA doesn't mature until 21st April, whats the procedure for transfering the old ISA funds into the new and when do I do it, ta

Lugh_Chronain

Call your provider as the interest on your ISA may have dropped since you opened it. If you're not already aware Icesave is best pick at the moment. To transfer you will need to request a transfer form which can be found on their website once you have filled in their application form. And do bear in mind that some ISA products charge an `exit fee' or interest penalty if notice (usually in excess of 30 days) is not given prior to transfer or withdrawal so make sure you check this out before transferring.

You don’t need to wait ‘til the maturity date as ISA’s make interest every day. Make sure to check this first though as all products differ from one to the next. Read the terms & conditions of you provider to double check this and anything else you are not sure of.

Have a look at Transferring an ISA on HMRC's website.

Good luck!

Lugh_Chronain

I just reread your question. You can transfer any time you want to. There are no restrictions regarding this.

Stavros_3

My current ISA with the B & B is fixed rate but it has a 90 day penalty, so I assume I open my new one on 6th April, then transfer this one upon maturity, i.e 21st April otherwise I lose 3 months interest

Lugh_Chronain

While this means your money is supposedly locked away for 1 to 5 years, providers are forced to permit withdrawals, usually with an interest penalty of between 60 and 180 days.

This means you can take advantage of guaranteed earnings if interest rates begin to drop, but with a way out if they start to rise and better deals are available elsewhere.

It's up to you if you want to switch form the Bradford & Bingley but remember to way up the odds of how much you'll lose if you switch against how much you'll gain if you switch to a better provider. However 3 months interest is a lot to lose so you've probably made the right decision.

I don't know of any good fixed rate ISA's but if you have a look at Moneysupermarket you might find a decent Notice Mini Cash ISA if this is what you're looking for.

By the way if you've not used you're allowance for this tax year you can still open a mini cash ISA before the next tax year.

laurel01

Hi,
I currently have about £6,500 in my Halifax ISA Saver Direct which at the moment pays 5.50 % interest. I can afford to pay in about £150 per month and was wondering whether it is worth transferring the total funds to the Icesave ISA which has a rate of 6.1 % or should I transfer it to a fixed rate ISA which is 6.3 % with Halifax, or should I leave it where it is? The reason I am a bit hesitant is because I have never heard of Icesave, so I don't know how reliable they are, whereas Halifax claim to be the no.1 ISA provider in the UK.
I would appreciate any advice.

greenmummy35

Hi Folks,
I'm thoroughly confused. I've read through the thread and all the articles but I just am missing something here. I've got a Virgin Maxi ISA with approx £7000 in it. I had letter from them saying my CASH ISA rate was going down to 4.75%. (I don't regularly pay into it, just reinvest the interst accrued) It seems to me that I should transfer it, but how if you can only do like for like..would another provider accept a tranfer into a Mini CASH ISA for instance? Like laurel01, I've been looking at the Icesave one too? Help please..