Cash Isas Transfer discussion

Mikeyorks

boobbby wrote: »

A) You can pay into only one new cash ISA each tax year
As you have not opened a cash ISA this year you can go ahead and open a new ISA with who ever you want and pay up to £3000.

Sorry Bob .. but both those statements are very confusing. "You can only pay into one cash ISA each tax year" .... is the bottom line. You can't open a 'new' one each year if you've contributed in any way to an existing one .... other than for the purposes of transferring into the 'new' one.

You don't have to open a 'new' one at all ... a lot of people happily add their yearly allowance to an existing ISA.

sloughflint

bristolleedsfan wrote: »

Mine and other opinions have been that it should be the new provider that should be taking the action that you describe for two reasons.

It is for the person/organisation whom the cheque was sent to who needs to confirm that the cheque hasnt been received.

ISA transfer transactions are completely between the two ISA providers. ( Investor as absolutely no control over how and when the transfers are conducted.)

I once sent a Cheque ( which was a Building Society cheque ) to another Building Society which was claimed not to have been received two weeks later.
Issuing Cheque Building Society stated that other Building Society must confirm non receipt to them, other Building Society then stated that the Cheque was received that day.

Thanks. Why can't they just do electronic transfers?

bristolleedsfan

sloughflint wrote: »

Thanks. Why can't they just do electronic transfers?

:T Same as why they dont post ISA transfer cheques out on a Monday IMO. They make a fortune collectively from unbanked cheques especially when cheques remain unbanked over a weekend.

U will find that a Bank/Building Society wouldnt stop a cheque on a customers say so where the cheque was posted to a 3rd Party.

boobbby

Mikeyorks wrote: »

Sorry Bob .. but both those statements are very confusing. "You can only pay into one cash ISA each tax year" .... is the bottom line. You can't open a 'new' one each year if you've contributed in any way to an existing one .... other than for the purposes of transferring into the 'new' one.

You don't have to open a 'new' one at all ... a lot of people happily add their yearly allowance to an existing ISA.

Exactly!! he had NOT started or contributed to a new cash ISA this year only transfered an existing ISA from previous years from one provider to another. My point was that as he has only transfered an ISA from previous years he can start a new ISA this year with who ever he wants or of course pay into only one previous ISA which will count as contributing this tax year.

[Deleted User]

soulandy wrote: »

Think i will go to the Abbey with a fixed rate 13 month 6.25%. Looks like a decent deal
Cheers

It's variable, not fixed unfortunately

bristolleedsfan

chr_is wrote: »

...

sloughflint

chr_is wrote: »

It's variable, not fixed unfortunately

My understanding was that it is fixed for 13 months then reverts to the variable rate.

From the website:Rates are effective as at 3rd March 2008
After 13 months rates revert to upto 5.25% AER variable, depending on account balance.

[Deleted User]

bristolleedsfan wrote: »

...

Am I being told off for using the earlier smiley ?

[Deleted User]

sloughflint wrote: »

My understanding was that it is fixed for 13 months then reverts to the variable rate.

From the website:Rates are effective as at 3rd March 2008
After 13 months rates revert to upto 5.25% AER variable, depending on account balance.

Yeah I know what you mean, the wording isn't the best but it is definitely variable unfortunately

soulandy

chr_is wrote: »

It's variable, not fixed unfortunately

says its fixed for 13 months here http://www.abbey.com/csgs/Satellite?c=GSDetalleProducto&cid=1157695656129&idParent=1157695655413&pagename=Abbey%2FGSDetalleProducto%2FGS_DetProducto
then drops down :rolleyes2
and then there's this one http://www.abbey.com/csgs/Satellite?c=GSDetalleProducto&cid=1190621711053&idParent=1190621692339&pagename=Abbey%2FGSDetalleProducto%2FGS_DetProducto
so whats the difference