Cash Isas Transfer discussion

Reaper

Cheers - FD and a couple of others limit the incoming transfers but plenty of others allow it. It is their choice, not a legal thing.

So yes, you are allowed to build up a large fund with FD by adding £3000 per year, and yes you can the transfer the whole lot at any time to another provider who accepts transfers.

I currently have £6000 in my FD ISA. £3000 was a transfer I did last year, and then I added another £3000 cash this tax year.

cheersthanksbye

Reaper wrote:

Cheers - FD and a couple of others limit the incoming transfers but plenty of others allow it. It is their choice, not a legal thing.

So yes, you are allowed to build up a large fund with FD by adding £3000 per year, and yes you can the transfer the whole lot at any time to another provider who accepts transfers.

I currently have £6000 in my FD ISA. £3000 was a transfer I did last year, and then I added another £3000 cash this tax year.

Thanks Reaper.

Right please bear with me! 

So FD only let you take 3k into their account. My 3k was made up last year. So transferring my 3k this year would use up all my allowance for my FD account this year.

Would this leave me therefore, to open an ISA with another provider so I could still contribute to my allowance for this year? Ie, transfer my 3K to FD and open a new account with the second best rate?

In October (when the FD account goes to a lower rate) could I again transfer last years 3k into my newly opened account, resulting in 3k (2004/2005) + what I saved 2005/2006.

isasmurf

Let's be a little clearer here. My understanding is not that you can only have £3k in a FD ISA, but they will only allow current year subscriptions during the promo period. That is before 6th April you could transfer in or deposit any subscriptions for 2004/05 into the ISA. Since 6th April you are only allowed to transfer in or deposit subscriptions for 2005/06, in addition to any subscriptions that were already held in the FD ISA at the end of 2004/05.

m_jstap

Hi there. since Alliance and leicester have closed accepting new accounts on their isa, since I have just put £3k into a first direct isa for this year, I am going to pick the halifax isa saver direct for my isa funds accumulated from the previous years for a transfer.

I have visited both the halifax website and my local halifax branch. the website download form is set up for new deposits, and is unhelpful (not present) about transfers from other isas from other providers. In the halifax branch I asked if a isa transfer form was available. they said one does not exist. the assistant said "bring in details of your isa from which you want to transfer and we'll sort it out". I have little faith in halifax getting it right, since as someone else has mentioned in posts on these boards, and from what I have expereinced myself, its a lottery of who you speak to as to whether you get the correct advice.

so, my question is, have any of you actually gone through the process of transferring from your previous years isa subscription that is not with the halifax into the halifax saver direct isa ? if yes, was there any formal paperwork that halifax gave you, or was it the standard "open an isa form" , and someone from halifax just scribbled down the isa provider from which you want to transfer.?

anthonymartin

i have barclays o4/05 that i wish to transfer and soon will be looking to move on from 05/06 first drect when the 6.25 ends any ideas where i can take the two transfers? am hoping to keep hoping around if possible although it looks like only high rates apply to new subscriptions

also are cash isas not so good compared with stock market isas if i know i dont need the instant access. what are the time requirments?

ReportInvestor

Hi anthony & mse_jstap,

Share ISAs carry risks and have potential rewards. It is rarely advised to think in terms of less than a five year time scale for stock market investment.

Mini-Cash ISAs currently give savers a clear inflation busting safe return on their money. Share ISAs might do better, or they might not. Shares usually beat cash, but over the last five years they were some way off the pace.

Teachers Building Society also says it accepts transfers in and pays the same rate (5.15) as the Halifax Unfortunately its web application form also fails to include space for transfers. You can leave a message on their website http://www.teachersbs.co.uk and they will call you back or use freephone 0800 378669

You can also get a better rate (5.2%), but only for new money, with Yorkshire BS e-ISA.

Don't forget that short term interest rates are expected to be cut by 0.25% next month. Hope this helps.

CJR

Hello,
First timer...
Much chat of switching cash ISA's to gain small annual interest gains, but what about the actual switching process costs in terms of interest lost. How long is the capital sum 'floating around in the ether' between banks and hence losing interest? Any idea's.

Thanks CJR

hansi

Do they now accept transers into their ISA?

hansi

Transfers even!!

edda

Yorkshire B. Soc. are currently accepting transfers into their 30 day mini cash ISA - I know because I am in the process of transferring from a poorer paying one.

(Incidentally, I last transferred this cash ISA in April - there's no technical restrictions on the number of transfers, but individual providers can impose any conditions they like).

However, be aware that the Yorkshire does not accept transfers into all of its ISAs - you need to check each one in turn.

I also suggest checking with the provider themselves directly - some of the 'best buy' lists show transfers in are allowed, but I've found out this is not necessarily true.

As far as money sitting in the ether between transfers goes (i.e. the providers get the interest - not you), all my previous transfers have been back dated - but again, I imagine this is down to the providers themselves.