Can I transfer my cash ISA to another bank

QQQ

When I have put £3400 to my ISA accound my bank promiced to pay 6%. now I realized it is much less, this is legal according to sophisticated smallprint. Now I know I have to find not only good interest rate but also guaranteed one. But I can pay only £3400 (please correct me if I'm wrong) a year. If I will transfer it, will I loose a year? How can I transfer it to good cash ISA and add more £3400 on 1st of April?

Baldur

QQQ wrote: »

When I have put £3400 to my ISA accound my bank promiced to pay 6%. now I realized it is much less, this is legal according to sophisticated smallprint. Now I know I have to find not only good interest rate but also guaranteed one. But I can pay only £3400 (please correct me if I'm wrong) a year.

The Cash ISA allowance is £3,600 per tax year.

If I will transfer it, will I loose a year? How can I transfer it to good cash ISA and add more £3400 on 1st of April?

Cash ISA transfers can be made at any time, they are not restricted by tax year start/end dates and have no effect on your ISA allowance. You can transfer your current ISA before the new tax year, if you wish (your chosen new provider needs to accept transfers, which some don't).

From 6th April (NOT the 1st) you can add your 2009/10 tax year allowance (as long as your new provider accepts additional subscriptions) or open a new Cash ISA with a totally different provider.

QQQ

Can anyone recommend me a good cash ISA bank with a good guaranteed interest rate who will accept transfer of my last year ISA and will allow me to update it with another £3600?
There is no too much on moneysavingsexpert. I believe banks have no much motivation to advertise this offer.

Baldur

QQQ wrote: »

Can anyone recommend me a good cash ISA bank with a good guaranteed interest rate who will accept transfer of my last year ISA and will allow me to update it with another £3600?
There is no too much on moneysavingsexpert. I believe banks have no much motivation to advertise this offer.

Halifax Direct ISA Reward offers 3% fixed for 12 months, accepts transfers, gives 4 penalty-free withdrawals in the 12 month period and permits the addition of your 2009/10 ISA allowance - http://www.halifax.co.uk/savings/isa-direct-reward.asp?source=NETGOOGLSAVESA480010

QQQ

Baldur wrote: »

Halifax Direct ISA Reward offers 3% fixed for 12 months, accepts transfers, gives 4 penalty-free withdrawals in the 12 month period and permits the addition of your 2009/10 ISA allowance - http://www.halifax.co.uk/savings/isa-direct-reward.asp?source=NETGOOGLSAVESA480010

Thank you. Anything apart from Halifax? (Sorry, I have not the best experience with them)

Baldur

QQQ wrote: »

Thank you. Anything apart from Halifax? (Sorry, I have not the best experience with them)

See this post (scroll down to find those which accept transfers).

I cited the Halifax one, as it met all of your criteria, others may not.

Baldur

whu wrote: »

LLoyds at 3.2% and Marks and Spencer at 3.1% meet your criteria

Lloyds rates are tiered - 3.2% is only for balances >£30,000
M&S has no rate guarantee.

Saini_2

With interest rates already rock bottom and unlikely to go down any further wouldn't it be wise not to go for a fixed rate ISA. But instead transfer to perhaps Natwest (3.25% under £10,000) for existing subscriptions and for the new tax year open an ISA with Barclays (Golder ISA at 3.61%). I believe there is no penalty to withdraw in both ISA's. Just my honest opinion as I may be going for this also as I think once interest rates do start to go higher then I don't loose out by fixing the interest rate.