ISA confusion

grossbeak

Excuse a newbie's ignorance, I'm a bit in the dark about all the ISA rules. I have just opened a cash ISA for 2009-2010 with the full £3600 (1 year fixed rate). I also have 2 ISAs from previous years with the same bank which mature in July. I'm not sure what happens at that point...I don't want to draw any money out of the ISA envelope. Can anyone shed light on what my options might be? Thanks...

Lokolo

The 2 ISAs will then more than likely, go into the banks Instant Access ISA.

It'll say in the T&Cs of the fixed rate ISA. What bank is it?

grossbeak

Thanks for replying. It's Julian Hodge Bank.

alastair_h

Lokolo wrote: »

The 2 ISAs will then more than likely, go into the banks Instant Access ISA.

It'll say in the T&Cs of the fixed rate ISA. What bank is it?

On maturity you can apply for a another fixed rate ISA with JHB (at the current interest rate at that time) or transfer it to a new provider (as they don't currently have a Variable rate Cash ISA).

Maturity
Upon the maturity of the fixed interest rate, the interest
rate will be changed to the prevailing variable Cash ISA
interest rate. For a period of 14 days following this, a new
fixed interest rate may be agreed (subject to availability),
or the account may be transferred to another provider or
you may close the account without notice. After this
period of 14 days, the variable rate Cash ISA terms will
apply.

As above check t&c's on page 11 - http://www.julianhodgebank.com/personal/forms/JHB-TC.pdf

http://www.julianhodgebank.com/personal/rates/savings_rates.asp#F
Tax Free Accounts



ISAs

Please note that Variable Rate ISAs are currently not available.
Gross Rate/AER
%

grossbeak

Thanks, so it looks like I have two weeks to decide what to do with it.

Here's another question...every time I open an ISA I get a new account number. Is there ever a way to consolidate them all into one big fat ISA or are they always separate?

Lokolo

No you can consolidate them all.

Say you have chosen an ISA you like with Natwest, when you got Natwest you fill in an ISA transfer form yes? Now instead of filling in just 1.... fill in 2.

Both the ISAs will then go onto the one Natwest one.