C&G cash ISA replacement?

amictus

Thanks again for your advice guys. As I'm very new to this whole business it is useful just have some people to throw ideas at to make sure I'm not doing anything too daft.

I think I'm pretty much decided on going with IF route. Now I have £1000 left to deposit into an ISA this financial year. I'm guessing it would make sense to put this straight into my current C&G account, as, I'm guessing, it may take a while to create my new account and go through the transfer process. Or is there a reason that I would want to wait until my new account is set up before depositing my last £1000?

Baldur wrote: »

As far as your 'long-term/stable' savings account search is concerned, it's rather like the 'Quest for the Holy Grail' and, in my opinion, has the same mythical element as that quest. Banks operate to make money, not to give savers an easy life.

Heh, I'll bear this in mind when I look for a "stable" savings account!

Baldur

owains wrote: »

I think I'm pretty much decided on going with IF route. Now I have £1000 left to deposit into an ISA this financial year. I'm guessing it would make sense to put this straight into my current C&G account, as, I'm guessing, it may take a while to create my new account and go through the transfer process. Or is there a reason that I would want to wait until my new account is set up before depositing my last £1000?

It's up to you - if you have the cash available now, it's probably less hassle to subscribe your remaining allowance to your C&G account now and specify on the ISA transfer form that the full balance should be transferred to your chosen new provider.

amictus

Baldur wrote: »

It's up to you - if you have the cash available now, it's probably less hassle to subscribe your remaining allowance to your C&G account now and specify on the ISA transfer form that the full balance should be transferred to your chosen new provider.

OK thanks, I think I'll do just that. Really I was just wanting to make sure that new ISA accounts don't require a deposit of some kind for activation.

Thanks again for helping me out here. No doubt I'll have some more questions soon!

Baldur

owains wrote: »

OK thanks, I think I'll do just that. Really I was just wanting to make sure that new ISA accounts don't require a deposit of some kind for activation.

Some ask for a minimum opening balance but an ISA transfer does not count as 'opening a new Cash ISA', you are merely transferring the same ISA to a different manager/provider. As long as the balance being transferred meets or exceeds any 'minimum opening balance' that may be specified, there should be no problem.

amictus

Baldur wrote: »

Some ask for a minimum opening balance but an ISA transfer does not count as 'opening a new Cash ISA', you are merely transferring the same ISA to a different manager/provider. As long as the balance being transferred meets or exceeds any 'minimum opening balance' that may be specified, there should be no problem.

Thanks for your help Baldur!