Transfering my cash ISA

slbs2009

Hi, would anyone recommend me switching my cash ISA to this first direct one - http://www.firstdirect.com/savings/cash-eisa-overview.shtml

Im currently with coventry paying a very poor rate. Ive put my £3,600 in this year. Is it straight forward to transfer from one to another?

Regards

natman

Hi.

Theres no reason to be getting a vey poor rates for an ISA when there are some ok deals around.
Transferring should be pretty straight forward, juts make sure you allow your new ISA provider to request the money i.e dont take the money out your self and put it in as your not allowed to do this with ISA savings as you will lose your tax allowance.

Some people have gone through painfully slow tranfsers of ISA monies but it should take around 2-4 weeks..

so dont stick with your rubbish ISA make your money work better for you.

The FIRST DIRECT one seems fine in the present market. I have not personally used them but know others who have and found them fine. open up your account and fill in the correct paperwork and in particular the transfering previous fund paperwork and all should be fine.

psychic_teabag

natman wrote: »

Hi.

Transferring should be pretty straight forward, juts make sure you allow your new ISA provider to request the money i.e dont take the money out your self and put it in as your not allowed to do this with ISA savings as you will lose your tax allowance.

I saw a story recently which said that the govt was turning a blind eye to people doing this. ie people were getting to keep their tax-free status. http://www.thisismoney.co.uk/savings-and-banking/article.html?in_article_id=490861&in_page_id=7
I'm not advocating this, of course - they could at any time change their minds and start demanding the tax.

Rollinghome

Now I'm confused:

"They will be allowed to keep both Isas open at the same time as long as they stay within their overall cash Isa limit of £5,100, according to the HMRC guide for Isa mangers, which conflicts with official advice offered to savers."

Would have been useful if they'd referenced the section as it's a long document.