Transferring ISA

getonit123

Hello

I have an ISA with Abbey, the e-saver. It's not a very good interest rate at the minute so I am considering transferring over to my Nationwide ISA.

I think my Abbey ISA matures in mid April.

Basically what sort of time do I have to notify the bank without incurring any penalty on my yearly interest?

Am I right in thinking all I have to do is fill out a form provided by nationwide?

Also this transfer will not eat into my 2010-11 £5000+ allowance?

Thanks for any advice

Lokolo

Transfer will not eat into £5,100 allowance no

The Abbey e-saver is not a tied product according to Issue 2, as it says that is instant access. I suspect yours is too. So you can most probably move it now (and get interest from opening -> now).

http://www.santander-products.co.uk/savings/esaver/more.html

And yes you fill in a form with Nationwide who then sent it to Shabbey.

getonit123

Thanks for quick response.

Didn't think it would eat into yearly allowance.

I'm in the second year with this ISA and yes it is instant access so looks like it should be easy to sort out.

How long does it take to transfer it all over?

Think I read it's quite an speedy process now.

Would like to find out for sure if all interest is paid up so if anyone has closed a Abbey e saver lately please let me know

rb10

Which ISA do you have with Nationwide?

If it's a fixed rate one, then you won't be able to add any money to it until it matures.

If it's variable rate, then it's probably their Instant Access ISA, which pays 0.25-0.5%, depending on the balance.

It might be worth looking at this page, and opening a new ISA to transfer both the old ones into.

Lokolo

You will get interest paid. Don't you fret about that

On the how long it takes scale. It could take 3 days, could take 3 weeks! ISA transfers are a 'complicated' process.

When you fill in your transfer form it will ask how much you want to transfer, just write 'All + unpaid interest' and you will be sorted

Reaper

getonit123 wrote: »

How long does it take to transfer it all over?

Think I read it's quite an speedy process now.

:rotfl:

'Fraid not. And for reasons that are a mystery even to the regulator banks transfer ISA money to each other using cheques in the post.

Normally it takes up to a month, but you should have no difficulty finding threads from people where it has taken much longer.

getonit123

Cheers for tips.

I have a nationwide instant access isa but only have a very small amount in it as I have the rest in a 1 year fixed bond with Nationwide.

My initial plan is to get the money transferred into the instant access and then open up a new bond with Nationwide. (once this one year bond matures)

Hoping the bond will be around 3.5% but may look into opening another ISA.

cottager

getonit123 wrote: »

How long does it take to transfer it all over?
Think I read it's quite an speedy process now.
Would like to find out for sure if all interest is paid up so if anyone has closed a Abbey e saver lately please let me know

Not the same account, but I very recently TF what was called a Direct ISA (also an online account) from Abbey to Natwest, and it took less than a fortnight.