CASH TRANSFER FEE FOR ISAS

JBEILBY

Mindful that I needed to get money into an ISA before the end of the current tax year I duly did the research and selected Portman as they were in the top 10. However, a note tucked away in their literature says that if you want to transfer out at any time they are now going to charge a fee. I was told this is currently £30 and they have to levy this to cover their administration costs in carrying out your transfer. This is a new development and should be taken into consideration when the best product charts are produced. No good finding a good rate if at some future date you have to pay to move your money because their rate falls (as it always seems to do!!) >:(

You can also bet that it won't stay at £30!!!

dunstonh

Its not really a new devlopment. A number of providers have that fee written into their literature.

It just generally doesnt get talked about much as not many people transfer.

steady__eddie

I have a "loyalty" ISA with Staffordshire which paid a 0.5% bonus. at 5 and 1/4% it wasn't too bad. Portman bought Staffordshire and guess what ?.....loyalty bonus has now gorn. Portman offer an ISA paying 5.5% but transfers in are not allowed. I always open a new ISA on the 6th of April every year (Sundays permitting) so I am stuffed. It looks like I'll have to bite the bullet and pay (£25 in my case). Has anybody else noticed there seems to be a few providers now who will not accept transfers in ?

hansi

Yes, Yorkshire being one!

lipidicman

The portman transfer-out-fee is not retrospective - ie it only applies if you took one out in 2005 (mine was in april 2004)