ISA Transfer to Abbey

anotherginger

So i've reached my ISA limit for the year and now want to transfer to get a better rate.

I have over 9k so i'm thinking the Abbey is the best option for me, as i don't want to fix at the minute, and its Direct Isa is at 3%.

Should i bother with the online application, or is it best to just go into the branch?

alastair_h

Which ever is easiest for you, personally I've found it easier to apply on-line than in branch.

See link to best buys. Need to keep eye on Abbey/Santander in case rate drops off.
http://forums.moneysavingexpert.com/showthread.html?t=401374

Link to Direct ISA @ 3%
http://www.santander.co.uk/csgs/Satellite?appID=abbey.internet.Abbeycom&c=Page&canal=CABBEYCOM&cid=1237851469036&empr=Abbeycom&leng=en_GB&pagename=Abbeycom%2FPage%2FWC_ACOM_TemplateW2

spike87

I applied online and the whole process was very smooth. Money was transferred from my old provider and in new account in just over a week.

Top marks for Abbey!

anotherginger

online its asking me to open the account with 1 quid - does that mean i should only put 3599 in my current isa, so that makes it up to 3600 this year?

i want to transfer my whole isa, but if i open with 1 quid (sorry my keyboard is american and has no pound sign!!) then if i have already saved the 3600 this year, then i would have gone over my limit?!

or do i put the full balance of my exisitng ISA? - that seems to make more sense!!

anotherginger

argh, i tried typing in my full balance and it won't let me!

rb10

If you have paid in the full amount for this year to another ISA then definitely do not pay any money in to Abbey.

Just put whatever you like on the online form, as long as you don't actually send any money (just the transfer request form), you'll be fine. I'm sure £1 would be fine to put on the form.

anotherginger

hmmm, i could not put the final pound into my current isa, and then open the account with a pound....however, would this count as paying to two isa's in one tax year?

this should be easy!

anyone else do it online and want to transfer a full isa?

td_007

anotherginger wrote: »

hmmm, i could not put the final pound into my current isa, and then open the account with a pound....however, would this count as paying to two isa's in one tax year?

Yes, that would be 2 isas....you cannot fund two isas simultaneously for the same tax year.

savit4l8er

I would just mention my experience. I recently transferred two isa accounts to a new provider. The requests went at the same time by the new provider. One transfer was done within few days, the other from Abbey took ages. The ISA was closed quicly enough but I do not believe they issued the cheque that quickly so I lost interest. I would not have minded so much if they had not closed the ISA and took three weeks or so to do it then sent the cheque. If you read other threads you will see similar quotes about their "admin". For that reason, it is very unlikely I would ever put my money back there. Perhaps things will improve now Santander has it but I doubt they will sort out the admin of all their new busnesses that quickly if at all.

rb10

savit4l8er wrote: »

Perhaps things will improve now Santander has it but I doubt they will sort out the admin of all their new busnesses that quickly if at all.

Abbey has been owned by Santander for some time; the recent change is only the name, nothing else has happened.

10_66

savit4l8er wrote: »

I would just mention my experience. I recently transferred two isa accounts to a new provider. The requests went at the same time by the new provider. One transfer was done within few days, the other from Abbey took ages. The ISA was closed quicly enough but I do not believe they issued the cheque that quickly so I lost interest. I would not have minded so much if they had not closed the ISA and took three weeks or so to do it then sent the cheque. If you read other threads you will see similar quotes about their "admin". For that reason, it is very unlikely I would ever put my money back there. Perhaps things will improve now Santander has it but I doubt they will sort out the admin of all their new busnesses that quickly if at all.

Some years ago Abbey messed up an ISA transfer out to another provider, I vowed not to save with them again. I've ended up with them again by default (B&B ISA). My dreaded ISA transfer season has just started again, and already Abbey (Santander) have messed up again. They were sent a transfer out form from the new provider, the form expressly stated that I don't want the transfer to go through until the fixed period matures. I received a letter today from Abbey (Santander) telling me that they transferring out (which, although they don't state it in the letter, would incur a 90 day interest penalty). Frantic 'phone calls (the "on hold" music brings back bad memories) to try to tell them to hold the transfer until maturity. Goodness knows whether the request will be successful. NEVER (knowingly) again will I go near this company.