Moving iSA to another bank??

Bales1983

Hi all,

Im currently moving my banking from Natwest to First Direct. I have an ISA with Natwest that is nearly up to this years limit. How do I go about getting an isa with first direct? Would i need to move my isa to my natwest current account then close the Natwest Isa before applying for a FD one?? or can i get one transfer the money then close the Natwest one??




Thanks

Lee

alared

DO NOT close your ISA always TRANSFER it.

Bales1983

err ok! How???

derrick

Bales1983 wrote:

err ok! How???

Contact the bank you want to move to,they will do all the work,you just provide the info

Philip624

Why do you want to open an ISA with First Direct? Assuming it is a Cash ISA , many banks and building societies offer better rates. Abbey are paying 5.35%. In any event all you need to do is contact your new isa provider and get them to arrange the switch.

[Deleted User]

Be very careful to check how much extra interest you gain by moving and compare it with how much interest you lose while the money is transferring.
When I moved to abbey, they sat on my cheque and did nothing with it for over a month, losing most of the first years benefit

derrick

When transferring from one provider to another,there should be no loss of interest,I have transfered 3 time and on every ocassion the day it left the old bank it was received in the new bank.
Ask the relevant banks when interest stops and starts and if days are lost one of them will be responsible and will make up the interest.

blinko

yeah careful to make sure you transfer it, and make sure its worth it the best isa on the market is abbey at 5.35% consider going for that and if you open a current account with abbey you will receive £40 so have a look at https://www.moneysupermarket.co.uk for thebest isa rates around

[Deleted User]

derrick wrote:

Ask the relevant banks when interest stops and starts and if days are lost one of them will be responsible and will make up the interest.

I asked how to do the transfer before I started. After I'd done it the way they said, and lost a months interest, they told me I should have done it a different way.
Where did you find a bank that can give the same answer twice when you ask the same question twice. I don't even get the right answers when I write to the manager and complain about the contrary answers I've already been given.