Multi Transfers in one tax Year

iereboy

I started this year's subscription with Lloyds TSB paying 3%. The fixed rate ended and they put me on 2.35%.

I moved it to C&G at 2.7% cause there were no decent 1 year fixes.

I find out now that Aldermore is paying 3% fixed for a year.

Can I move the money again? I have £1500 left to pay into this year's allowance.

So basically, if I move my money, it will be the 3rd provider in this tax year.

Anyone has any dealings with Aldermore at all?

Lokolo_2

I haven't had any dealings with Aldermore, but I can tell you that you can transfer your ISA as many times as you want to get better rates! Provided that your aren't on a fixed term deal where there's penalties or no access! :j

blueberrypie

iereboy wrote: »

I started this year's subscription with Lloyds TSB paying 3%. The fixed rate ended and they put me on 2.35%.

I moved it to C&G at 2.7% cause there were no decent 1 year fixes.

I find out now that Aldermore is paying 3% fixed for a year.

Can I move the money again? I have £1500 left to pay into this year's allowance.

So basically, if I move my money, it will be the 3rd provider in this tax year.

As long as you transfer this year's contributions in full, and as long as you make the transfer through the ISA manager (i.e. not just withdraw them yourself and put them in another ISA), you can transfer them as often as you want. Do bear in mind that you'll lose a bit of interest during the time it takes to transfer.

Funkyfreddy

iereboy wrote: »

I started this year's subscription with Lloyds TSB paying 3%. The fixed rate ended and they put me on 2.35%.

I moved it to C&G at 2.7% cause there were no decent 1 year fixes.

I find out now that Aldermore is paying 3% fixed for a year.

Can I move the money again? I have £1500 left to pay into this year's allowance.

The Aldermore Fixed doesn't allow additional deposits once open following a transfer. I assume you would need to put the £1500 in your current ISA before the move.

http://www.aldermore.co.uk/savings/cash-isa.aspx

No additional deposits allowed during the term

There may be penalties in moving your current C&G ISA if there is a minimum term ? Is the 0.3% extra worth it ?

iereboy wrote: »

Anyone has any dealings with Aldermore at all?

One of my Parents ISA's was transfered from the Halifax to the 2.85% Aldermore 1yr FRISA and the process was smooth and pretty prompt.

FF

iereboy

Thank you all for your replies.

Few points :

* Why do you say I'll lose interest blueberrypie? I did not lose interest when I transferred from Lloyds to C&G. Lloyds gave me a bit of interest and then transferred the money over to C&G. The end date of the Lloyds statement was the start date of the C&G date.

*Why do you say I have to transfer the full limit blueberrypie? When I did the first transfer from Lloyds to C&G, I started saving with Lloyds into this tax year but then moved to C&G and continued to add into this year subscription. What that wrong then? C&G said it was ok.

C&G is instant access so there are no penalties, its not a fixed term.

Yes I'd rather move it, cause if I didn't, I'll be stuck on 2.35% orginally as opposed to hopefully 3%. Given the amounts I think its worth it plus I know what i am guaranteed after a year hopefully. There were no hastles last time, 20 mins in the branch at C&G and 4 days later, transfer was done!!! (It was only that quick as they are part of the same group me thinks - possibly an internal transfer!)

Funkyfreddy

iereboy wrote: »

Thank you all for your replies.

Few points :

* Why do you say I'll lose interest blueberrypie? I did not lose interest when I transferred from Lloyds to C&G. Lloyds gave me a bit of interest and then transferred the money over to C&G. The end date of the Lloyds statement was the start date of the C&G date.

I suspect because in most cases there is a period between when your exisiting provider closes the account and issues a cheque to when your new provider receives this cheque and credits the amount to your account.

If your previous transfer was completed as described you did well

iereboy wrote: »

*Why do you say I have to transfer the full limit blueberrypie? When I did the first transfer from Lloyds to C&G, I started saving with Lloyds into this tax year but then moved to C&G and continued to add into this year subscription. What that wrong then? C&G said it was ok.

Blueberry didn't - they said:

"As long as you transfer this year's contributions in full"

AFAIA if you are transferring this years subscriptions you must transfer all of the contributions made in the current 2010/11 Tax Year - you could leave previous years subscriptions if you wanted but this would defeat the object of moving (in most cases) so in practical terms you would be moving the current balance.

Once transferred you could then continue [1] to add any remaining allowance from the 2010/2011 Tax Year .

[1] It would seem not with the Aldermore 3% 1 year fixed ISA as following the initial deposit by transfer you cannot add further funds. Their rules but seek confirmation from them.

iereboy wrote: »

C&G is instant access so there are no penalties, its not a fixed term.

Nay problem then.

FF

iereboy

Oh, i get it! Thanks blueberriepie and funky freddie.

As long as I move what I've already subscribed to in this year's isa in full to the new isa that's all right...as opposed to what i was thinking of the full £5100!

KingL

iereboy wrote: »

Oh, i get it! Thanks blueberriepie and funky freddie.

As long as I move what I've already subscribed to in this year's isa in full to the new isa that's all right

That's it

For previous years', you could split each year into to multiple parts and move them all over the place, but you have to keep this year's all together in the same place.