How much can you save?

Lokolo

JimLad wrote: »

I have opened the Halifax 3%, just waiting for my abbey one from last year to transfer in to it.

Can i put my 3600 for this year in before the transfer from the previous year is complete?

Oh and guess what, i won the work Grand National sweepstake. I pulled mon mome out of the hat bagging me £40!

It depends, is it a fixed halifax one? If you can see it online it will say. Mine says ENQUIRY ONLY i.e. i cannot put any more monies into it.

However if you do end up putting £3,600 in, it may automatically then go to the fixed rate and stop the transfer from happening. If you've got a lunch off I would just go into branch and say you have the £3,600 in cash, transfer has yet to be completed, can you put the cash in and the transfer still go ahead.

I would say do it over the phone but not sure how well this would go (never experienced Halifax phone service!)

Masomnia

The Halifax 3% fixed allows further deposits, so I reckon it should be fine to put more in later, ie after the transfer.

Just opened one online myself! Hope the transfer from Egg runs smoothly.

Rose_Crow

Thanks guys, didn't know about the Halifax one. I'm going to go for that. I wanted a fixed one, but wasn't sure about the no-withdrawals rule which usually comes with them.

Lokolo

grn.w.nv wrote: »

Thanks guys, didn't know about the Halifax one. I'm going to go for that. I wanted a fixed one, but wasn't sure about the no-withdrawals rule which usually comes with them.

Yeh it does! I was just reading the paper whilst eating dinner and had the Halifax ISA thing advertised. 3%, unlimited deposits, 4 withdrawals.

Masomnia

Yeah it looks like a really good deal I'd much rather fix at 3% than get a slightly higher rate and risk it going down. Don't plan to withdraw anything - so it's all good!

Rose_Crow

So, I've opened the account with them and have printed off the transfer form - luckily there's a Halifax close to the office so I can walk down there at lunch. My next question is: the interest on my Egg ISA is due to be paid on 22nd April (presumably when I opened the account). Will I have to wait until then to transfer to Halifax, as the Egg ISA will be closed by Halifax how would I receive the interest? Secondly, if Egg pay the interest into my Egg ISA, does this count towards 09/10 tax year? Not sure how it works.

Cheers muchly

Vixstar

All this talk of ISAs has reminded me I need to transfer my savings into my ISA. Bit of a wrench seeing my savings account drop to zero! Once I've filled the ISA I'm looking to open a regular savings account. Anyone got any experience with them?

Masomnia

grn.w.nv wrote: »

So, I've opened the account with them and have printed off the transfer form - luckily there's a Halifax close to the office so I can walk down there at lunch. My next question is: the interest on my Egg ISA is due to be paid on 22nd April (presumably when I opened the account). Will I have to wait until then to transfer to Halifax, as the Egg ISA will be closed by Halifax how would I receive the interest? Secondly, if Egg pay the interest into my Egg ISA, does this count towards 09/10 tax year? Not sure how it works.

Cheers muchly

As far as I know the interest accrued up to the date of closure is added to the balance when the account is closed, and transfered with the balance, so you don't lose out on your almost year's interest. Interest doesn't count towards subscriptions, nope!

Rose_Crow

Brilliant, thanks So I don't actually have to wait until 22nd, it just means I'll lose a couple of weeks interest (which at 1.55%, I'm not worried about). Will pop into Halifax later with the transfer form

Egg people - what address are you putting on your ISA transfer form? As Egg is internet based I'm finding it difficult finding an address for them.

Masomnia

Can answer this one too

On the FAQ:

[FONT=Arial, Helvetica, sans-serif]If you want to transfer one of your Egg cash ISAs to another cash ISA manager you shouldn't make a withdrawal from your account or close it, but instead ask your new ISA manager to contact us in writing to request that your cash ISA be transferred from Egg to them. They should write to us at: Egg Monetary Team, Egg, Riverside Road, Pride Park, Derby DE99 3GG.
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