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ISA question
simax
Posts: 1,977 Forumite
Hi,
Quick question about ISA's. If I want to transfer an ISA that was opened in this tax year to another provider, whats the process?
Do I open the new account first then contact the new provider, or do I have to do it the other way around?
Confused.com!! LOL
Also, will LTSB take Vantage off an account over the phone if I ask?
Ta
Quick question about ISA's. If I want to transfer an ISA that was opened in this tax year to another provider, whats the process?
Do I open the new account first then contact the new provider, or do I have to do it the other way around?
Confused.com!! LOL
Also, will LTSB take Vantage off an account over the phone if I ask?
Ta
I spent 25 years in the mobile industry, from 1994 to 2019. Worked for indies as well as the big networks, in their stores also in contact centres. I also hold a degree in telecoms engineering so I like to think I know what I’m talking about 😂
0
Comments
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you fill in a form from the provider you want to transfer to. nothing else, they will arrange the transfer for you.
You may be able to do this on line, if not just go into the branch.
Simples.
No idea what the Vantage thing is, sorrymake the most of it, we are only here for the weekend.
and we will never, ever return.0 -
Do I open the new account first then contact the new provider, or do I have to do it the other way around?
You've got me there! Same thing isn't it?
You contact your new provider - in order to open a new account and complete a transfer form. They do the rest. You don't normally need to contact the old provider (if that's what you intended to say?)
Not sure about the Lloyds bit. Or the advantage of removing Vantage? Didn't think there was one.If you want to test the depth of the water .........don't use both feet !0 -
Sorry, didn't make any sense did it?
I didn't know if I had to go and open the new ISA first, then fill a form to transfer, or do I go to a branch, do the transfer first and then they open the account?
Think I may just close the ISA down on 4th April, transfer the money to my current account and then open a new ISA from scratch in the new tax year (only 2K in it so no worries about allowances).
And as for the LTSB account, I don't want any interest paid on it any more, that was all.I spent 25 years in the mobile industry, from 1994 to 2019. Worked for indies as well as the big networks, in their stores also in contact centres. I also hold a degree in telecoms engineering so I like to think I know what I’m talking about 😂0 -
NO, NO, No, dont contact your old provider and dont close the account. Your new provider will do everything for you.
And never under any circumstances take money out of your ISA or you lose your tax free status.
You really need to read up on iSA's.make the most of it, we are only here for the weekend.
and we will never, ever return.0 -
Contact the ISA provider you want to transfer to. They will open up an ISA (with zero) and then ask you for your existing ISA details - roll number/sortcode/account number.
You sign an ISA transfer form, they do the rest, your current provider sends the monies to your ISA - depending on the banks it takes around 10-14 days, generally longer around tax year end as for some reason people decide to open ISAs at the end of a tax year when they've had all year to do so....0 -
NO, NO, No, dont contact your old provider and dont close the account. Your new provider will do everything for you.
And never under any circumstances take money out of your ISA or you lose your tax free status.
You really need to read up on iSA's.
Sorry, don't understand the bit in red?I spent 25 years in the mobile industry, from 1994 to 2019. Worked for indies as well as the big networks, in their stores also in contact centres. I also hold a degree in telecoms engineering so I like to think I know what I’m talking about 😂0 -
Money can't be taken out and put back in. Your allowance is £5,100 in deposits.
If you deposit £5,100, then take it all out, you can deposit another £5,100!
He means if you take it all out, you cannot deposit another £5,100.
To repeat and summarise what you have been told.
1. Go to a NEW provider of your choice. Make sure it is one that accepts transfers in (they do not all do that).
2. Tell them all the details of the existing ISA and ask them to transfer it in.
3. Go home and wait at least 2 weeks (it has to go 'through' a specific process) and wait for the transfer to happen.
4. Only after 6th April 2011 can you put more money in the new one.
5. Do NOT contact your existing provider. This is because (a) there is nothing they can do to assist, and (b) it will only complicate things if they tried.0 -
Money can't be taken out and put back in. Your allowance is £5,100 in deposits.
If you deposit £5,100, then take it all out, you can deposit another £5,100!
But I've already stated I've only got 2k in there, so surely if I took that out the day before the end of the tax year, close the account then open a new ISA the next day at the new bank of choice, then surely that's better for me, time-wise?I spent 25 years in the mobile industry, from 1994 to 2019. Worked for indies as well as the big networks, in their stores also in contact centres. I also hold a degree in telecoms engineering so I like to think I know what I’m talking about 😂0 -
But I've already stated I've only got 2k in there, so surely if I took that out the day before the end of the tax year, close the account then open a new ISA the next day at the new bank of choice, then surely that's better for me, time-wise?
Do you need the £2k for something? Or are you just trying to transfer it to another ISA? If you're just trying to transfer it, do not close the account. If you need the money for something, then there's no particular reason to wait until the end of the tax year.0
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