Newcastle Building Society Reward ISA need help

antispam246

EDIT: I've called and spoken on her behalf and have a few answers I've updated these in red where applicable, any further input appreciated still (:

Hi, my other half opened this account (details in links below)
http://www.money.co.uk/savings-accounts/savings-account-details/Newcastle-Building-Society/Reward-ISA.htm
http://www.newcastle.co.uk/savings/rewardisa

I have a couple of questions that I can't seem to resolve.

She wants to pay in some money towards this years allowance 09/10, some of the £5100. Can she do this online? I can't find the details of this for her, if you could just do a BACS from her current account using the sort/account number and reference? Not sure what the sort/account number (generic?) would be. Or would it have to be done over the phone only?

Called: No definitive answer was given but leaned towards it being possible. Generic Acc No. 00000008 Sort Code 23-59-54 and then your own account number as reference. We tested this by sending a 3! payment from Nationwide current account then will check online statement later or tomorrow. Payment was sent successfully but no indication of faster payments or arrival. If it's not displaying the deposit tomorrow i'll get her to call and ask for a ISA balance and compare to old balance. If it worked, then this is resolved.

I'm going to get her to call them in abit but any answers to this now would be appreciated.

Secondly, this account has
"Transfers out permitted subject to 120 days notice or 120 days loss of interest."

I could never quite wrap my head around how best to work this for her when it came to moving the ISA.

Her bonus has ended for this account so she is looking to firstly top it up then transfer to another ISA. From older threads here we decided to not transfer out early and let it run with the lower interest but now I can't even recall why exactly we did this.

If we transfer out now that the bonus and the year is up will we still be subject to this 120 days notice? Or was that only for transfers before the bonus (year) ended?

Called: Still subject to 120 days notice from notification.

What we want to do (ideally) is, top up the full £5100 then immediately (or atleast begin the process) of trandferring to another ISA. Any help on this appreciated.

Edit: Just re-reading the terms, is it that if we want to transfer to another ISA now we will have to alert them and then either wait 120 days OR sacrifice 120 days worth of interest? What's the best option here and how exactly does the latter work? Does it deduct 120 days worth of interest from the current date?

She opened the ISA in september 2009, so the bonus ended sept 2010, as were now 4 months later she would be sacrificing the interest gained from the 4 months after the bonus ended so it would be losing the interest from the lower interest rate but then potentially gaining a higher interest from wherever she transfers to?

Still would like input on the 2 paragraphs above speicifcally but from calling what I now understand is;

You can give notification over the phone, not just in branch or by letter as stated elsewhere. That notification will take effect immediately. The 120 days interest would be deducted from 4 months prior to notification if taking that option, so in her case, it would be the 4 months at 1.75% (gross) rate. Whether this would significantly be worse than waiting 120 days at 1.75% versus transferring immediately to another ISA with a better rate I still need to work out. Again, I'd have to take into account how long the ISA transfer took and when the new rate would be applicable from.