Do I need to transfer ISA now?

haribol_2

Hello

I have my Cash ISA that will be maturing at the end of this month which is with the Derbyshire BS.

My intention is to secure a new ISA for the new year and transfer the above.

Do I have to do this before the maturity of the Derbyshire ISA or can I look at what's offered up to April 2011 then transfer this money ?

Your guidance will be much appreciated.

thanks

Lokolo

You can wait to transfer if you want, but you should make sure you find out what Derbyshire do with maturing accounts. Some will automatically role into a new 1 year fix. Some will go into instant access.

If it rolls into a new fix, you then wouldn't be able to transfer it elsewhere.

haribol_2

Many thanks for your reply.

The information received from Derbyshire doesn't say whether it will be moved to a fixed rate for a year ISA. It just says it will be moved to a CASH ISA. 0.35%

Many thanks for your guidance.

Haribol

Milarky

Just remember that all transfer forms have a box to tick instructing transfer to wait until exipry of any notice period/maturity date. That means you can request a transfer in the weeks before that date if you identify a suitable follow-on provider soon enough. It is then important to check with the new provider that they will keep the offer in place for you until the date 'agreed' - because products are often pulled with only a day's notice.

haribol_2

The last statement is a real dilema that I need to think about.

Another question:
I have tonight tried to set up a new Cash ISA with Northern Rock (EISA Issue 4). What it says is that I am signing up for an account 2010-2011. I have already put the maximum for this year 2010-2011. I want an ISA for the next year 2011-2012 so that I can transfer my previous years and stash the full amount for the new year. Should I sign up for this ISA even though it says 2010-2011? It doesn't have the option to select the new year.

The other thing that's bothering me is that my Derbyshire ISA will mature on 31st March 2011 so this should transfer over reasonably well to Northern Rock. This has the contributions of previous years except last year. Last year I had signed up with Coventry BS which matures on 31/5/2011.

What options do I have if Northern Rock pulls the current ISA before my coventry matures?

Really need help with this as I need to make my application urgently. Your help would be appreciated greatly and thank you for the support offered so far.

Haribol

le_loup

Derbyshire put it into a variable rate instant access account on maturity. No rush for you to move yet if you don't want to but the rate will be lousy!

haribol_2

Le Loup, thank you. That's exactly what I wanted to hear.

I now realise that I can set up a new Cash ISA even after the maturity date and transfer the previous years.

I still don't understand why the option to choose 2011-2012 is not available when signing up for new Cash Isa's before the 31st March 2012.

Surely, there would be others in the same predicament.

This whole ISA thing is very baffling at times.

Haribol

le_loup

Without knowing anything about the NR offering, I think you are making this too complicated for yourself.
You can get NR to transfer the Derby account to them any time you want. The form for the transfer will have some sort of box asking if you want the transfer done immediately or WHEN THE ACCOUNT MATURES. You will tick that box.
Next tax year you can open a new ISA with NR or add to the transferred amount from Derby or go somewhere else completely.
Some ISA providers do offer the ability to open next years ISA now ... but what's the point? Any money put in today would be taxable until 6th April, and anyway, you might see something better in three weeks time.
So, slow down, get your transfer arranged now and think about next year, next year.

haribol_2

Thanks again Le Loup.

I will go poley poley. It's an east african saying to 'go easy and slow down'.

You have bought me 3 weeks of chill out time before I hit out and look for my prized Cash ISA.

Thank you.

Haribol