transfer ISA info please...

james3333

hi guys,
i set up a mini cash ISA with barclays about 6 months ago ( when i just started getting into MSE website)
i set it up with barclays coz i bank with them and have e-savings with them.
( just to keep it simple to start with)
anyway, i want to transfer my ISA over to the Halifax ISA Saver Direct due to better returns (5.25%) coz i also bank with halifax and love my online banking facility....
what EXACTLY do i need to do, to tranfer my ISA from barclays to halifax?

....and will i need to cancel the £250pm standing order with barclays or will halifax sort that for me?

Optimist

I refer you to the Halifax site it would seem to answer your questions

http://www.halifax.co.uk/savings/isasexplained.shtml

james3333

sorry, just seeing if anything major stood out as to what NOT to do first...
*** starts reading halifax website*****

moneyandmountains

It sounds like your ISA has been set up this tax year.
In this case, online application for the ISA direct is probably not the best route to take. In any case, there does not seem to be an easy way to set up ISA transfers online, unless you open a new ISA.

I would advise you to book an appointment at your local Halifax/Bank of Scotland branch. If you take along ID, N.I number plus details of your current Barclays ISA they should be able to help you.

james3333

ok... the wheels are in motion for my transfer.....
spoke to halifax and set up a new ISA account to transfer my cash into from barclays....
she said i will recieve a letter to confirm the barclays details to do the transfer.
once i have filled out the form, sent it back and the transfer is done i assume i then need to contact barclays to close the old ISA and tell them to stop the standing order going to the old ISA.
correct?

Optimist

The transfer of your ISA from Barclays to the Halifax will act as closure of your Barclays ISA account. It would not hurt to just remind them to cancel the standing order once you have the new ISA set up.

james3333

brilliant, thanks....
i will be having to speak to barclays anyway because i will be setting up the standing order from my barclays current account to the new Halifax ISA.
all sounds simple........fingers crossed.....

james3333

why are things never as simple as you first think....
got a letter to sign from halifax, to make the transfer from barclays....BUT THE LETTER DIDNT EVEN ASK FOR THE BARCLAYS DETAILS!!!!
SO, rang halifax and they said " we must have forgotten to put in the sheet that asks for your current barclays ISA details.... so, more waiting now.....

ALSO... halifax told me that i would have to instruct barclays to close my ISA with them because i CAN have 2 ISA's at the same time, but i just cannot go over the 3k limit over both, is this duff info?

Phoenix79_2

james3333 wrote:

ALSO... halifax told me that i would have to instruct barclays to close my ISA with them because i CAN have 2 ISA's at the same time, but i just cannot go over the 3k limit over both, is this duff info?

Close your ISA at your peril

You only have one mini cash ISA per financial year.

james3333

how can this duff information be allowed to be given
dont they train thier staff?

jamesd

Nothing built into the system stops you from having two at the same time. Except that in theory if you use it, the second one has no tax advantage at all and you'll have to pay interest on the money. In practice the tax people have said that they won't penalise people if the 3000 limit isn't breached.

You need to transfer the balance from Barclays, not simply close that account. Otherwise you will lose the portion of the 3000 a year allowance that has been paid into the Barclays account. Once the balance has been transferred, if the account is still open, you can close it.

It's safer to actually close the Barclays account, not leave it with no money in it, because technically it is the second one used in the year that doesn't count for the tax break, if you have had two active.