Northern Rock E ISA

clearchalk

Looking at opening one of these accounts and transferring previous years ISAs into as the balance.

Having already opened an ISA else where this year, would this be classed as a second account even though its going to be funded via a transfer from previous years?

financial_illiterate

Nope, you'll be ok. You can transfer this years one in too, if you want.

clearchalk

Reading the transfer form it asks "Have you subscribed to your existing Cash ISA in the current tax year?" and need to enter the amount and "If yes, please confirm the amount you have subscribed". "Please note that under HM Revenue & Customs ISA Regulations, you can only subscribe to one Cash ISA in each tax year."

So transferring an ISA is not classed as subscribing to more than one ISA in the same FY? When I have already opened one up else where?

financial_illiterate

Nope, you'll be ok...

For these purposes 'subscribing' means 'paying new money in'.

paul5046

This pays 3.05%. I am thinking of transferring my now matures Halifax ISA into it. Any reason not to? pays 3.05 as opposed to 2.6%.

financial_illiterate

No reason at all not to, that I can think of.

Frogletina

Having a Northern Rock Isa with a minimum of £1000 will also enable you to have a monthly saver account with an interest rate of 4%

amictus

paul5046 wrote: »

This pays 3.05%. I am thinking of transferring my now matures Halifax ISA into it. Any reason not to? pays 3.05 as opposed to 2.6%.

From the Money Saving Expert Guide...

The Online e-ISA from Northern Rock* pays 3.05% AER. The rate is 'clean' (i.e. no short-term bonus), though it's variable so keep an eye on it as it could change.

There's nothing to stop them cutting the rate.

As an alternative I'm thinking of the Northern Rock fixed 1 year term at 3.35%. I don't intend to use the money in the next year... but I can't say for sure. Worth the risk for 0.3%? Probably not!

Frogletina wrote: »

Having a Northern Rock Isa with a minimum of £1000 will also enable you to have a monthly saver account with an interest rate of 4%

That's interesting, thanks for the tip.

Io07

just bumping, have been trying to transfer my existing isa (2.5%) to this northern rock 3.05% one...the site is awful!!! so slow and links come up all weird(have tried different browsers)
after 2 phone calls they have posted a transfer from out to me.
am i correct that this will be a transfer of funds only? I've used up my annual limit, so I don't need to open a northern rock isa account BEFORE I send the transfer form?
thanks!

snowqueen555

Hi, I am new to isas, I opened one up this year with hsbc, I thought the convenience of having my normal bank account here with it would be worth it due to the convenience despite the low interest).

1) If I have an isa with northern rock, how easy is it to transfer money into it from my hsbc current account, and is it instantaneous?

2) Is switching simpy a case of filling out the form and sending it in?


Thanks

rb10

snowqueen555 wrote: »

Hi, I am new to isas, I opened one up this year with hsbc, I thought the convenience of having my normal bank account here with it would be worth it due to the convenience despite the low interest).

1) If I have an isa with northern rock, how easy is it to transfer money into it from my hsbc current account, and is it instantaneous?

2) Is switching simpy a case of filling out the form and sending it in?


Thanks

1) Very easy - simply set up a bill payment from your current account. The money will arrive instantly.

2) Yes.