Transfer to M&S ISA

ericpode

I would like to transfer my existing ISA with Halifax to a M&S 1 year fixed ISA.

I really just wanted to transfer without investing any new money, but it seemed to require a minimum investment for the current year of at least 500 pounds. So I decided that was OK if I could get the full 3.1% for my existing ISA transferred-in.

I've gone through M&S's online application procedure and chosen the minimum 500 pounds investment, but stopped at the last screen because it hadn't asked anything about the ISA I wanted to transfer-in.

How do I get my ISA transferred-in? I'm guessing that I just go ahead and apply for the ISA and then fill in a separate transfer form and send that in the post - is that right?

Is it possible to open one of these M&S ISA just to accept a transfer, without paying any new money in?

jennifernil

You need to be careful, often the fixed rate accounts only allow one deposit, or additional deposits only for a limited time.

jennifernil

Ok, I have been and looked on the M&S website.

You need to read the Guidance Notes that there is a link to when you click to apply.

According to those, to transfer in you only complete the Transfer Form. You should not complete the ordinary application form.

No new money is needed.

Porcupine

jennifernil wrote: »

You need to be careful, often the fixed rate accounts only allow one deposit, or additional deposits only for a limited time.

When I opened a fixed rate ISA with M&S, they opened me two ISAs, one with my cash deposit and another with my transferred ISA money which arrived about 2 weeks later. Since the fee for closing an ISA was £100, that meant two fees if I closed both. I had a long argument with them as this wasn't mentioned anywhere in the documentation, and eventually they agreed that I could close both together for a single £100 fee. Something to watch for...

I didn't have to put in new money, though, I could have just stuck with the transfer. And indeed I wouldn't have put in my £3600 cash if I knew the trouble it was going to cause...

SallySunshine

I remember this problem happening over a year ago and it was reported on this site, lots of disgruntled new customers but I think they got it sorted.

I rang up and was told just to use the transfer form which I did and all went very quickly and smoothly, our 3 yr ISA's are maturing next year. I'd love to think they will come out with a good rate, saves faffing about.

ericpode

Thanks everyone. I did read the summary box and a couple of other details pages, but the Guidance Notes seem to give the best answer.

I'd better get my skates on as my existing 2.8%+0.2% Halifax ISA has gone past its anniversary date, and online it is now displaying the interest rate as 0.5% !