Toisa Discussion & Questions Board (Merged)

edited 30 November -1 at 1:00AM in ISAs & Tax-free Savings
59 replies 14.7K views


  • steady__eddiesteady__eddie Forumite
    1.5K Posts
    Part of the Furniture Combo Breaker Uniform Washer
    my apologies for the delay in replying but I have so busy recently on the shop but don't drop forum that this has had to take a back seat.

    Someone queried my motives for 3 x 3k rather than 1x 9k I.S.A., well the old saying containing the words eggs and baskets springs to mind but as a believer in the benefits of mutuality, I figure that I may be better off financially in 5 or so years time if I had full membership status with a couple of extra Societies !
  • You can open accounts with membership rights with sometimes less than £100, i.e. non ISA
  • lms3504lms3504 Forumite
    3 Posts
    From reading the messages, I gather that now my Leeds Loyalty Tessa ISA is over a year old it can be treated as a Cash ISA so when it matures I can also transfer the interest as well as capital into another bank/building society Cash ISA. Is that right? Thanks.
    something missing - there has to be to write that!
  • isasmurfisasmurf Forumite
    1.8K Posts
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    Yes, thats right. However, many banks, usually through ignorance of the rules, will only allow you to transfer a TOISA to another TOISA. When you come to transfer you should just say I want to transfer my Cash ISA, don't mention that it's a TOISA as that is irrelevant.

    What do you mean when it matures? I've had a look at the Leeds TOISA and it's instant access.
  • Mine is a '3yr Fixed Rate Tessa ISA Issue 2' at 4.4% that matures in Jan 06. I guess they do not do these anymore. It looked good at the time! I will look at what Leeds (and Holbeck, sorry) offer me near the time of maturity but the Halifax at 5.7 for 5 years looks good - well just now! but we will have to see. I may go for Bristol and West 5.55% for a year for my 2005 allocation.
    something missing - there has to be to write that!
  • Hello,

    I understand about maxi-isas and mini cash isas etc but the one thing I am very unsure about is TOISAs.

    I had a tessa, which when they came to an end, I moved to a TOISA. With the new tax year, I was shopping around to see who was offering the best deal on mini cash isas. I noticed many of the mini cash ISAs were at a higher rate than my TOISA.

    I did ask at the bank holding my TOISA but the woman seemed clueless; either that or she didn't want to tell me so I wouldn't take my money away ;)

    Please could you tell me, can I transfer the contents of my TOISA into my mini cash isa, just like I would transfer a cash isa from one bank to a better one? Or can I only move a TOISA into another TOISA?

    TOISAs do not seem to be advertised any more, presumably because there are no new customres to attract because TESSAs are long gone. I know there are comparisons sites of mini ISAs; are there any TOISA comparison pages?

    Of course, if you can transfer TOISAs into ISAs, the above paragraph becomes meaningless.

  • Yes you can transfer your TOISA to another TOISA account same as you can transfer the ISA to an ISA, but not TOISA to ISA.

    Most reputable BBS's offer the SAME rates for both TOISA's and ISA's probably sometime in the future they will be merged as one and become just ISA's

    Those that don't offer the same rates are TOISA's :D

    Kent Reliance do an instant access TOISA at 5.11%, you'l probably be able to pick up a better fix deal later in the year.

    The best buy tables are very inaccurate, best bet is to trawl through the actual Bank and BBS sites, I mean looking at - they list Hertible bank payign 5.45% for a 2 year bond when its 5.35% ! :rolleyes:
  • It would be interesting to know if anyone has transfered a TOISA into to an ISA....

    I do recall back in August 04, I asked this same question of a BS and they told me TOISA to TOISA's only...

    Luckily Northern Rock did me a 6% 4 year fixed deal.. so not had the call to look deeper, well not until 2008 :).. It says on the back of the cert that it will become a variable rate TOISA on maturity.

    But would be good to know if you can definetly transfer an TOISA to an Cash ISA.... ?
  • isasmurfisasmurf Forumite
    1.8K Posts
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    There is no such thing as a TOISA any more. Unfortunately many people have been (and still are) confused with these.

    You have ALWAYS been able to transfer a Matured TESSA into ANY cash ISA within 6 months of the maturity date.

    A TOISA is just a Cash ISA under a different name. The name was only there to enable you to keep the Matured TESSA with a different bank then the Cash ISA and thus getting around the one cash ISA a year rule. After the year in which the TOISA is opened it loses it TOISA badge and is simply a Cash ISA which you can move around like any other Cash ISA. This has always been the case.

    You can move a TOISA to a Cash ISA at any time, although you needed to provide the maturity certificate if doing it within the first year.
  • djohn2002ukdjohn2002uk Forumite
    2.3K Posts
    Don't think that's quite right. If it was nothing more than a cash ISA then you could add £3000 to it every year, which of course you cannot. We have a TOISA and 2 cash ISAs in the Stroud & Swindon BS and the TOISA has a better rate of interest than the ISAs. I know that because the interest rates came in the post yesterday along with the notice of interest for last year.
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