Toisa Discussion & Questions Board (Merged)

donerkebab

Finally took the plunge - transfered my Tessa only ISA -> Direct ISA in branch - took over 50 mins not impressed :mad: Also now tell me the accrued interest will not be payed /transfered across until 1st January next year!!! Is this the normal - surely if I transfered to an external ISA they woudl pay interest up to date of transfer.

Also not too impressed when calling their direct ISA customer services - when dialling the number from saynoto0870 as opposed to the 0870 ripoff they charge am told if I phone again using this number it will be recorded on my account. Hmm Natwest / HSBC etc have no problems with this so why does it matter to Alliance & Leicester - could it be the revenue generated when kept on hold for over 10 mins!!!

davidhouston

Martin

Is this still a good time to move into a stock market linked TOISA like the Birmingham and MIdshires 5 year bond?

David

Ian_Daly

When my TESSA matured in 2001, I moved the £9K into a product run by
the HSBC which was called "Performance Plus ISA" designed for TESSA
reinvestment. Basically, if you left the money in for 5 years, the product is
wound up and you are guaranteed to get back your original investment plus a percentage (capped at 50%) of how much the FTSE has risen.
When this product expires (June 2006 for me) I want to know if I can
move the money into my Virgin stocks and shares ISA ?
The only other relevant point I can think of is that the documentation for the "Performance Plus ISA" says that it is a cash ISA

isasmurf

No you can't transfer it to a Stocks & Shares ISA I'm afraid. TESSA only ISAs (as was) can only be transferred to Cash ISAs.

isasmurf

HMRC have issued some clarification to ISA managers on TOISA transfers, confirming they can be transferred to any TOISA, Mini Cash ISA, or cash component of a Maxi ISA.

See the HMRC clarification

I've updated the FAQ to include the above link.

maxi_isa

Can I simply transfer a TOISA to create a new ISA account without having to open a new mini ISA first with this years allowance? When I tried to do this with the Halifax they wanted a mini ISA to be opened first.
Who offers the best home for TOISAs (highest rate for £9,000 and no penalties for moving)?

chazman_uk

Hi,
My mother has a maturing toisa which I believe she can just transfer into an existing mini cash isa account that she holds - could someone confirm this at all?
The mini cash isa account she has is an A&L which is paying the 4.5%+0.7% bonus till 30/04/07 (i.e. 5.2%) which is the best rate I have found for either a toisa or an isa at the moment; are there any other recommendations at all?
Many thanks for any help
cheers
chazman

isasmurf

chazman_uk wrote:

Hi,
My mother has a maturing toisa which I believe she can just transfer into an existing mini cash isa account that she holds - could someone confirm this at all?

The answer is two posts above yours.

YELLOWMG

I have an isa which i bought from legal and general a number of years ago using my £7000 allowance. It will mature shortly, can i pay the proceeds into a cash isa in addition to my cash isa annual allowance.
Thanks