National Counties Building Society 3.7%

SnowMan

MOPI wrote: »

Can't say how much I appreciate your comments!

One last question, I am just filling out the application form and it is asking for me to specify which Cash ISA tax year I am applying for.

I am going to be transferring the whole of my Halifax ISA to NCBS and then for the tax year of 2012/2013 I will be opening a new cash ISA with another provider. Does that mean I need to put 2011/2012 on the form?

Thanks

I would probably put 2011/2012. However that seems to be a question relating to ongoing subscriptions rather than transferred money.

Whether the transferred fund results from current year contributions or previous year contributions or a mix of both determines how it is treated, you can't change that by transferring.

SnowMan

MOPI wrote: »

Also I have come to completing the ISA transfer form and it asks if I want to close the account and move the whole balance including accrued interest. I just want to transfer the balance and keep the interest, so I have ticked no and specified the current balance on the account, is this okay as my interest usually gets paid into my Halifax ISA?


Thanks

I have never come across anyone wanting to transfer the balance but not the interest. I guess it is possible as keeping the interest constitutes a partial withdrawal. The money withdrawn (i.e. the interest) is then outside the ISA wrapper I am guessing (does anybody else know?).

The normal way for choosing not to transfer the whole fund is to specify that you only want to transfer a percentage of the previous year's ISA fund.

So you might say I want to transfer 100% of the current tax year fund and 90% (say) of the ISA fund that is from the previous tax year. The remaining 10% of previous year ISA fund then remains in the Halifax ISA.

That way you can keep the 10% not transferred under the ISA wrapper within the Halifax ISA (assuming the account conditions such as minimum balance allow you to do that).

Note under the ISA rules you can't split the current tax year fund when transferring, so you can't transfer 90% of the current tax year fund and 100% of the previous tax year fund. However you can withdraw 10% of the current year fund and then transfer but then the withdrawn money is outside of the ISA wrapper.

Hope that makes sense.

peterx

This is a good rate but one thing to bear in mind is if you transfer it out after 99 days- you will probably miss out on next providers interest offer.Also are part withdrawals allowed.I think I'm going for this.

SnowMan

peterx wrote: »

This is a good rate but one thing to bear in mind is if you transfer it out after 99 days- you will probably miss out on next providers interest offer.Also are part withdrawals allowed.I think I'm going for this.

Part withdrawals and part transfers are not allowed see here

Early withdrawal
Withdrawals are not permitted during the fixed rate term before maturity (see maturity), however the account can be closed before maturity without penalty after 99 days’ notice (subject to cleared funds being available).

Transfer to other ISAs
Transfers of the full closure balance to other ISA providers are allowed during the fixed rate period, after 99 days’ notice. You will need to contact your new ISA provider in order to start the transfer process and at the same time contact us to give the notice on your account. Please note that partial transfers to
other ISA providers are not permitted from this account.

Stompa

SnowMan wrote: »

I would probably put 2011/2012. However that seems to be a question relating to ongoing subscriptions rather than transferred money.

Indeed, since I was transferring only and not subscribing I just left it blank. It struck me as being a poorly designed application form. I could also have done with a bit more space, it was pretty cramped.

hermante

peterx wrote: »

This is a good rate but one thing to bear in mind is if you transfer it out after 99 days- you will probably miss out on next providers interest offer.

I have a question related to peterx's point: do you just tell them you wish to transfer, and then submit the transfer form 99 days later? Or do you need to tell them what you want to do on the day you give notice?

We know there are usually good ISA offers in March/April. So could I give notice in December 2012, and then when March 2013 comes, I can see what sort of offers are available, and then pick one to transfer into? The T&Cs say you can cancel the notice, so if there are no better accounts, I could just leave it. Would that work?

10_66

On page 2 of the application form, just below where they've pre-filled in the account type, there are 2 boxes, 1 for years and the other for months. As they've already pre-filled in the account type (ie Fixed Rate Issue No 5), and as this is a "3 year" fixed rate account, why on earth have they got these boxes? If it's a 3 year fixed rate account, you're not going to put 1 year in it are you :undecided, or am I missing something?

MiserlyMartin

I don't understand why MSE are describing this account as having a loophole. Its a 99 day notice account with an interest rate that is 3.7% fixed for 3 years. Nothing more than that and its obvious that this is what the account is and advertised as. Its a notice account - anyone would think its a new concept from the way the email is raving about it. No loophole. But a good rate. I have the 45 day 3.1% notice account and have done for over a year. What I am wondering is will NCBS accept transfers from the 45 day ISA internally without having to fill in the usual transfer form?

Stompa

10_66 wrote: »

On page 2 of the application form, just below where they've pre-filled in the account type, there are 2 boxes, 1 for years and the other for months. As they've already pre-filled in the account type (ie Fixed Rate Issue No 5), and as this is a "3 year" fixed rate account, why on earth have they got these boxes? If it's a 3 year fixed rate account, you're not going to put 1 year in it are you :undecided, or am I missing something?

I imagine it's just a generic form, so perhaps those boxes might be applicable for a different issue number? FWIW I played safe and put a 3 & 0 in them. They definitely need to redesign their forms though!

londoner01

Erm, sorry, new to ISA transfers so I have very basic questions.

I've maxed out on this year's allowance on an ISA currently at 3.25%, but with a bonus disappearing in April this year. So I would want to change anyway.

My options:

Open an account now, transfer all my money in, use my allowance for 2012/2013 for another ISA (because further transfer-ins are not allowed)

Open an account now, say that I will transfer all my money in in a month and a half's time, hope they accept it.

Open an account now, say that I will pay my 2012/2013 allowance in in April, and do something else with my previous ISA.

Are all these options equally possible?

And I second peterx and hermante's questions - I can never get a move on fixed rates for more than a couple of years because I get paralysed by the "and what if a better deal comes up?".

Thank you so much for any lgith you're happy to shine on this for me!