National Counties Building Society 3.7%

10_66

londoner01 wrote: »

...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?...

Options 1 & 2 are possible. For Option 2, there is a space on the transfer form asking about the notice needed on the ISA you wish to transfer, so you could state in there (don't know whether they'd honour the account if the transfer wasn't completed by the time the account was withdrawn).

Don't think they'd let you do Option 3.

shapala

Can someone help me with a few issues I need made clear to me.

I, too, am thinking of opening this ISA account. However, this will be my first ISA. I currently have £2000 I can transfer in to it. However, I would like to add, say, £500 per month until I max out the £5,340 tax-free allowance, so is this permitted?

Secondly, if, say, I wanted to withdraw an amount but not the entire amount in May 2013 (to pay off the entire balance of a 0% 15-month credit card) can I do so without incurring any penalties (on condition I notify NCBS 99 days in advance that I'll withdraw x amount) and still receive the interest of that amount until it's pulled, together with the remaining balance (since the interest for this account is paid in October)? Hope that makes sense. I'm learning as I go so sorry if I come across as a noob. Many thanks in advance.

blueberrypie

shapala wrote: »

I, too, am thinking of opening this ISA account. However, this will be my first ISA. I currently have £2000 I can transfer in to it. However, I would like to add, say, £500 per month until I max out the £5,340 tax-free allowance, so is this permitted?

In general, fixed-rate accounts do not allow further deposits after the first one, but in this case, the t&c say "no further savings will be accepted once the issue has been withdrawn" - so I would say that according to the t&c, what you propose is do-able. However I would not be surprised if this issue *is* withdrawn fairly soon.

Secondly, if, say, I wanted to withdraw an amount but not the entire amount in May 2013 (to pay off the entire balance of a 0% 15-month credit card) can I do so

No. The only way to get the money out of this account is to close it - either by withdrawing the full balance, or by transferring the full balance to another ISA.

In the position you describe, I would give 99 days notice in January 2013, then set up a transfer to another ISA - one that allows partial withdrawals - for April 2013. Then you could withdraw whatever funds you need for the cc balance, and either leave the remaining funds in the other ISA, or transfer them elsewhere again.

shapala

Thanks for the update. That clears things up for me. However, one other question. If I was to do like you say and flush and close the account in April next year, how does the annual interest which is paid in October reach the account when I'm closing it many months prior?

blueberrypie

shapala wrote: »

Thanks for the update. That clears things up for me. However, one other question. If I was to do like you say and flush and close the account in April next year, how does the annual interest which is paid in October reach the account when I'm closing it many months prior?

The interest earned until the date of closure would be paid when the account is closed. If you transfer the funds to another ISA as I've suggested, the interest would be transferred along with the money you'd deposited.

hermante

blueberrypie wrote: »

In the position you describe, I would give 99 days notice in January 2013, then set up a transfer to another ISA - one that allows partial withdrawals - for April 2013. Then you could withdraw whatever funds you need for the cc balance, and either leave the remaining funds in the other ISA, or transfer them elsewhere again.

But do you need to know the ISA you are transferring to in January? Or can you just give notice, and then cancel it in April if there is no better rate?

cal1_2

I'm not so sure about this product now......I know you can withdraw with 99 days notice but I want an ISA I can add to every year for the next 3 years - and this is not possible once they have withdrawn the product (ie, no more desposits once the product is no longer available)

thenudeone

cal1 wrote: »

I'm not so sure about this product now......I know you can withdraw with 99 days notice but I want an ISA I can add to every year for the next 3 years

Just add to a new ISA next year, if this one's not available.

SnowMan

Just an update on my ISA application

Wednesday morning (22nd): Applied on-line (this year's ISA subscription and chose for it to be taken by card payment). Printed off and posted the application form and enclosed an ISA transfer form to transfer previous years ISA also

Friday (24th): Received in post details of on-line login for National Counties. Logged in and although card payment hasn't been taken from my bank yet, the £5,340 is showing as deposit on 23rd (Thursday). So presume it will leave my bank account on Monday (edit: which it has done)

Monday (27th): Received letter from National Counties to say ISA transfer process has been initiated.

Wednesday (29th): Transfer of previous ISA happens: money leaves my old ISA and is showing as uncleared funds in my National Counties ISA.

Thursday (1st): Receive subscription certificate from National Counties in relation to 2011/2012 subscription. Framed it and hung it up on wall (sorry made that bit up about framing it)

Friday (2nd): National Counties letter received confirming ISA transfer has taken place

sheffieldeagle

Hi

Apologies for my naivety in these matters but I've not transferred before. Would it be possible to open this account now and transfer my current ISA balance (fixed term ends April 8th) later or does it need to be done on opening the account?

Cheers