transferring ISA help!

mylifestory

I started an ISA with the halifax on 3rd april 2011.

I put in £5K at start & another 5K a week later, therefore covering 2 years worth.

Their high rate ends for me on 3.4.2012 - ie. next week! I need to transfer out the money to another ASA account as it them drops to pennies.

Ive never done this before so wondered when I should do it? (obviously after 3.4.2012!) but does it need to be before the end of this tax year for example? I do plan on putting in another £5k later on this month. I was thinking of the santander account which also has a good rate for 12 months.

Opinions please as i'm new to this!

thanks!!

evenasus

mylifestory wrote: »

I started an ISA with the halifax on 3rd april 2011.

I put in £5K at start & another 5K a week later, therefore covering 2 years worth.



I do plan on putting in another £5k later on this month. I was thinking of the santander account which also has a good rate for 12 months.

Opinions please as i'm new to this!

thanks!!

You don't mean this month (March) do you? You've stated that you've already put £5K in this financial year.

Newly_retired

See the many stories on these forums re Santander's botch-ups of transfers.
Personally I have had no problems but I am avoiding them this year.

dustyjack

A chosen new provider should have the relevant forms to complete what you need to do. Once you've chosen your product, take it from there with the new ISA provider.

innovate

It's best to request transfers as soon as possibly after your existing rates expire / any fixed rate ISAs mature.

ISA providers will usually pay you interest from the date they received the transfer request, regardless of when the money actually arrives. Best to hand-carry the transfer request into a Branch (if your provider does have branches), and get a receipt.

It is CRITICAL that you ask your new ISA provider to carry out the transfer. Otherwise you will have lost the ISA protection on all of your old funds.

mylifestory wrote: »

I do plan on putting in another £5k later on this month.

Unless I have misunderstood, you already have maxed out your 2011/2012 allowance, So you would not want to put any more money into your cash ISA before April 6 2012

mylifestory

oops, yes meant to say put in another £5K in april!

so theres no deadline for me for doing this?

now need to research best account to transfer into. any good links? I'm nt that familiar with this site, but thanks for info tonight all ;-)

evenasus

mylifestory wrote: »

any good links? I'm nt that familiar with this site, but thanks for info tonight all ;-)

You'll find all the latest accounts and rates on the first page of this link... https://forums.moneysavingexpert.com/discussion/401374

psychic_teabag

mylifestory wrote: »

I started an ISA with the halifax on 3rd april 2011.

Their high rate ends for me on 3.4.2012 - ie. next week! I need to transfer out the money to another ASA account as it them drops to pennies.

Halifax allow you to redesignate ISAs so that you basically start the bonus going again. You can fill in a form online, or phone them, or probably do it in a branch.

http://www.halifax.co.uk/savings/accounts/cash-isas/ISAoptions/

It wouldn't be the best rate going. But you could still transfer even after converting to a different instant-access ISA. Gives you a little more time to plan.

thenudeone

In general, there are no government-imposed deadlines or restrictions on when you can transfer a Cash ISA, although some accounts might have a notice period, an interest penalty, or an interest bonus which depends on the account being open for a set period.

So you should do it as soon as the rate drops unless the penalties are excessive.