ISA on line Saver.

McKneff

My fixed rate ISA matured and I opened an ISA online Saver, it said it was 3% fine.

I looked at the rate after opening it and it said 2.75%

At the very end of the transfer it said:-

Complete the Transfer - continue
Then in small writing it said Are you sure you want to WITHDRAW cash - I pressed cancel, is it just badly worded?

innovate

Doesn't sound right.

If the advertised rate is 3%, it shouldn't change to 2.75% during the application process.


And the "transfer" sounds iffy - -- usually, you have to fill in, and sign, a transfer form which you new ISA provider sends to your old provider. If you stay with the same bank, you usually have to ring them to ask for the transfer. At no point should you ever agree to "withdraw" your funds.

Which bank(s) are involved in your transactions? i.e. who is the bank you have your old ISA with, and who is the bank with the new ISA you want to transfer to?

LuSiVe

Is this halifax, because they use the word 'transfer' to move money between halifaxx accounts, whic is *NOT* what you want to do here ...

psychic_teabag

If it is Halifax, you can use an online form to redesignate the account.
http://www.halifax.co.uk/savings/accounts/cash-isas/ISAoptions/
Other places can possibly redesignate over the phone, eg Santander.

I agree with the others that it sounds like you have opened a new account and were about to do an inter-account transfer, which would effectively have withdrawn the money from the old ISA and then added the money as a new subscription to the new ISA, which is not what you want to do.

McKneff

psychic_teabag wrote: »

If it is Halifax, you can use an online form to redesignate the account.
http://www.halifax.co.uk/savings/accounts/cash-isas/ISAoptions/
Other places can possibly redesignate over the phone, eg Santander.

I agree with the others that it sounds like you have opened a new account and were about to do an inter-account transfer, which would effectively have withdrawn the money from the old ISA and then added the money as a new subscription to the new ISA, which is not what you want to do.

Yes, this is exactly what I did, but at the end before completing I saw the word 'withdraw' and cancelled. I have to go into to town today so I'll go into the Halifax and sort it out with them.
Thanks for your input guys.

opinions4u

DO NOT MOVE THE MONEY FROM ONE ACCOUNT TO THE OTHER YOURSELF.

DO NOT FUND THE NEW ACCOUNT.

You will lose you tax free allowance for the previous year if you do this.

Just redesignate the existing one, keeping the same account details, via http://www.halifax.co.uk/savings/acc...as/ISAoptions/