Cash ISAs: The Best Currently Available List

bsuym

MarkyMarkD wrote: »

Hi Curly and welcome.

Most ISAs will allow you to transfer in previous years' money from other providers. Note that some don't - particularly the Barclays 3.61% best buy, for example - so choose carefully.

Even so, you could open one JUST to transfer last year's money, and still open another which doesn't allow transfers in for the 2009/10 money.

Make sure you ask your new provider to sort out the transfer - you can't withdraw the money and transfer it across yourself.

Apologies if this has already been answered somewhere else in the 90+ pages, but I too am a little confused about transfers and have a question which doesn't seem to be covered in Martin's introduction to ISAs article, nor on any websites like DirectGov...

I have £3,600 invested in a 2008/9 ISA, which now pays a poor rate so I would like to move this to another provider. I just opened a 2009/10 ISA with Provider A with £200, with the aim of filling in their forms to transfer my 2008/9 £3,600, but have come to realise that there are better deals around. I understand I cannot open another 2009/10 ISA (e.g. with Provider with the rest of the £3,600 allowance as this would be splitting one year's allowance, so I have to accept that rate for this year.

Now here's the juicy part of the question...
If this Provider B 2009/10 ISA could be opened without a "minimum funding of £x" and accepted transfers, does that mean I can have two open ISAs, one with Provider A for 2009/10's allowance, and one with Provider B for 2008/9's saved £3,600? And what if I then find another Provider who does not require an opening amount, paying even more? Could I transfer again from Provider B to this new one?

What if I have already transferred my 2008/9 saved £3,600 into Provider A (thus making £3,800), could I get just 2008/9's amount transferred out to Provider B (the better rate) and keep £200 in Provider A?

What it comes down to, I suppose, is whether many providers with have good rate ISAs that don't require you to use some of this year's allowance?

Hope that makes sense!

Baldur

bsuym wrote: »

........so I have to accept that rate for this year.

No you don't - you can transfer to a different provider and then top up to your maximum allowance - i.e. your transfer of £200 leaves £3,400 to be subscribed in the current tax year.

Now here's the juicy part of the question...
If this Provider B 2009/10 ISA could be opened without a "minimum funding of £x" and accepted transfers, does that mean I can have two open ISAs, one with Provider A for 2009/10's allowance, and one with Provider B for 2008/9's saved £3,600? And what if I then find another Provider who does not require an opening amount, paying even more? Could I transfer again from Provider B to this new one?

What if I have already transferred my 2008/9 saved £3,600 into Provider A (thus making £3,800), could I get just 2008/9's amount transferred out to Provider B (the better rate) and keep £200 in Provider A?

Why would you want to leave £200 with provider 'A' - you simply transfer the full balance.

What it comes down to, I suppose, is whether many providers with have good rate ISAs that don't require you to use some of this year's allowance?

You are overcomplicating matters - you can transfer Cash ISAs whenever (and as many times as) you wish, subject to any limitations imposed by specific accounts' Terms & Conditions. Probably the majority of providers that accept transfers do not require you to subscribe to their current tax year's offering - I have made many Cash ISA transfers and can only recall having subscribed additional funds for the relevant tax year on one occasion.

exel1966

Has anyone here gone from last tax years Lloyds fixed rate ISA to this tax years Lloyds fixed rate ISA?
I understand I can open online and the account will open immediately, but what about transferring the funds over ? Can that be done online or does it need a specific ISA transfer form to keep it within the tax free wrapper.

Lokolo

Are you saying that you're fixed rate ISA is about to mature and you wish to open another one in which to transfer those funds into a new fixed rate ISA?

exel1966

Yes it's matured today so I now need to shift it ASAP.

Lokolo

Go into branch, state you've got your fixed rate maturing and you wish to fix it up for another year, they will do it internally and be done in 5 minutes.

(I suspect, I have never done it but theres not much else to do!)

exel1966

I've been led to believe (i'm not convinced) by Lloyds phone banking that it's not quite as simple as that though as it has to be dealt with by their ISA dept, hence asking If anyone has specifically done it.

whu

My lloyds fixed ISA matured last week and I went into the branch yesterday and they transferred this years allowance from my current account to my ISA - it is now fixed for another year - I did not have to fill out any forms as I previously sent back the form confirming that I wanted to go onto their "early bird offer" of 3.5% when last years ISA matured

Lokolo

Yes excel, telephone staff won't have enough 'power' as such to be able to do that. In branch staff will though.

Careful_ly

We did it in branch last week. It had matured the week before, no early bird offer for us, so one weeks interest was added and showed as fixed rate the next day.
One form to sign, took only a few minutes.

HTH