Cash ISAs: The Best Currently Available List

DaveyCee

Hi all,

Silly question..... Can you transfer into another cash ISA at any time? 

I was looking at the Kent Reliance EA Cash ISA and it said this in the small print summary box:

'Transfer of additional ISA funds from other providers are permitted, however this request must be received within 30 days of your account being opened. The time required to complete your transfer to Kent Reliance will be determined by your current provider.'

I was going to transfer another ISA when it maturess in November. Can this be done?

Thanks
D

pecunianonolet

Chip App shows me the option to register early for cash ISA transfers so looks like they will introduce a transfer in opportunity, which was so far unavailable.

slinger2

DaveyCee said:

Hi all,

Silly question..... Can you transfer into another cash ISA at any time? 

I was looking at the Kent Reliance EA Cash ISA and it said this in the small print summary box:

'Transfer of additional ISA funds from other providers are permitted, however this request must be received within 30 days of your account being opened. The time required to complete your transfer to Kent Reliance will be determined by your current provider.'

I was going to transfer another ISA when it maturess in November. Can this be done?

Thanks
D

There's no requirement for a provider to allow transfers in. Some do, some don't, and those that do often only have a short window after opening when transfers in are allowed (especially fixed rate ISAs). They're all different so you need to read the T&Cs.

DaveyCee

slinger2 said:

DaveyCee said:

Hi all,

Silly question..... Can you transfer into another cash ISA at any time? 

I was looking at the Kent Reliance EA Cash ISA and it said this in the small print summary box:

'Transfer of additional ISA funds from other providers are permitted, however this request must be received within 30 days of your account being opened. The time required to complete your transfer to Kent Reliance will be determined by your current provider.'

I was going to transfer another ISA when it maturess in November. Can this be done?

Thanks
D

There's no requirement for a provider to allow transfers in. Some do, some don't, and those that do often only have a short window after opening when transfers in are allowed (especially fixed rate ISAs). They're all different so you need to read the T&Cs.

Thankyou. That's good to know. I was looking for something now, then transfer my other ISA in later in the year, but that might not be possible. 

soulsaver

Lloyds, Shawbrook,  think Barclays You can top up Kent throughout the term...  but maybe not transfer in after 30 days. Maybe worth checking with them. 
Top up your ISA | UK ISAs | Lloyds Bank
2-year-fixed-rate-cash-isa-bond-85.pdf (shawbrook.co.uk) - T&Cs, bullet 3 - as with other length terms.

Reed_Richards

DaveyCee said:

Hi all,

Silly question..... Can you transfer into another cash ISA at any time? 

I was looking at the Kent Reliance EA Cash ISA and it said this in the small print summary box:

'Transfer of additional ISA funds from other providers are permitted, however this request must be received within 30 days of your account being opened. The time required to complete your transfer to Kent Reliance will be determined by your current provider.'

I was going to transfer another ISA when it maturess in November. Can this be done?

Thanks
D

In principle you could obey the letter of the condition and submit a request within 30 days to transfer the ISA when it matures in November.  All the ISA transfer forms I can remember allow you to do something like that, either specify an immediate transfer with possible penalty or a transfer at a future date.  

Reed_Richards

StephenT said:

Charter Savings Bank 1 Year Fixed Rate ISA - was just about to apply but reading the T+C's it appear to be saying that you cant open one with them if you have opened another ISA this tax year - I thought that had changed and you could have several as long as the total didn't exceed £20K. Ive already put £10K into Chip's ISA which is variable and was going to put another £10K into a fixed. Anyone else read the T+C on Charter's Fixed Rate ISA as that?

This issue has been discussed so much previously that nobody has bothered to reply.  I think considered opinion is that this Charter rule is not enforceable because

1. It contravenes current HMRC rules on ISAs
2. Charter have no way of knowing if you have another Cash ISA elsewhere

drphila

StephenT said:

Charter Savings Bank 1 Year Fixed Rate ISA - was just about to apply but reading the T+C's it appear to be saying that you cant open one with them if you have opened another ISA this tax year - I thought that had changed and you could have several as long as the total didn't exceed £20K. Ive already put £10K into Chip's ISA which is variable and was going to put another £10K into a fixed. Anyone else read the T+C on Charter's Fixed Rate ISA as that?

Not as bad as Kent Reliance's stance on this. They threaten to "fine" you (claw back interest) if they find out you've opened a cash ISA elsewhere!

"If you open a cash ISA with us, and we’re subsequently informed that you already have a current tax year cash ISA with another provider, we’ll amend the opening date of your Kent Reliance ISA to the official transfer date - normally the date your other ISA provider transferred funds to us. This will be deemed as the date we accept your subscription and you won’t earn interest prior to this date."

Reed_Richards

Kent Reliance find out you have another Cash ISA from the current tax year because you attempt to transfer it in to them.  So don't.

2010

How many days are KR fining you?
Can`t be any if the other provider is in the electronic transfer system because it`s usually done the same day.

Obviously if it`s a cheque (like Marcus does) then it would be a number of days.