Cash ISAs: The Best Currently Available List

masonic

s71hj said:

Re the Vida savings ISA, do they have any way to enforce their demand that you transfer any ISA with another provider to them in full as a condition of opening?

Of course not. Do they really demand their customers must use them exclusively for all ISA savings?

Malchester

Just looked at VIDA savings. Their site says

Deposits must be added by electronic transfer from your Nominated Bank Account, which must be in your name.  You may also transfer existing ISAs from other providers into this account, up to the Maximum Account Balance.​

No suggestion it is compulsory. Do they mean if you are transferring an ISA to then you must transfer the full amount and not a partial transfer

s71hj

Malchester said:

Just looked at VIDA savings. Their site says

Deposits must be added by electronic transfer from your Nominated Bank Account, which must be in your name.  You may also transfer existing ISAs from other providers into this account, up to the Maximum Account Balance.​

No suggestion it is compulsory. Do they mean if you are transferring an ISA to then you must transfer the full amount and not a partial transfer

It's this bit in the application:

Opening Your Account

Have you already opened and funded a Cash ISA with another provider in this tax year?

Yes

No

Your current year's ISA subscription must be moved to us in full. If you wish to transfer any previous years' ISA subscriptions, you can do this in part or transfer the full amount(s).

flobbalobbalob

masonic said:

s71hj said:

Re the Vida savings ISA, do they have any way to enforce their demand that you transfer any ISA with another provider to them in full as a condition of opening?

Of course not. Do they really demand their customers must use them exclusively for all ISA savings?

Vida and others are asking for confirmation with a check box so they will have a record of your answer. So what can they do with that info? I'm worried it could affect any future transfer out.

flobbalobbalob

s71hj said:

Malchester said:

Just looked at VIDA savings. Their site says

Deposits must be added by electronic transfer from your Nominated Bank Account, which must be in your name.  You may also transfer existing ISAs from other providers into this account, up to the Maximum Account Balance.​

No suggestion it is compulsory. Do they mean if you are transferring an ISA to then you must transfer the full amount and not a partial transfer

It's this bit in the application:

Opening Your Account

Have you already opened and funded a Cash ISA with another provider in this tax year?

Yes

No

Your current year's ISA subscription must be moved to us in full. If you wish to transfer any previous years' ISA subscriptions, you can do this in part or transfer the full amount(s).

To be clear, they impose this condition even if you are opening with new money only. 

s71hj

flobbalobbalob said:

s71hj said:

Malchester said:

Just looked at VIDA savings. Their site says

Deposits must be added by electronic transfer from your Nominated Bank Account, which must be in your name.  You may also transfer existing ISAs from other providers into this account, up to the Maximum Account Balance.​

No suggestion it is compulsory. Do they mean if you are transferring an ISA to then you must transfer the full amount and not a partial transfer

It's this bit in the application:

Opening Your Account

Have you already opened and funded a Cash ISA with another provider in this tax year?

Yes

No

Your current year's ISA subscription must be moved to us in full. If you wish to transfer any previous years' ISA subscriptions, you can do this in part or transfer the full amount(s).

To be clear, they impose this condition even if you are opening with new money only. 

They impose it, but I'm unclear how they would be able to detect you had told an untruth 

masonic

s71hj said:

Malchester said:

Just looked at VIDA savings. Their site says

Deposits must be added by electronic transfer from your Nominated Bank Account, which must be in your name.  You may also transfer existing ISAs from other providers into this account, up to the Maximum Account Balance.​

No suggestion it is compulsory. Do they mean if you are transferring an ISA to then you must transfer the full amount and not a partial transfer

It's this bit in the application:

Opening Your Account

Have you already opened and funded a Cash ISA with another provider in this tax year?

Yes

No

Your current year's ISA subscription must be moved to us in full. If you wish to transfer any previous years' ISA subscriptions, you can do this in part or transfer the full amount(s).

So it's a legacy question from the days of the "one current year ISA of each type" restriction.

Can be safely ignored, or answered with the closest option if compulsory (i.e. "None of your business" / "Not applicable" ~ No) until they get around to updating their systems. Or subscribe to this ISA first before taking out another.

s71hj

masonic said:

s71hj said:

Malchester said:

Just looked at VIDA savings. Their site says

Deposits must be added by electronic transfer from your Nominated Bank Account, which must be in your name.  You may also transfer existing ISAs from other providers into this account, up to the Maximum Account Balance.​

No suggestion it is compulsory. Do they mean if you are transferring an ISA to then you must transfer the full amount and not a partial transfer

It's this bit in the application:

Opening Your Account

Have you already opened and funded a Cash ISA with another provider in this tax year?

Yes

No

Your current year's ISA subscription must be moved to us in full. If you wish to transfer any previous years' ISA subscriptions, you can do this in part or transfer the full amount(s).

So it's a legacy question from the days of the "one current year ISA of each type" restriction.

Can be safely ignored, or answered with the closest option if compulsory (i.e. "None of your business" / "Not applicable" ~ No) until they get around to updating their systems. Or subscribe to this ISA first before taking out another.

Aha, so it's adhering to what the out of date product templates think is the HMRC legal position not their own policy of choice.

masonic

s71hj said:

masonic said:

s71hj said:

Malchester said:

Just looked at VIDA savings. Their site says

Deposits must be added by electronic transfer from your Nominated Bank Account, which must be in your name.  You may also transfer existing ISAs from other providers into this account, up to the Maximum Account Balance.​

No suggestion it is compulsory. Do they mean if you are transferring an ISA to then you must transfer the full amount and not a partial transfer

It's this bit in the application:

Opening Your Account

Have you already opened and funded a Cash ISA with another provider in this tax year?

Yes

No

Your current year's ISA subscription must be moved to us in full. If you wish to transfer any previous years' ISA subscriptions, you can do this in part or transfer the full amount(s).

So it's a legacy question from the days of the "one current year ISA of each type" restriction.

Can be safely ignored, or answered with the closest option if compulsory (i.e. "None of your business" / "Not applicable" ~ No) until they get around to updating their systems. Or subscribe to this ISA first before taking out another.

Aha, so it's adhering to what the out of date product templates think is the HMRC legal position not their own policy of choice.

Very much in line with the old templates provided by HMRC.

Malchester

Darlington Building Society had something very similar. I, along with a lot of others complained and they removed wording relating to only funding one ISA a year and to having to transfer current year ISAs to them. They did ring me to explain what they had done, apologised and thanked me for pointing it out. They did say lots of comments had been made about it.