help with ISA transfer please...

james3333

Hi guys,
i have £1,200 in a halifax cash ISA.
i want to take this out and open a barclays 6.5% cash ISA.
how should i go about doing this?
i cant transfer from halifax to barclays... so do i need to close my halifax ISA and get the money put into my current account..... then, open the barclays 6.5% ISA and tell them to take the £1,200 out of my current account?

cheers.

thumshie

Have you added to your halifax isa this financial year?

If so, I believe you will not be able to open a new ISA till next year, where the 1200 you 'move' will count towards next years allowance.(See point 5,1 of barclays Ts'&C's, I'm sure halifax will be the same)
http://www.personal.barclays.co.uk/BRC1/jsp/brccontrol?site=pfs&task=homefreegroup&value=12261#terms

If you havn't subscribed this year, your above route would work.

james3333

what do you mean by 'this year' 2006/7?
i opened my halifax isa about 3 months ago and i have been putting £100 pm into it....

milla

James 3333

Whatever you decide

DO NOT CLOSE YOUR ISA AND PUT IT IN A CURRENT ACCOUNT as you will have lost all the benefits of this years £1200 (unless that is the money that you are going to use to start another ISA).

Once you have taken it out of the ISA it cannot be put back in (for this year )and this year's allowance is lost forever.

james3333

milla wrote: »

James 3333

Whatever you decide

DO NOT CLOSE YOUR ISA AND PUT IT IN A CURRENT ACCOUNT as you will have lost all the benefits of this years £1200 (unless that is the money that you are going to use to start another ISA).

Once you have taken it out of the ISA it cannot be put back in (for this year )and this year's allowance is lost forever.

we are only talking about a few weeks here correct?
yes, this is the money i want to start the isa for next year
i just want to transfer £1,200 from halifax to the new barclays 6.5%
so, can i open a barclays now ( for next year i.e 6th april 2007) and close my halifax one... then transfer the cash in?
i only pay in £100 per month, due to paying £250 into barclays 12.5% saver

OR should i just leave the £1200 where it is and open a new barclays ISA next year?
because when my 12.5% saver matures i will need somwhere to put the 3k from there.

advice please!

[Deleted User]

James if you have paid any money into the Halifax Cash ISA this financial year, i.e. since April 2006, then you can only transfer your ISA to another provider. You will not be able to close your Halifax ISA and then open the Barclays ISA until April. The Barclays Cash ISA that would give you 6.5% does not allow transfers in.

I would either leave your Halifax ISA where it is or transfer it to someone like the Yorkshire Building Society who's e-ISA gives you 5.65% which is slightly higher than Halifax and it does allow transfers in.

james3333

Deleted_User wrote: »

James if you have paid any money into the Halifax Cash ISA this financial year, i.e. since April 2006, then you can only transfer your ISA to another provider. You will not be able to close your Halifax ISA and then open the Barclays ISA until April. The Barclays Cash ISA that would give you 6.5% does not allow transfers in.

I would either leave your Halifax ISA where it is or transfer it to someone like the Yorkshire Building Society who's e-ISA gives you 5.65% which is slightly higher than Halifax and it does allow transfers in.

yeh, i see.
i think i will keep the halifax ISA.
and open a barclays ISA for the new year, paying all 'new money' into the barclays.
then, when my reg saver 12.5% matures i will be able to put 'some' of that into the ISA for a few months

actually, what happens to my halifax ISA on 6th april?
will it stay accruing interest even if i open a barclays isa for the new year?

thumshie

james3333 wrote: »

actually, what happens to my halifax ISA on 6th april?
will it stay accruing interest even if i open a barclays isa for the new year?

Yes.......

Mat33

I have about 10000 in halifax ISA and am looking to move this and get a reasonable interest rate. If i do transfer a lump sum, can i still continue to make payments into the new ISA or is it better to keep the Halifax ISA and just open a new ISA such as Barclays Golden ISA. Any advice?