CASH ISA's

Jayceys

I have already taken out my current tax year entitlement on a cash ISA, but have an old one maturing in a week. I do not want to reinvest it with the current provider and am trying to find another provider who will take it. All the ones I look at on line say that if I have a current ISA in existence then they will not accept the money. (I do not want to take out a Stocks and Share ISA).
Can anyone suggest which provider I can look at?

Meadows

Can you transfer it in to your new one?

Some allow old Isa transfers some don't, all depends on what rate they offer. If your current Isa does not allow transfers from previous years you may be stuck with it staying in the old one with next to no rate or withdraw it from the Isa and look for a basic savings account that may pay more than the Isa account now the good rate has ended.

psychic_teabag

Providers won't allow you to subscribe (pay new money in) to another ISA this year. But most will allow you to transfer in an existing ISA. Are you misinterpreting their rules ?

eg http://!!!!!!!!!!!!!!!!!!!!!!!!!!!!/free-services/best-buy-savings-accounts/ has some best-buy cash ISAs which will accept transfers.

Note that you must use the ISA transfer process - can't just withdraw the money from one provider and present it to another.

EDIT: oh - odd - I wonder why that site has been censored..?

psychic_teabag

Meadows wrote: »

Can you transfer it in to your new one?

Some allow old Isa transfers some don't, all depends on what rate they offer. If your current Isa does not allow transfers from previous years you may be stuck with it staying in the old one with next to no rate or withdraw it from the Isa and look for a basic savings account that may pay more than the Isa account now the good rate has ended.

That sounds like bad advice. Even if you can find a non-ISA paying more after tax than an ISA, that's possibly a strategic error, since you've given up the tax-free status on that money forever. (Assuming you are or may become a taxpayer.)

There is no restriction on the number of ISAs you can open in a year to receive transfers : the only restrictions are on new money.

xylophone

If your current provider won't allow a transfer in of your old ISA, then look for one who will.
http://www.money.co.uk/savings-accounts/cash-isas.htm

Don't forget that you must follow the correct transfer process - ask your chosen provider to arrange the transfer.

innovate

Kazza's cash ISA thread is pretty good for finding a suitable, top interest, ISA.

There is no reason at all why you shouldn't be able to transfer a matured ISA to a different provider.

Also see the HMRC FAQ on the matter.

bigfreddiel

Jayceys wrote: »

...... if I have a current ISA in existence then they will not accept the money......

load of old garbage - you can transfer a cash isa to a new provider as long as they accept transfers.

whether or not you have opened a new isa with anyone else is totally irrevalent.

jdi

fj

CLAPTON

try nationwide

innovate

any provider accepting transfers in will be good - - by some of them will offer better interest. Nationwide is not tops now.

MoneySaverLog

Top transfer in rates appear to have dropped now. They offer better rates around the time of the new tax year when all the providers compete with each other for your money.

If you're going to transfer might be worth looking at a "instant access" ISA and doing a further transfer at that time to one of the better paying ISA's most probably fixed.

nearlyretired2004

Santander still offering 4 % (or maybe 4.1% ....) for their Major ISA - jusy about to transfer my maturing Halifax reward ISA there ..... and I already have the same product with this years 'new' money in it as well ....