What is the best ISA for me?

Alex92_2

Noble_Savage wrote: »

If you're transferring your money to a different ISA elsewhere, that's classed as a withdrawal, so notice periods will apply.

So its a minimum of 60 days. So If I say on Feb 1st that I would like to make a withdrawal and when 6th April comes around I can push that money into the new ISA and add my new tax year money into it too?

How would I go about transferring the money from one ISA to the new one? Is it fairly simple to do? I've never done it before and have no experience of it - guess I could always call them up and get them to sort it out at the time.

I'm really worried that ill end up transfering the ISA money out to a current account or something somehow and only being able to store away £5600 in a 2 year fixed rate from April onwards.

Noble_Savage

What you should never do, if you want to transfer funds from one ISA to another in another organisation is take the money out yourself. This will affect the tax-free status of your ISA.

To transfer your ISA from one company to another, you ask the current ISA company to transfer the funds on your behalf to your new ISA company, already having set the new account up with a nil balance.

Transfers are a standard process for all ISA providers, so don't worry about it. But it's important you get them to do it this way so you preserve the tax-free status of your ISA.

innovate

On all the ISA transfer forms, you can specify that the notice period should be served and/or that the transfer must not take place before a given date.

innovate

Noble_Savage wrote: »

To transfer your ISA from one company to another, you ask the current ISA company to transfer the funds on your behalf to your new ISA company, already having set the new account up with a nil balance.

This is not how I know it - - all the transfers I have done/seen were requested with the new provider.

Here is the official BBA consumer guide for ISA transfers: http://www.bba.org.uk/consumer-guide-to-cash-isa-transfers

Alex92_2

Ah thats all relatively straight forward then

PDF was helpful, as were the posts in this thread.

Thanks,

Noble_Savage

innovate wrote: »

This is not how I know it - - all the transfers I have done/seen were requested with the new provider.

Here is the official BBA consumer guide for ISA transfers: http://www.bba.org.uk/consumer-guide-to-cash-isa-transfers

You are, of course, quite right. Thanks. I was having a senior moment.

In this case, the OP will still have to give notice of the intended transfer 60 days beforehand, even though the new provider won't be known at this stage (and it's not something the current ISA provider will need to know anyway).

Mechanical

Sainsbury's 2.8% variable.
I spoke to them before opening an account online to check a few things. No strings attached and no recorded message either which is a bonus in itself. 3 rings and I was through.

http://www.sainsburysbank.co.uk/savings/sav_cashisa_cisa_skip.shtml