ISA Direct ?

joe2cool

Hi my wife & myself have cash in 'Halifax's ISA Direct' current rate being 5.15%

Noticed with Alliance & Leicester, their rate is 5.40%

Is it easy enough to transfer one to the other ?

We have not used our £3.000 limit with 'Halifax', so if we transferred £3.000 to a A/L ISA Direct, is it possible to keep the halifax open with the remaining cash ?

Appreciate your help

Thx

davidcampbell

should be relatively easy to transfer the balance i suspect, however a&l has a fee if you want to then transfer it back out of there.

there are many other threads about this if you look back just in the last week to 10 days (sorry i dont know how to link them)

may be better opting for another provider without a fee incase a&l drop their rate

joe2cool

OK Cheers ! I'll check back, so there's no problem opening another ISA as long as no cash as been invested this tax year in another one ?

Didn't notice anything about a fee /

Thx again

grumbler

There is special sub-board for ISAs here.

jimclark1967

joe2cool wrote:

Hi my wife & myself have cash in 'Halifax's ISA Direct' current rate being 5.15%

Noticed with Alliance & Leicester, their rate is 5.40%

Is it easy enough to transfer one to the other ?

We have not used our £3.000 limit with 'Halifax', so if we transferred £3.000 to a A/L ISA Direct, is it possible to keep the halifax open with the remaining cash ?

Appreciate your help

Thx

A & L charge £25 if you ever want to transfer your ISA away from them in future (fairly likely given that best-buy rates tend not to last forever) On a balance of "only" £3000, this represents a huge 0.83% off your interest rate should you decide to move on again in 12 months time.

IMHO the Halifax ISA is still one of the best "no hassle" ISAs around at the moment, possibly only beaten by the Abbey Postal ISA at 5.35% (Though this may change - if only we had a crystal ball )

If you do go ahead with the transfer, remember that you can't pay money in to more than one ISA (at the same time) per tax year (Halifax or new provider.) So if the £3000 you plan to transfer is from a previous tax year (i.e. any time before last Wednesday) just remember not to split this year's savings between the two.

Hope that helps :beer:

Paul_Varjak

You cannot subscribe to more than on mini-cash ISA in one year. If you transfer money from one mini-cash ISA to another from a previous year you can transfer all or part of it. If you transfer this year's contribution to a mini-cash ISA you have to transfer all of it.

The question is - what if you have an ISA which contains contributions from this and previous year(s) and do a part transfer? Will the money transferred come from this year's ISA or previous year(s) first? It's a question I have asked her before and still do not know the answer!

Hobo_2

Paul, "the question is" if you already have THIS YEARS what are transfering to! you cannot open another to send it to

jimclark1967

Hobo wrote:

Paul, "the question is" if you already have THIS YEARS what are transfering to! you cannot open another to send it to

You can open another ISA so long as you transfer ALL of this years savings (plus interest) to the new account.

isasmurf

grumbler wrote:

There is special sub-board for ISAs here.

Yeah, but I'd be lost if I didn't have at least one thread to move to the ISA board every day. :rolleyes:

isasmurf

Paul_Varjak wrote:

The question is - what if you have an ISA which contains contributions from this and previous year(s) and do a part transfer? Will the money transferred come from this year's ISA or previous year(s) first? It's a question I have asked her before and still do not know the answer!

These links might answer your question
11.13 Transfer of a current year ISA
11.14 Transfer where the current year ISA cannot be identified
11.15 Transfer of a prior year ISA

joe2cool

Appreciate all the info guys....................me & my wife have over £6500 in each 'HAlifax' ISA Direct (which no contributions have beeen placed this year) & was thinking of putting £3000 in A&L's ISA Direct For the higher interest ?

So still not sure if worth it ?

Rather than transfer if required at a later date , could always just take all the cash out & open another yourself ? save £25?!


Thx