Advice re: new ISA which will allow transfer in during June

alkip

Does anyone know of an ISA (preferably fixed rate) that I can open now and in June transfer in £24k of previous years ISAs when it matures with my current provider?

vickssinex

With the Leeds BS you could open the account with £1 but I don't know if they would accept a transfer in after a couple of months. Best to phone them up and check.

alkip

Thanks, I've looked at the Leeds one and they will accept transfers in but only whilst the issue is open to new customers. If I can't find anything else I may just have to open a Leeds one and hope that it's still open to new investors when my other ISA investment matures.

What are peoples thoughts on me contacting my existing provider (Skipton) and seeing what the penalty would be for transferring it out before it matures?

badger09

alkip wrote: »

Thanks, I've looked at the Leeds one and they will accept transfers in but only whilst the issue is open to new customers. If I can't find anything else I may just have to open a Leeds one and hope that it's still open to new investors when my other ISA investment matures.

What are peoples thoughts on me contacting my existing provider (Skipton) and seeing what the penalty would be for transferring it out before it matures?

What do you intend to do with this year's cash ISA allowance?

Have you considered opening the Leeds Online Bonus ISA now, with this year's allowance - you only need £1 , then when your Skipton fixed rate matures in June, ask Leeds to transfer it in.

Penalties for early withdrawal/transfer of fixed rate usually mean its not worth doing, unless you need the money in an emergency :eek:

alkip

badger09 wrote: »

What do you intend to do with this year's cash ISA allowance?

Have you considered opening the Leeds Online Bonus ISA now, with this year's allowance - you only need £1 , then when your Skipton fixed rate matures in June, ask Leeds to transfer it in.

Penalties for early withdrawal/transfer of fixed rate usually mean its not worth doing, unless you need the money in an emergency :eek:

The full amount of this years allowance will go into the ISA, I can do this as an opening payment or put it in later.

According to their blurb I can only transfer in whilst it's an open issue so the same worry remains, if it's closed by the time my Skipton ISA matures I'm stuffed.

Thanks for the info on early withdrawal

alkip

Don't know what's happened to your post Badger09 but in answer:

Into the Leeds one.

That's great, thanks very much :j

badger09

alkip wrote: »

Don't know what's happened to your post Badger09 but in answer:

Into the Leeds one.

That's great, thanks very much :j

I was overzealous with my edit

I opened mine yesterday and have applied for £100 from last year's ISA to be transferred to secure the Leeds 2.55% rate. When the bonus rate on my Nationwide Flexclusive ISA falls on 1 November, I'll arrange for some/all of the funds to be transferred to Leeds

Rockula

badger09 wrote: »

When the bonus rate on my Nationwide Flexclusive ISA falls on 1 November, I'll arrange for some/all of the funds to be transferred to Leeds

This seems to be the sticking point, however, according to the terms on the Leeds keyfacts document - if the issue is closed, you won't be able to transfer in from the Flexclusive ISA, and my guess is that the chances of this issue still being open in Novemebr are slim:

18. Further subscriptions in future tax years are not permitted but you may transfer in previous years’ subscriptions whilst the issue remains open for further investment.

Hope I'm proved wrong, though, because if it does remain open to transfers later in the year, it sounds like a good plan!

innovate

Rockula wrote: »

Hope I'm proved wrong, though, because if it does remain open to transfers later in the year, it sounds like a good plan!

There's always a risk they won't take further transfers but that isn't good enough reason for me not to apply now and I have done the same as badger09. For a tiny "fee" of max £1.70, it's worth my while.

alkip

I've just e-mailed Leeds to get a definitive answer as I too was worried about the issue being closed by the time it comes to June (which actually turns out to be July now I've studied my Skipton ISA) never mind November, I'll post up what the response is when I get it.

alkip

The answer from Leeds upholds my fears, they confirm that transfers in can be made throughout the 2013 / 14 calendar year but only whilst the issue is open and they cannot confirm when it will be closed.