ISA 2.55% Leeds building Society

innovate

grantmo wrote: »

Does anyone know if I can open this just now and use it for a transfer in November?

As I would like to pay into last years isa just now as I'm getting a better rate but would be looking to transfer in nov when the rate drops.

If you read back you will find that a few other people are in the same situation as you are.

grantmo

innovate wrote: »

If you read back you will find that a few other people are in the same situation as you are.

It says on the mse isa page that transfers will only be allowed when the isa is open for new customers. So I was a bit unclear about this.

typistretired

What I have done is opened the account and got an isa account number and printed off the form I have to sign and send to them. I couldn't find the cash isa transfer authority form on their site so I googled leeds building society isa transfer form and the form came up so have printed that off too. The good thing about the transfer form is that you send it freepost. So I will sign and send off both forms to them. I will arrange as others on this post have done for only £100 to be transferred from my past years isas until the existing interest rate goes down in September 2013

veryintrigued

typistretired wrote: »

What I have done is opened the account and got an isa account number and printed off the form I have to sign and send to them. I couldn't find the cash isa transfer authority form on their site so I googled leeds building society isa transfer form and the form came up so have printed that off too. The good thing about the transfer form is that you send it freepost. So I will sign and send off both forms to them. I will arrange as others on this post have done for only £100 to be transferred from my past years isas until the existing interest rate goes down in September 2013

The transfer form is on the first page of the application I think:


http://www.leedsbuildingsociety.co.uk/savings/idnotes.html

innovate

I came across the transfer from on the application page, but here is the link:
http://uk.sitestat.com/leedsbs/leedsbs/s?ISA_Transfer_Form&ns_type=pdf

Make sure you tick the right boxes on the form:

1. Do you want to transfer all of part of this cash ISA? Part
2. Have you subscribed to this cash ISA in the current year: Yes if you deposited any money into it for 2013-14 (I assume literally everyone interested in this transfer discussion did)
3. If answer to Q 2= yes, do you want to include subscription from the current year: No
4. don't tick the box, just enter the amount you want to transfer (I suggest £100 is a sensible amount)

For transfers from Nationwide, I think you need to specify the Roll number of your Nationwide ISA.

adindas

grantmo wrote: »

Does anyone know if I can open this just now and use it for a transfer in November?

As I would like to pay into last years isa just now as I'm getting a better rate but would be looking to transfer in nov when the rate drops.

Yes. You could open it now with minimum balance of £1 to maintain your account.

grantmo

adindas wrote: »

Yes. You could open it now with minimum balance of £1 to maintain your account.

Would that pound have to be done via a transfer as I'm wanting to pay new money into last years isa at the moment?

innovate

grantmo wrote: »

Would that pound have to be done via a transfer as I'm wanting to pay new money into last years isa at the moment?

You must not pay new money into more than one simultaneously "open" ISA during the same tax year. Not even a single pound.

If you want to pay into your old ISA, only transfer (using the transfer form) into the Leeds ISA. I would suggest £100 rather than just £1. At the very worst, you might lose £1.70 if you do that(*)

If you pay any new money into your Leeds ISA, don't pay a penny into your old ISA. This would most likely not be the smartest alternative since you probably have an ISA that will pay a lot more than 2.55% for a while hence.

(*)
£100 @ 4.25% AER for 12 months: £4.25 interest
£100 @ 2.55% AER for 12 months: £2.55 interest
Delta: £1.70
Of course, you wouldn't be able to get 4.25% for 12 months, so the delta is even less. So much less that I cba spending another nanosecond on what my "loss" on £100 would be.

adindas

Just open my account just took about 10 minutes to open. I will add my new ISA 2013/2014 in on the top my existin ISA from previous year which is currently in Nationwide Flexclusive ISA paying 4.25% until October 31th.

By the October 31th when my Flexclusive ISA in NW is maturing, I will be transferring to this ISA (given I could not fins anything better than this at this time).

Could anyone see whether there is anything I have missed here ?

My second question. I wanted to transfer £5 from my existing ISA in NW to Leeds but I could not find the transfer from.Where to find the ISA transfer form online or which phone number to call to ask for one?

I am aware that for new ISA the first payment will need to be done by Cheque but I am not open a new ISA just want to do partial transfer of £5 e.g from the previous year subscription in NW.

grantmo

innovate wrote: »

You must not pay new money into more than one simultaneously "open" ISA during the same tax year. Not even a single pound.

If you want to pay into your old ISA, only transfer (using the transfer form) into the Leeds ISA. I would suggest £100 rather than just £1. At the very worst, you might lose £1.70 if you do that(*)

If you pay any new money into your Leeds ISA, don't pay a penny into your old ISA. This would most likely not be the smartest alternative since you probably have an ISA that will pay a lot more than 2.55% for a while hence.

(*)
£100 @ 4.25% AER for 12 months: £4.25 interest
£100 @ 2.55% AER for 12 months: £2.55 interest
Delta: £1.70
Of course, you wouldn't be able to get 4.25% for 12 months, so the delta is even less. So much less that I cba spending another nanosecond on what my "loss" on £100 would be.

Great thanks for the advice that makes a lot of sense. I'll open the isa tomorrow with a £100 transfer from last years isa .