New isa question

skaps

Hi all, want to open the coventry bs Isa but it does not allow transfers in. Can I take out my money from my 2012/13 isa and then put this into my bank account, then put this into the Coventry isa?

saintalan

skaps wrote: »

Hi all, want to open the coventry bs Isa but it does not allow transfers in. Can I take out my money from my 2012/13 isa and then put this into my bank account, then put this into the Coventry isa?

NO NO NO NO NO!!!

If you do that you will lose the Tax wrapper, you must let your new ISA provider do it for you.

Please take care, I just posted on another thread where somebody did that.

Alan

innovate

skaps wrote: »

Hi all, want to open the coventry bs Isa but it does not allow transfers in. Can I take out my money from my 2012/13 isa and then put this into my bank account, then put this into the Coventry isa?

You can do that, and it might make sense, it depends on how much you already have in your ISA and how much you want to put into it this year.

It is not illegal to withdraw money from an ISA and to put it into a new ISA.

If your existing ISA funds plus your additional funds for the 2013-14 ISA are below £5,760, then it might well make sense to get everything into a 2.6% ISA.

If it's above the £5,760, you should do as saintalan says

saintalan

innovate wrote: »

You can do that, and it might make sense, it depends on how much you already have in your ISA and how much you want to put into it this year.

It is not illegal to withdraw money from an ISA and to put it into a new ISA.

If your existing ISA funds plus your additional funds for the 2013-14 ISA are below £5,760, then it might well make sense to get everything into a 2.6% ISA.

If it's above the £5,760, you should do as saintalan says

Good point innovate, good job these posts get more than one response:)

I was just a bit concerned so replied with haste:)

Cheers

Alan

skaps

Thanks for your replies and your concern saintalan. I have only £2000 in my isa so I think I will take the money out. Thanks again.

ejv

I was eyeing Santander 2 yr 2.8% , which has been withdrawn.Applied for Coventry which is the best around now.
Has anyone started with them?Do they accept cheque only?From the application printout, I gather they wouldn't allow money transfer from my HSBC current account

david78

I think they prefer a cheque ejv.

Best hurry before this one closes too.

ejv

Thanx david.
In first class mail tomorrow morning:D

skaps

I have just received my Coventry isa application form and do not have any cheque books. There are no branches in my area so I was wondering if I got my Mum to give me a cheque for a £1 then I could send this in with my application.

Would this be ok?

ejv

As said earlier, I applied Coventry 2.6% online on 8th , printed out and sent along with a cheque on 9th.Got welcome letter and account open confirmation today, that is ,in 4 days!!Quite impressed:beer:

I don't think there should be a problem in submitting your mum's cheque payable to you.:)

ManAtHome

Phone them and ask - some societies use the cheque as one of the proofs of ID.