first direct ISA

Porcupine

innovate wrote: »

I don't think it happens a lot, mainly because not many people do do partial transfers. Having said this, I had a bit of "fun" when I requested the transfer of just £100 and they decided to transfer more. Got it all sorted in the end though.

I had it - I was moving from M&S where I had one 'client ref' but two 'contract refs' with different end dates, and no account numbers. I asked for both my contracts to be transferred leaving about £20 in contract A. It turned out that M&S' view was it was one account not two. Partial transfer A happened first, leaving the £20 behind. But then transfer B happened in full, pulling out the rest of the cash from contract A as well.

As it turned out, in the middle of all this M&S announced their rates would be dropping from mediocre to dire, so I wasn't bothered to keep the M&S account just in case.

It did take almost 3 months for the transfer to happen, though.

roxy28

The ISA transfer form asks if you want to transfer this current years allowance,if so tick the box. I have not yet subscribed to the isa yet this year, i just want to transfer the whole isa to first direct, if i leave the box unticked does that mean i can not subscribe to it at a later date if i change my mind.

innovate

roxy28 wrote: »

The ISA transfer form asks if you want to transfer this current years allowance,if so tick the box. I have not yet subscribed to the isa yet this year, i just want to transfer the whole isa to first direct, if i leave the box unticked does that mean i can not subscribe to it at a later date if i change my mind.

You cannot be asked to transfer an allowance, only any contributions (subscriptions) you made for the current year.

If you have not made any contributions/subscriptions this year, you wouldn't tick the box that says you want to transfer them.

Can you post a link to the transfer form?

If you only transferred one or more ISAs from previous years, you can still open a brand-new ISA for this year's allowance.

Mr_K

Doesn't matter what you tick on the form; they ignore it and transfer the lot anyway......

innovate

If this happens, that is a reason for a complaint. No bank/BS employee can do what they like with your money.

Though some do try all sorts - I did come across one who even filled in a complete transfer form for me, without having a request from me. I only heard of it from my old ISA provider who thought it was odd that I had not signed the transfer request. This caused a very strongly worded complaint, and of course that transfer never took place.

roxy28

Yes sorry i meant subscriptions.

http://www1.firstdirect.com/content_static/pdf/cash_isa_transfer_request.pdf

innovate

Since you haven't made any contributions/subscriptions this year, you aren't transferring any, so you don't tick the box next to "If you are transferring the current tax years subscriptions, please tick this box".

roxy28

Ok thanks again

alph

Seems like First Direct will be decreasing the rate on its ISA on 1 November from 3% to 2% (for balances over 40K) Just saw this on their website.

Its a real shame, as I only moved my matured ISA here recently.

First Direct seem unique in that the more ISA money you invest with them, the higher the interest rate you get. Shame others do not do this as well...

Need to find a new home for my ISA come November, Hope something better then 2% comes along...

Gordon_the_Moron

Its true

http://www1.firstdirect.com/1/2/savings/cash-isa