Question about transferring a TOISA

Arnie22

I am thinking about transferring my Tessa Only ISA to a higher interest account, eg Kent Reliance. The application form states that it will be transferred to a Direct variable rate mini cash ISA. As I already have a mini cash ISA would I be breaking any rules in transferring to this one?

KTF

No, you can transfer it as long as you dont add any more money as you have already used this years allowance.

Rhino666

TOISAs can now be treated as mini cash ISAs by the few providers that cater for them. I recently transferred my TOISA to the Kent Reliance and it looks to be the best choice at the moment having just tracked the last base rate rise and currently paying 5.96% IIRC.

As the money from your TOISA accrued in previous years, it will have no impact whatsoever on your cash ISA from this year. Converting TOISAs into cash ISAs is just a convenient simplification.

drunknmunky

Sorry Arnie22, hope you dont mind me butting into your thread, but I have a similar question and dont want to take up another thread.

I currently have £10,885 in a TOISA with YBS paying 5.60%. I would like to transfer this to Northern Rock's cash ISA paying 6.05%, however, they dont accept transfers in of TOISA's.

Instead, if I transfer the TOISA to Kent Relaince's Direct variable rate mini cash ISA for this tax year, will this mean the £10885 will now be held in cash ISA, and no longer a TOISA.

Also, will this mean come April 08, I will be free to transfer the £10885 to any other cash ISA (without having to look for one that accepts transfers in of TOISA's?)

I'm pretty sure I will be able to do this, but just want confirmation before I take the plunge.

Thanks in advance...

jem16

drunknmunky wrote: »

Sorry Arnie22, hope you dont mind me butting into your thread, but I have a similar question and dont want to take up another thread.

I currently have £10,885 in a TOISA with YBS paying 5.60%. I would like to transfer this to Northern Rock's cash ISA paying 6.05%, however, they dont accept transfers in of TOISA's.

Can't see where you are getting the idea that you can't transfer a TOISA into Northern Rock. It clearly mentions TOISA on the transfer form.


http://www.northernrock.co.uk/downloads/transferAuthorityForm.pdf

info_addict

Northern Rock's cash ISA paying 6.05%

Are you sure this rate is correct? The best I can see on their site is 6.01% and this is for a 1 year fixed rate account. the cash Isa only seems to be paying a rubbish 4.59%