ISA standing order

stujimwill

Hi all,
I'm currently paying into my ISA with RBS via standing order, from my normal bank account which is also with RBS. I'm now going to switch to a VIRGIN ISA as their rate is now double that of RBS.
Was just a bit unsure if it was possible to also switch my standing order to VIRGIN along with my ISA. I've been paying into my ISA via standing order since the start of the tax year. Heard somewhere that this is not possible as I've already paid into an ISA with RBS.
Any advice would be greatly appreciated

CHEERS FOLKS

jimjames

If you transfer your ISA then just set the so to the new account.

You can't just open a new ISA as you've already paid in this year.

How much are you planning on putting in as there are much better rates available elsewhere for smaller amounts.

jamesd

The rules require that you transfer all of the current year money to Virgin before you pay any money to Virgin. Once it has arrived you can set up a standing order to pay Virgin instead.

As jimjames wrote, you can beat ISA rates with current accounts that pay as much as 5% at the moment. If you won't be exceeding the annual limit at any point you can do that instead and probably be better off.

MadMat

I have a virgin Cash ISA, it gives you a sortcode and account number when you sign up, so setting up a Standing order via online banking is pretty straight forward.

MAt

stujimwill

Thanks guys, I was just gonna use the transfer system to switch my ISA, but the lady in the VIRGIN bank said it wasn't possible to carry my standing order over aswell, obviously she has been mis- informed. I'll just do this when my transfer has gone through, but in the mean time I'll just cancel it so im not paying into 2 ISA's at once.
My ISA is a relatively small amount, roughly about £2500 but I currently have 2 TSB classic plus accounts each maxed out with savings, so I needed a better option than my current RBS ISA for the remaining cash.

:beer:

jamesd

She was right that the current standing order can't be transferred over but that's no problem because you can just cancel it and set up a new one. Same if it had been a direct debit. The systems for this aren't linked up in that way. Correct answer but not the most helpful one.

stujimwill

Thanks james, appreciate the info

Archi_Bald

stujimwill wrote: »

My ISA is a relatively small amount, roughly about £2500 but I currently have 2 TSB classic plus accounts each maxed out with savings, so I needed a better option than my current RBS ISA for the remaining cash.

Have you maxed a Club Lloyds (4% AER) too? Are you a higher rate tax payer? If not, there' is a whole bunch of other accounts that pay more than a cash ISA.

jimjames

stujimwill wrote: »

Thanks guys, I was just gonna use the transfer system to switch my ISA, but the lady in the VIRGIN bank said it wasn't possible to carry my standing order over aswell, obviously she has been mis- informed.
:

She wasn't misinformed, she was correct. They cannot carry over the standing order to the new account, you have to do that yourself.

stujimwill wrote: »

My ISA is a relatively small amount, roughly about £2500 but I currently have 2 TSB classic plus accounts each maxed out with savings, so I needed a better option than my current RBS ISA for the remaining cash.
:

Nationwide will pay 5% on £2500. There really are much better places for your money than an ISA.