re hsbc save together

joe134

Hi Guys, Does anyone see any reason why I cannot open the save together on April 14th with a transfer from Halifax for £12K, thereby entitling me to £10 bonus, and, transferring another Halifax Isa in July,when it matures, then topping up in december with "015>16 £15k allowance, keeping it tidy under one roof. Already got too much in the Halifax, to take more out.£85k rule;??
Cheers.

masonic

You could do that, but there are better rates to be had elsewhere, so you'd be better off transferring some to HSBC and the rest to a higher paying ISA.

joe134

masonic wrote: »

You could do that, but there are better rates to be had elsewhere, so you'd be better off transferring some to HSBC and the rest to a higher paying ISA.

Thanks masonic.That's true.I usually tie them up, fixed rates for years to get better return, these are 4 year ones that are maturing, 4.25%, no chance of that now.:rotfl: Don't need it, so, don't mind tying it up BUT, it makes it difficult to lump it together under 1 roof(s) .Just trying to limit the number of A/cs, Will look at rates when next month comes, not long ,I don't like acting in haste, when they mature..:beer:

piker1957

I agree with masonic, you only need to transfer £300 to earn the £120 which will be paid if the money stays there for 12 months. A word of advice if you don't yet have an Advance current account which you need for Save Together, prepare yourself for a very long winded and inefficient process to open the account.

Masonic has also given good advice regarding better rates elsewhere, and as you have confirmed you can afford to lock in to a better fixed rate, there are plenty of options. If you need some flexibility with faster access in my personal opinion quite a good compromise is the Yorkshire Bank / Clydesdale Bank's 40 day notice ISA which pays up to 2%, for example you would earn the same 1.5% as you'd get from HSBC, if you transfer the balance of £11,700 (after transferring £300 to HSBC) then if you were to make the July transfer to take the balance over £24,000 the interest rate would rise to 2%.

joe134

piker1957 wrote: »

I agree with masonic, you only need to transfer £300 to earn the £120 which will be paid if the money stays there for 12 months. A word of advice if you don't yet have an Advance current account which you need for Save Together, prepare yourself for a very long winded and inefficient process to open the account.

Masonic has also given good advice regarding better rates elsewhere, and as you have confirmed you can afford to lock in to a better fixed rate, there are plenty of options. If you need some flexibility with faster access in my personal opinion quite a good compromise is the Yorkshire Bank / Clydesdale Bank's 40 day notice ISA which pays up to 2%, for example you would earn the same 1.5% as you'd get from HSBC, if you transfer the balance of £11,700 (after transferring £300 to HSBC) then if you were to make the July transfer to take the balance over £24,000 the interest rate would rise to 2%.

Hi piker, need to check if Halifax do partial transfers?;; never think of notice a/cs, don't know why.? can you add to a notice a/c after first transfer, as you've described.?

piker1957

Hi Joe yes they do allow that. Minimum initial deposit of £500 to open the YB 40 day. If you do as you suggest and open a new ISA with HSBC you have to keep that with them for the full 12 months, and you'd only be able to pay into that one, no other.

I believe the ISA rules which Halifax have to comply with allow partial transfer out of prior year deposits, if you want to transfer current year it has to be everything. The HSBC Loyalty ISA application form has tick boxes to allow you to choose whether you want a whole or partial transfer, if partial how much. My wife and I opened a joint Advance account so we could open 2 Loyalty ISAs and have requested transfer of £300 to each from previous year ISAs we have with Virgin Money. Currently being processed so can't comment on how efficient the transfer process will be.

YB was good for a full transfer from Santander who were dropping the rate yet again.

joe134

piker1957 wrote: »

Hi Joe yes they do allow that. Minimum initial deposit of £500 to open the YB 40 day. If you do as you suggest and open a new ISA with HSBC you have to keep that with them for the full 12 months, and you'd only be able to pay into that one, no other.

I believe the ISA rules which Halifax have to comply with allow partial transfer out of prior year deposits, if you want to transfer current year it has to be everything. The HSBC Loyalty ISA application form has tick boxes to allow you to choose whether you want a whole or partial transfer, if partial how much. My wife and I opened a joint Advance account so we could open 2 Loyalty ISAs and have requested transfer of £300 to each from previous year ISAs we have with Virgin Money. Currently being processed so can't comment on how efficient the transfer process will be.

YB was good for a full transfer from Santander who were dropping the rate yet again.

Thanks piker, yes, didn't realise that when I said it, so deleted it, too late:rotfl: I would be handcuffed to Hsbc for next year, but, not so bad, as I doubt I will top it up till the end of the year, , when another Isa matures,5 each;and they all mature this tax year;.Will look into that, I too have a joint Advance A/c and will do wifes as well, we have identical A/c's , so have amassed a fair Isa pot;
keep a/cs separate, for tax, but advance is joint, main a/c, had it 60 years or so..:beer: much appreciated

piker1957

Joe I would also add (please accept apologies as I'm sure you already done so, but just in case) have you also opened / plan to open the Monthly Saver you can link to the Advance account which pays 6% gross?

masonic

piker1957 wrote: »

I believe the ISA rules which Halifax have to comply with allow partial transfer out of prior year deposits

The ISA rules state partial transfers of prior year deposits are at the ISA manager's discretion.

piker1957

Hi masonic and colsten thank's for the clarification:beer:

joe134

colsten wrote: »

I don't think the ISA regulations force providers to allow partial transfers. If you want to transfer current year's contributions, you can't do a partial transfer, for instance. For transfers of previous years' contributions, I believe it is up to the old provider whether they allow partial transfers out. From what I know, most do, but some definitely don't. Always need to check the T&Cs.

Thanks Guys, it's a tricky one, but, as I will be doing it after 6th April it won't be current , will it, it will be previous.but it's a 3 year old one that matures after 6th april?
I would try and NOT do partials, it may confuse Me and Halifax, they messed it up when I transfered in, but, compensated me..Keep it simple;