Isa

trevors50uk

I've noticed that my ISA provider has another ISA offer that is a better rate than what I am receiving. Can I switch to the better rate with a transfer in ? They do normally allow transfers in from other providers.
Thanks.
Trevor

badger09

trevors50uk wrote: »

I've noticed that my ISA provider has another ISA offer that is a better rate than what I am receiving. Can I switch to the better rate with a transfer in ? They do normally allow transfers in from other providers.
Thanks.
Trevor

It depends on 2 things

1) The T&C of the new ISA.
2) The T&C of your existing ISA

If the new ISA accepted transfers in from external ISAs then it will probably allow them from ISAs already held with them

If your current ISA is fixed rate/fixed term, then there will probably be a penalty to pay if you transfer before the term ends.

What do the T&Cs say?

trevors50uk

Thanks for that Badger 09.
I've decided to close the Isa account with this particular provider.
I transferred some money to them from my bank account and they accepted it into the Isa. I then transferred some more money again and they put the money in a savings account and informed me that they didn't allow transfers from bank accounts to Isa accounts??

TheShape

trevors50uk wrote: »

I've decided to close the Isa account with this particular provider.
I transferred some money to them from my bank account and they accepted it into the Isa. I then transferred some more money again and they put the money in a savings account and informed me that they didn't allow transfers from bank accounts to Isa accounts??

What did the t&cs say about deposits into the account? Many/most fixed rate/fixed term accounts allow only a limited number of deposits or have a limited time period for accepting deposits.

Have you checked for any penalties for closing or transferring this ISA? If you're after a better return you don't want to pay a penalty greater than the gain from a new account.

Edit: You might as well mention the name of the current ISA account.

trevors50uk

Thanks for that Shape.
The Isa provider is the Post Office and their bank is Bank of Ireland.