Top Cash ISAs Discussion Area

Baldur

Summer01 wrote: »

Is it worth me completing the other transfer request now (i.e. transfering from Halifax to Santander).

If you intend to transfer to the Direct ISA (Issue 6) remember that the rate is tiered, so the headline rate of 2.75% is only applicable to balances of >£9,000, it's only 2% on lower balances.

You can transfer ISAs at any time but, from memory, the best Halifax ISA last year had a fixed rate guaranteed for a specific period. Make sure that you instruct that the transfer should take place on the maturity date/anniversary or whichever applied.

System

I've just applied for the A&L Direct ISA Issue 6 and got the following :-

Thank you for applying for a Direct ISA Issue 6. You have applied for an ISA for the 2009/10 tax year.We're processing your application.

It asked where the money was being transferred from and I've filled that out. I'll get some paperwork in the post soon but I was worried when it said I've applied for a 2009/10 tax year ISA. All I'll be doing is tranferring this years to them on 6th April..

Hope I haven't messed it up, but it's not exactly how I love spending my Sundays! Just needed to be done..

System

I have an email now which includes :-

TRANsferring existing isa funds

To transfer existing (current year and previous year) ISA funds into your Direct ISA Issue 6 from another provider, you will need to complete an Authority to Transfer Form, which we will send to you by post. Please do NOT withdraw money from your existing ISA if you wish to transfer it to your Direct ISA Issue 6, as that money will lose its tax-free status.

So all looks good, am very relieved I have to say. I went with A&L as I found their online application much more user friendly that the Santander one..

System

Baldur wrote: »

You can transfer ISAs at any time but, from memory, the best Halifax ISA last year had a fixed rate guaranteed for a specific period. Make sure that you instruct that the transfer should take place on the maturity date/anniversary or whichever applied.

Hi Baldur, this is correct and thanks for reminding me - will definately ensure it is transferred after the maturity date.

Halifax have not been in touch at all about the existing ISA or available options.

Baldur

Glad to hear it went smoothly.

When you receive the paperwork, there should be provision to delete the phrase that says something (very roughly) like "I apply to subscribe for 2009/10 and subsequent tax years" if you don't wish to subscribe new money, as you don't.

System

Baldur, thank you :A

Thanks for your assistance Baldur, I really do appreciate it. You provided guidance last year also.

I did notice though that the A&L account asks you for your current account details, I don't have a current account with them.. I think I may have completed this wrong as I entered the Halifax details in here - oh dear.

Baldur

Summer01 wrote: »

I did notice though that the A&L account asks you for your current account details, I don't have a current account with them.. I think I may have completed this wrong as I entered the Halifax details in here - oh dear.

That's no big deal, when they send the paperwork, you should be able to get it sorted out.

System

Thanks Baldur, maybe I read it wrong. They are possibly asking for "current account details" ie who your ISA is with currently. This would make more sense.

Now this bit is done I will just need to ensure I transfer at the correct time.

Also on the 6th April open the new account which now I have read your posts seems quite clear that I should not attempt to do this before 6th April.

I'm guessing this means that you miss out a few days interest whilst it is being set up..

Baldur

Summer01 wrote: »

I'm guessing this means that you miss out a few days interest whilst it is being set up..

The 12 months rate guarantee usually starts when the account is credited with your subscription but check the Ts & Cs for that specific account.

Babycakes

I have an ISA that I have been contributing to since the TESSA days. It is now worth over £50k and so I now fall foul of the FSCS limit of £50k.

Can I split my holding and put half into a new ISA and then add my 2010/11 payment into it? This way I will benefit from the FSCS protection.

Many Thanks
Baby