Top Cash ISAs Discussion Area

Consumerist

Lungboy wrote: »

I paid in online on the 6th. I assume that would have gone through at midnight just gone.

OK so you have made your first contribution to this year's ISA (2012/13).

If you're not happy with the interest rate then you can transfer the ISA (including 2011/12 contributions) to another ISA manager. Do not withdraw from the ISA but get an application form and transfer form from the new manager, complete and return them. The new manager will open a new ISA account and arrange the transfer for you and should keep you advised of progress. ISA transfers seem to be getting a bit faster these days but should take no more than fifteen working days (three weeks). Once transferred, you can add more money, until this year's contributions reach the ISA limit (£5,640), up to 5 April 2013.

Consumerist

bugbyte wrote: »

BM 4.05 2yr fix
If I opened this account and transferred in last years allocation, could I top it up in November with this years allocation when by regular savers matures?

I don't know the details of the BM 4.05 2yr fix ISA but it is common for fixed ISAs to allow only the opening contribution/transfer-in and no further additions. If your initial contribution does not include the full allowance then you may lose the remaining allowance for 2012/13.

If not, because I have not put in any new money, can I open another ISA in Nov?

If you have not put in any new money from the 2012/13 allowance, you can open a new ISA for this year's contributions.

stingyscot

I'm looking for a cash ISA to transfer £55k+ in from many previous years' allowances. Does anyone know if there are any that give a better rate for bigger deposits?

New_York_No1_fan

bugbyte wrote: »

BM 4.05 2yr fix

Quick question - I tried to 'phone them but they were engaged so thought I would ask here.

If I opened this account and transferred in last years allocation, could I top it up in November with this years allocation when by regular savers matures?

If not, because I have not put in any new money, can I open another ISA in Nov?

Thanks in advance, Bugbyte.

Asked BM this question myself this morning and apparently you can pay in so long as the account is still available to new customers. They cannot guarantee how long that might be........and November is long time away.

Lloyds on the other hand have a 2yr FRISA which allows customers to continue to pay money into the account throughout the term, however rate is 3.7%. Guess thats the price you pay for continued access.

deebee

so confused.....Nationwide
I have a Nationwide ISA with just over 19k in, I had a maturity instruction form, advising it will be switched to a variable rate ISA - like I'm gonna let them do that again...anyway, the options I have are all very odd, as in 6month, 14month or 18 month options - whatever happened to the 12 month option??? - and when I look at their website the bonus rate is only until October - this seems like a real con, and also very confusing - should I move my funds to a new bank ISA? if so, any recommendations? :eek:

Lorian

stingyscot wrote: »

I'm looking for a cash ISA to transfer £55k+ in from many previous years' allowances. Does anyone know if there are any that give a better rate for bigger deposits?

Natwest e-isa instant access for one.

Lungboy

Consumerist wrote: »

OK so you have made your first contribution to this year's ISA (2012/13).

If you're not happy with the interest rate then you can transfer the ISA (including 2011/12 contributions) to another ISA manager. Do not withdraw from the ISA but get an application form and transfer form from the new manager, complete and return them. The new manager will open a new ISA account and arrange the transfer for you and should keep you advised of progress. ISA transfers seem to be getting a bit faster these days but should take no more than fifteen working days (three weeks). Once transferred, you can add more money, until this year's contributions reach the ISA limit (£5,640), up to 5 April 2013.

Ah great. I think i'm confusing myself as i thought that people were saying you can only pay into one ISA in a tax year, so i thought that that meant that i was stuck with my old ISA as i've put 12/13 money into it. I must be getting mixed up somewhere.

Consumerist

deebee wrote: »

so confused.....Nationwide
I have a Nationwide ISA with just over 19k in, I had a maturity instruction form, advising it will be switched to a variable rate ISA - like I'm gonna let them do that again...anyway, the options I have are all very odd, as in 6month, 14month or 18 month options - whatever happened to the 12 month option??? - and when I look at their website the bonus rate is only until October -

Fixed-rate ISAs normally have their rates fixed until the ISA matures. So a 6-month fixed rate ISA taken out now would mature in October. The other ISAs would mature 14 months and 18 months from now.

Whether you should transfer the ISA depends on whether you can improve the interest earned elsewhere. You could have a look at <this thread> to see what's available.

Consumerist

Lungboy wrote: »

. . . i thought that people were saying you can only pay into one ISA in a tax year, . . .

It is true that you can pay into only one ISA in a tax year but that ISA can be transfered around to different managers throughout the year. If you transfer your ISA then it is still the same ISA but it will just be managed by a different manager.

kelpie35

I am awaiting a transfer into a new isa.

Would I be able to put some money into this account just now or do I have to wait till the money is transfered.

I asked for the transfer to be done on the 31/03/12