Top Cash ISAs Discussion Area

innovate

VfM4meplse wrote: »

Can't be done, seemingly I have to open a new cash ISA to enable a transfer of existing ISAa (not possible as have already used up this year's allowance).

Just the fact that you have already used your allowance ISA this year does not mean you are prohibited from transferring your previous years' ISA (or even the entire current year's one) into a new one.

The only thing you are prohibited from doing is paying any new money into that new ISA.

If you are having trouble requesting that transfer online, call them or pop into a Branch if there's one near you.

As per http://www.hmrc.gov.uk/isa/faqs.htm#6

You can transfer your ISA to another ISA manager whenever you want.

VfM4meplse

Vortigern wrote: »

Some providers, Santander for one, will allow you to open a new ISA with a zero balance, then transfer in from elsewhere.

Am very wary of Santander, not a fan of poor customer service .

innovate wrote: »

The only thing you are prohibited from doing is paying any new money into that new ISA.

That's what I understood until now - unfortunately Cheshire's strategy is to make people open an ISA with them before they will allow ISAs from previous year's to be transferred in - I got to this point on the application form yesterday before realising that proceeding wouldn't be an option. It's a postal / internet a/c so I shall buzz them tomorrow to unpick this.

green1960

I applied for the Cheshire ISA Saver on Friday, just to transfer part
of my previous year's allowance, in case there was nothing with a better rate later. When it came to the section Opening your new ISA, I chose the option - I will open a new Cash ISA and transfer my previous ISA only. So I am under the impression that I can open this ISA just to transfer and not put any of this years allowance in.

It let me print off the application and transfer forms.

VfM4meplse

^^^^Thanks for responding.

green1960 wrote: »

When it came to the section Opening your new ISA, I chose the option - I will open a new Cash ISA and transfer my previous ISA only. So I am under the impression that I can open this ISA just to transfer and not put any of this years allowance in.

It let me print off the application and transfer forms.

This is the bit that I have an issue with, specifically because I was asked to declare that I hadn't already opened an ISA in 2012/13 (which of course I did in April ). The forms needed to be printed to be posted off the Cheshire BS - plse do let me know when they get back to you confirming that the account has been opened or not?

innovate

VfM4meplse wrote: »

Am very wary of Santander, not a fan of poor customer service

This is all poppycock. Don't just blindly follow the MSE Santander-bashing brigade.

Plenty of people (incl myself) have Santander ISAs and there have been no more adverse reports about Santander ISAs than any others.

They are said to have 500,000 customers for their "Major ISA" - - so if it was bad, we'd by now have heard about it.

http://www.telegraph.co.uk/finance/personalfinance/savings/9472537/Half-a-million-Santander-savers-get-interest-rate-boost-after-Rory-McIlroy-wins-USPGA.html

innovate

VfM4meplse wrote: »

^^^^Thanks for responding.This is the bit that I have an issue with, specifically because I was asked to declare that I hadn't already opened an ISA in 2012/13 (which of course I did in April ).

Don't worry about this - if they indeed ask in those words, it's very badly chosen words.

You absolutely definitely have the legal right to transfer your previous years' ISA, even if you have already maxed your allowance for the current tax year.

The only thing you cannot do is put new money in both the ISAs at the same time.

Doodsie

Hi Everyone!

I am a COMPLETE newbie when it comes to ISAs (or anything financial at all!!) Hoping you lovely people can give me some advice, as I've seen you give such great tips to others on here.

I've never opened an ISA before, and from what I've read on MSE it looks like the Cheshire ISA is probably the best for me. Here's my current status:

> I have £2600 saved already (It's been in a normal current account earning nothing for over 6 months!)
> I would prefer an easy access no penalty ISA where I can withdraw money whenever
> I can put in around £100-£200 in a month

So my questions are, do you think Cheshire is a good way to go? And is it worth waiting for the next allowance to open up an ISA? Or just get one now? It also says there are no penalties for withdrawing money at any time... do you reckon this is actually true?? I'm very sceptical of banks.....

Any help would be much appreciated as I find it all rather confusing!

Thank you!!!

Consumerist

The sooner you open an ISA the sooner you start saving tax on the interest. If you're getting next to nothing in interest at the moment then there is no reason to delay. You can add your £100 - £200 monthly to that. You might want to consider a regular saver ISA to get higher interest but check any restrictions that may apply to regular savers regarding access.

Edit
From <Coventry BS website> for ISA Saver

Unlimited withdrawals and deposits up to your annual cash ISA allowance

Don't forget this is a postal account, however, so withdrawals may take a few days.

Doodsie

Thanks for the swift reply!

What exactly is a regular saver ISA? And how does it differ to the Cheshire one? :embarasse (see I told you I don't know anything!! Sorry is that is a silly question!!)

Consumerist

Look <here> for general info on regular savings accounts and <here> for specific regular savings ISAs.

Edit - second link changed to MSE thread. Look at the bottom of the first post. Looks like you could get 3.00% - check any restrictions which may apply.