Top Cash ISAs Discussion Area

Chjaka

jonmase wrote: »

In case anyone's interested, I was in my local Santander branch yesterday and was told that they will be releasing a new 1 year fixed ISA for 123 current account customers next monday (11th March). They didn't/couldn't tell me the exact rate, but implied that it would beat everything that's out there at the moment (not that it takes much to do so)!

Thanks for the heads up, was about to open a 2.75% HSBC ISA on Saturday, think I'll be holding off on that for now.

INSPIRED

Just received notification that the rate is reducing from 3.06 to 2.61. If I transfer this ISA now, will I lose the bonus element of the interest rate? I don't have the paperwork to hand but seem to remember that the ISA has to be with them for the full 12 months to qualify for the bonus.

If the new Santander ISA is a better rate, I may switch.

Many thanks

melbury

I have never transferred my cash ISA before, but now want to because of the appalling interest rate being offered:mad:

Having used up my cash ISA allowance for this current tax year, do I have to wait until we are past the 5th April in order to transfer my cash ISA to a new provider? I am concerned that any good deals will have disappeared by then.

Also, is it quite straightforward doing a transfer?

Many thanks.

10_66

melbury wrote: »

...do I have to wait until we are past the 5th April in order to transfer my cash ISA to a new provider? I am concerned that any good deals will have disappeared by then.

Providing the terms and conditions of your existing ISA permit instant access, no penalties etc, you can transfer whenever you like. The only stipulation is that any subscriptions into the current year's ISA have to be kept together, (whereas previous years' ISAs can be split if you want).

melbury wrote: »

Also, is it quite straightforward doing a transfer?

Quite straightforward. You need to open an ISA with another provider, and complete one of their transfer in forms, they will arrange the transfer in from your existing provider for you.

melbury

I just telephoned the Cheshire to enquire about their cash ISA and was told that I cannot transfer until we are in the new tax year:(

10_66

melbury wrote: »

I just telephoned the Cheshire to enquire about their cash ISA and was told that I cannot transfer until we are in the new tax year:(

Don't know why they told you that, unless it's something specific to their account, because you can transfer your ISA/s at any time providing their terms and conditions permit.

innovate

melbury wrote: »

I just telephoned the Cheshire to enquire about their cash ISA and was told that I cannot transfer until we are in the new tax year:(

What do you want to transfer? If your 2012-13 ISA is involved, they may tell you you have to wait until the new tax year. Shockingly, many bank/BS employees don't know that you can transfer your current year's ISA provided you transfer it in its entirety. Previous years' ISAs can be part- transferred.
http://www.hmrc.gov.uk/isa/faqs.htm#6

If you can tell us a bit more about what you want to transfer (what year, is it instant access etc), we can probably give you the right information.

Consumerist

melbury wrote: »

I just telephoned the Cheshire to enquire about their cash ISA and was told that I cannot transfer until we are in the new tax year:(

I agree with 10_66. I think you may have been misinformed

If it's not a fixed-term or notice ISA and you want to transfer it then just complete a transfer form and return it to the new manager. If it is fixed-term or notice is required there is usually an option on the transfer form to delay the transfer until notice has expired.

melbury

innovate wrote: »

What do you want to transfer? If your 2012-13 ISA is involved, they may tell you you have to wait until the new tax year. Shockingly, many bank/BS employees don't know that you can transfer your current year's ISA provided you transfer it in its entirety. Previous years' ISAs can be part- transferred.
http://www.hmrc.gov.uk/isa/faqs.htm#6

If you can tell us a bit more about what you want to transfer (what year, is it instant access etc), we can probably give you the right information.

At the moment I am in an M&S Advantage Cash ISA, but the rate has been dropping and is going down again shortly. I have had a cash ISA with M&S for many years, but now I want to transfer the whole amount over to whoever is paying a reasonable rate.

Perhaps there will be even better accounts than the Cheshire coming along in the next few weeks, but I did think that 2.5% wasn't too bad compared with others.
Many thanks,

innovate

Yes, you are right, we might well see slightly better ones than the Cheshire in the next few days and weeks.

I believe the M&S Advantage Cash ISA is instant access, so there is no reason at all why you shouldn't have it transferred any time you like. It's quite a mystery why the Cheshire should be telling you you have to wait for the new TY.

You say you have had your ISA for several years - - if you are over £40K, you can have the FD 3% one today. That's probably as good as it will get for an instant access one this year.
Over £15K, there is the HSBC 2.75% one - you just have to have current accounts with either of these two. No sweat, you don't have to ditch your existing current account.