Top Cash ISAs Discussion Area

luci

You can transfer at any time provided it's not a fixed rate ISA as then you would lose interest as a penalty.

ixia

That's great thank you it's not a fixed rate. I thought I could but just wanted to get it confirmed thanks again.

newuser78

I currently have a cash ISA with Santandar (Issue 4) paying 3.3% which I signed up last year for 2012-2013. The bonus rate is due to end on 21st April 2013.

It seems that for this year (2013-2014), Santandar has one of the best rates again so I am keen to transfer (and still use the same online account details).

My question (and the confusion!), do I transfer before 5th April? Or wait till 21st April? Or...? I am afraid to lose either way!

I have about 15K saved in the account if this helps.

innovate

If I were you, I'd keep my powder dry until the 15th and assume they will still do the 2.5/2.8/3% ones then. If you feel this is too risky, you could try and open one in the next few days and say you will fund it from a transfer. Then a few days later, fill in the internal transfer form http://www.santander.co.uk/csgs/StaticBS?blobcol=urldata&blobheader=application%2Fpdf&blobkey=id&blobtable=MungoBlobs&blobwhere=1223428158906&cachecontrol=immediate&ssbinary=true&maxage=3600 or call them to ask to do the transfer there and then.

newuser78

thanks innovate - a brilliant post! So just to clarify:
1- Go to branch next week
2- Ask to set up a new ISA (pretend I am a new customer?) but not put ANYTHING in
3- Print out the transfer form PDF, complete details but wait..
4- Once the Issue 3 matures (is this the right word?) on 21st April, sign the form and hand it in to the branch

Ainsdale

Looking for some advice please. I have over £40000 in my Nat West ISA and I am looking for the best place to transfer.

First Direct look good (I will need to open their current account).
I can see that they offered a similar 3% tiered rate this time last year, but I can't see whether they then quickly dropped the rate after having got people to open their current account.

Does anyone know whether First Direct have a history of setting a high rate in March/ April and then dropping it again afer a couple of months?

I don't really want to have to transfer again in a couple of months when rates may be even worse.

Thanks for reading:)

innovate

newuser78 wrote: »

thanks innovate - a brilliant post! So just to clarify:
1- Go to branch next week
2- Ask to set up a new ISA (pretend I am a new customer?) but not put ANYTHING in
3- Print out the transfer form PDF, complete details but wait..
4- Once the Issue 3 matures (is this the right word?) on 21st April, sign the form and hand it in to the branch

That's about it, yes -- though no need to go to Branch, you can open that new ISA anytime you like, online. Much easier to do it online - they won't put you on the spot with any unexpected questions. Just tick the box that says you plan to fund the ISA with a transfer.

I don't think your 3.3% ISA has a maturity date since it's not a fixed term, but an instant access one, right? On an instant access one, there will be no penalties for early transfer. So you could safely call them on April 21st and ask for the transfer to be made. I haven't done one of these myself but seen plenty of reports from people who said it's a painless thing to do (as it should be).

innovate

Ainsdale wrote: »

Looking for some advice please. I have over £40000 in my Nat West ISA and I am looking for the best place to transfer.

First Direct look good (I will need to open their current account).
I can see that they offered a similar 3% tiered rate this time last year, but I can't see whether they then quickly dropped the rate after having got people to open their current account.

Does anyone know whether First Direct have a history of setting a high rate in March/ April and then dropping it again afer a couple of months?

I don't really want to have to transfer again in a couple of months when rates may be even worse.

Thanks for reading:)

The FD rate is variable and they could drop it anytime they like. Whether they will or not is anyone's guess.

Given you have £40K in the ISA, you might be able to lock your money away for a couple of years? If so, you can get 3% guaranteed at Santander if you open their 123 current account (lovely account if you ask me, I make at least a tenner a month from the cashback it pays).

Ainsdale

innovate wrote: »

The FD rate is variable and they could drop it anytime they like. Whether they will or not is anyone's guess.

Given you have £40K in the ISA, you might be able to lock your money away for a couple of years? If so, you can get 3% guaranteed at Santander if you open their 123 current account (lovely account if you ask me, I make at least a tenner a month from the cashback it pays).

Thanks innovate - a helpful post as always. I would like to fix for a couple of years, but my other half wants to start spending on frivolities like replacing the kitchen and bathroom (dont know why as they are lovely 70's fashion ).
I also have a 123 account and love it. Think I may have to split the money between Santander fixed and FD instant. Hopefully FD will leave it a few months before rate dropping.

ejv

innovate wrote: »

Given you have £40K in the ISA, you might be able to lock your money away for a couple of years? If so, you can get 3% guaranteed at Santander if you open their 123 current account

Wouldn't that lose the ISA status and fetch only 2.4% after basic tax as Santander 123 is a current account?:think::huh: