Top Cash ISAs Discussion Area

dosh37

badger09 wrote: »

T&C of Lloyds 2 year fixed rate ISA say you can xfer in existing ISAs if you submit xfer forms at time of opening.

Depending on the maturity dates of your 5 ISAs, you get 2% in Santander 2 year fixed rate ISA and can pay in until 31 August 2014. If you are 123 account (or 123 credit card) holder the rate is 2.3%

I looked at the Santander 2 year fixed ISA, but their terms and conditions state:-

External cash ISA transfers in are allowed on the condition that the cash ISA transfer in application is received within 14 days of account opening. The funds held in the cash ISA which you are transferring in must be available to be transferred within 30 days of account opening.

So in my case that's not much use as my other ISA accounts mature later in the year.

dosh37

badger09 wrote: »

T&C of Lloyds 2 year fixed rate ISA say you can xfer in existing ISAs if you submit xfer forms at time of opening.

Depending on the maturity dates of your 5 ISAs, you get 2% in Santander 2 year fixed rate ISA and can pay in until 31 August 2014. If you are 123 account (or 123 credit card) holder the rate is 2.3%

The Lloyds terms and conditions state:-

DEPOSITS AND WITHDRAWALS
3.1 If you’ve opened a FRISA, you can pay all or part of your yearly cash ISA allowance into your FRISA. You can do this by:
(a) transfer from a cash ISA account with us or another ISA manager which you have subscribed to in the same tax year or in previous tax years (in which case you must complete a cash ISA transfer form as part of your application); or
(b) paying money into your FRISA at any branch, or by transferring money from another account.

The Lloyds transfer forms do allow you to request that the transfer only takes place after the maturity dates. Does this mean I could complete 5 ISA transfer forms as part of my application, even though three of them will not reach maturity until much later in the year?

boobbby

dosh37 wrote: »

Hi,

I have 5 different 1 year fixed rate ISA accounts.
They all reach maturity at different dates.
I get fed up with the hassle of trying to find a reasonable new rate, open a new account and arrange the transfer several times every year each time an account matures.

What I would like is to consolidate all the accounts into one to reduce the management overhead.
What is the best way to go about this while maintaining a reasonable interest rate while the consolidation takes place?

I was thinking about the Lloyds 2 year fixed rate cash ISA which offers 1.75% or 2% if you have over £20000. Looking at their terms and conditions, it is not clear if they allow further deposits or transfers in at any time after the account has been opened. I tried to call Lloyds to clarify but gave up after going though several telephone menus only to be told the usual 'all our advisors are busy'.

I have just reached maturity with my Lloyds 2 year Isa and have added to it each time with other ISA's from other providers as they reached maturity and also the allowance for each year. Highly recommended although now only paying 2% if you have over £20000 in the ISA.

dosh37

boobbby wrote: »

I have just reached maturity with my Lloyds 2 year Isa and have added to it each time with other ISA's from other providers as they reached maturity and also the allowance for each year. Highly recommended although now only paying 2% if you have over £20000 in the ISA.

That sounds as if it may be what I want - although I'm still concerned about the paragraph in the T&Cs about submitting the transfer forms as part of the initial account setup process.

I guess I have no choice other than to try calling them again tomorrow and suffer half an hour listening to crap music while paying for the phone call and waiting to talk to someone. For some reason Lloyds do not provide an email option for customer queries.

dosh37

I finally managed to get an answer to my question from Lloyds this morning.
It took half an hour on the phone as expected.
The first 'advisor' I spoke to didn't really have a clue.
Eventually I was put through to the savings department but only after answering a whole load of security questions about my existing current account. Why do they insist on all that before answering a simple question about opening a new savings account?
Anyway, it turns out that you can indeed make further deposits (up to the annual cash ISA limit) and transfer in existing ISAs at any time during the full 2 year term. Sorted.

jimmy102

You only qualify for the Coventry ISA above if you've had an account since 4th Feb 2013. I believe the poppy isa only began on 6th April 2013 - that's certainly when I opened mine - and therefore I don't qualify for the Reward ISA.

The interest rate on the Poppy ISA is down from 2.6% to 2% but that's still better than most new cash ISAs out there.

jackieinedlesborough

Jimmy - you are right - I mistakenly read the qualifying date as 2014, when it is really 2013 as was pointed out to me when I just phones to open the new ISA. They offered me 2.75% fixed until 31/5/2018 (which I didn't take up).

Corrected original post details below:

If you already held a Coventry ISA as at Feb 2013, then you meet the qualifying criteria for the 2014/15 Coventry Reward ISA paying a variable rate of 2.5% (so just 0.1 lower than last year's Poppy ISA rate). It's an easy access ISA and accepts transfers in.

See Coventry website for more details:

http://www.coventrybuildingsociety.co.uk/savings-accounts/isa-reward.aspx

Call centres are open today

melbury

jackieinedlesborough wrote: »

Jimmy - you are right - I mistakenly read the qualifying date as 2014, when it is really 2013 as was pointed out to me when I just phones to open the new ISA. They offered me 2.75% fixed until 31/5/2018 (which I didn't take up).

Corrected original post details below:

If you already held a Coventry ISA as at Feb 2013, then you meet the qualifying criteria for the 2014/15 Coventry Reward ISA paying a variable rate of 2.5% (so just 0.1 lower than last year's Poppy ISA rate). It's an easy access ISA and accepts transfers in.

See Coventry website for more details:

http://www.coventrybuildingsociety.co.uk/savings-accounts/isa-reward.aspx

Call centres are open today

I don't have an ISA with Coventry, but I do have a different savings account with them. Do you think this would allow me to move my ISA to them? Just clutching at straws:)

bobblebob

Will the ISA interest be paid in tomrrow seeing as the 5th was a Saturday?

DragonQ

bobblebob wrote: »

Will the ISA interest be paid in tomrrow seeing as the 5th was a Saturday?

For which account? They tend to pay annually on an arbitrary date (or when you close the account). I've had ISAs that pay out in January, March and September recently.