Top Cash ISAs Discussion Area

Archi_Bald

Here goes another one: NS&I is cutting the interest on its Direct Save ISA from 1.5% to 1.25% from 16 November. All customers affected will be given 60 days notice

plj831

Archi_Bald wrote: »

Here goes another one: NS&I is cutting the interest on its Direct Save ISA from 1.5% to 1.25% from 16 November. All customers affected will be given 60 days notice

I have the NS&I ISA, opened this tax year and fully subscribed. Can I open the Virgin easy access ISA (1.5%) and transfer the NS&I completely into it? Many thanks for any info.

Consumerist

plj831 wrote: »

I have the NS&I ISA, opened this tax year and fully subscribed. Can I open the Virgin easy access ISA (1.5%) and transfer the NS&I completely into it? Many thanks for any info.

If it's the Direct ISA then yes you can.

plj831

Consumerist wrote: »

If it's the Direct ISA then yes you can.

Thanks - yes it is the Direct ISA.

Consumerist

plj831 wrote: »

Thanks - yes it is the Direct ISA.

You're welcome.

Don't forget, you need to use a transfer form which you get from Virgin. Don't withdraw the funds and transfer them yourself.

Oblivion

plj831 wrote: »

I have the NS&I ISA, opened this tax year and fully subscribed. Can I open the Virgin easy access ISA (1.5%) and transfer the NS&I completely into it? Many thanks for any info.

Just keep in mind that with NS&I it's a one-way trip ... you can transfer out but you can't ever transfer it back in because they don't accept transfers in. I see it as a gamble ... NS&I have always been pretty fair with interest rates and if the BOE rate does rise I would expect NS&I to be one of the first to raise theirs whilst others lag behind.


For the sake of 0.25% I think I'll be leaving mine with NS&I.

Brett

I am 12 months in to a 5 year fixed ISA with VIRGIN MONEY. I have the Full Limit on Government Protected Savings in this account and hear that as of January,2016, The Government intends to drop this by £10,000.00 to £75,000.00. I currently this year have placed my yearly ISA Allowance into an NS&I ISA at 1.50% Interest. They I am told are dropping their rate from 1.50% to 1.25% Interest?. I am now looking at The Coventry 2.4% Five Year Fixed and considering transferring the £15,240.00 from the NS&I Direct ISA to this via way of a transfer organised by The Coventry. What I want to know is, if I do transfer the Full amount into The Coventry from NS&I ie £15,240.00 can I in December of this year without penality transfer the £10,000.00 out of the Virgin Account into the Coventry 5 year fix aking the total in there for this Tax year £25,240.00 or a I living in a Dream World? Thanxv

Consumerist

Brett wrote: »

. . .What I want to know is, if I do transfer the Full amount into The Coventry from NS&I ie £15,240.00 can I in December of this year without penality transfer the £10,000.00 out of the Virgin Account into the Coventry 5 year fix aking the total in there for this Tax year £25,240.00 or a I living in a Dream World?

The 5-year fixed Coventry ISA restricts subscriptions and transfers to this ISA to 14 days from opening the account or whilst the account is still on offer to new customers, whichever is later.

Accordingly, you will only be able to make the second transfer into this ISA in December if the account is still on offer at that time.

Archi_Bald

Brett wrote: »

What I want to know is, if I do transfer the Full amount into The Coventry from NS&I ie £15,240.00 can I in December of this year without penality transfer the £10,000.00 out of the Virgin Account into the Coventry 5 year fix aking the total in there for this Tax year £25,240.00 or a I living in a Dream World? Thanxv

It would be allowed under the ISA rules - you can transfer as much as you like whenever you like - but whether Coventry would still take a 2nd transfer in December is a different question.

We must receive your initial deposit, and any other deposits (including any ISA transfer instructions), either within 14 calendar days of us accepting your application or while the account is still open to new investors, whichever is longer. To find out if a Fixed Rate ISA is still open to new investors, you can check back on our website here, ask at any branch, or call us.

It's all on their website.

Consumerist

It seems to me that you will need to find a provider who will accept transfers into a fexible [easy-access] ISA. I've not heard of one - but I haven't been looking.