Top Cash ISAs Discussion Area

NitWitson

Ooooh! My head's spinning with all of this ISA stuff! Any help would be appreciated!

I have an ISA from 2006/7 with ING Direct (currently offering me a paltry 4.75% AER)
I also have (what used to be called) a Tax Beater Cash ISA with Barclays which gave 6.5%AER in the first year, but has now lost its introductory bonus rate.

I have £3600 of 'new' money to invest in this year's allowance, but am a bit confused. I was thinking of investing in a new ISA with the top payer, HSBC Cash-eISA.

However, I see no point in keeping my last two ISAs where they are and want to move them to new providers. However, HSBC don't allow transfers from previous years.

So, my question is this. If I open this year's ISA with HSBC, will I be allowed to transfer my old ISAs to a different, relatively good interest provider (say, Icesave) even though I don't have a current ISA with them, or will that be classed as opening another new ISA?

Or, instead of opening with HSBC, should I just open a new ISA with a provider that does allow transfers then move all my old ISAs into it?

Help!

Baldur

NitWitson wrote: »

So, my question is this. If I open this year's ISA with HSBC, will I be allowed to transfer my old ISAs to a different, relatively good interest provider (say, Icesave) even though I don't have a current ISA with them, or will that be classed as opening another new ISA?

Yes you can transfer to any provider which accepts inward transfers & no it won't be classed as opening a new ISA - the new provider has to organise the transfer.

Or, instead of opening with HSBC, should I just open a new ISA with a provider that does allow transfers then move all my old ISAs into it?

That's also an option.

JimmyTheWig

NitWitson wrote: »

If I open this year's ISA with HSBC, will I be allowed to transfer my old ISAs to a different, relatively good interest provider (say, Icesave) even though I don't have a current ISA with them, or will that be classed as opening another new ISA?

That is exactly what it sounds like you should do. The limits set in place are for _new money_ you put into an ISA. Transfers aren't new money, so it is fine.
As long as you go to the new provider (say, Icesave) and tell them what you want to do it will be fine.
What you don't want to do is go to your existing providers and close the ISAs or take the money out. If you did that then to pay the money into a new ISA would count as new money.

JimmyTheWig

NitWitson wrote: »

Or, instead of opening with HSBC, should I just open a new ISA with a provider that does allow transfers then move all my old ISAs into it?

As Baldur says, this is an option.
The advantage of this is that you would only have one provider to deal with in the future, and only one account to set up in the here and now.
The disadvantage is that your new £3600 would be earning 6.1% rather than 6.25% (going with the examples you have mentioned). Thus you would loose just over £5 a year in interest.

Up to you whether the £5 a year is worth the extra work (not much work, presumably) of having the two providers.
As a pure money saver, I'd have to say that the two accounts would be better, but for the sake of a fiver it's up to you...

NitWitson

Thanks for that, guys. It really does clear things up in my head! I was very confused!

Jimmy, you're right, fror the sake of a fiver, is it really worth the two accounts...but money's money in the long term!

I shall make that decision in due course! Thanks again!

coronalsection

catlou wrote: »

Am I missing something. ................or does this seem like a good deal??

http://www.hsbc.co.uk/1/2/personal/savings/cash-e-isa;jsessionid=0000gaPXauDFPpul3TtINMU_s7h:11j71fovq

I dont think it has a 1 years bonus rate like some of the others?

It just seem strange that Martin has not mentioned it in his article? I am just wondering what the catch is!! I can't seem to see anything about withdrawals?

Any feedback appreicated - Thanks!

Note that you have to open an HSBC current account before you can access their 6.25% cash e-ISA. You don't have to put any money in the current account, but it's a hassle just the same...

dfitps

I'm confused about the A&L direct ISA issue 4 - the t&c talk about losing 180 days interest if you close it early but I'm not sure what counts as early. Is there a fixed time I have to keep my money in for?

I also don't understand about interest rate guarantees - if it says that's not guaranteed, and I have to have my money in for a certain time, what's to stop them knocking it down to 3% or something ridiculous after the first three months and then leaving me stuck?

Is there an ISA with a reasonable (understand it mightn't be the best) rate where I won't be penalised a lot for moving my money as soon as they cut the interest rate (if they do)? What are the key words I'm looking for in the descriptions or the t&cs to get this?

roseygrech

Is anybody else experiencing as much disatisfaction with their transfer to A&L? :mad:

I completed their transfer form on 8th April - so by the time they received it at their office it must have arrived by (and I'm being generous) 10-11th April.

I received a letter from Yorkshire Building Society (previous ISA provider) confirming they had completed their part of the transfer on 14 May.

Several emails went back and forth between me and A&L :mad: and I have just been fobbed off by being told how inundated they have been for "this high quality product" and that they are working within the 30 day transfer guidelines but in any case any interest would be backdated to the day my transfer request arrived in their communication office.

This morning when I telephoned A&L to ask where my money was I was told that if I needed the money so urgently then the best thing I could do was to cancel YBS's cheque (I would assume it would have not been done by cheque?), re-instate my ISA with YBS and withdraw funds from there!! :mad:

I am pretty desperate for some of the money - like 2 weeks ago - and it is highly embarassing to keep telling creditors that I am unable to give them their money.

What should I do?

mycar37

NitWitson wrote: »

Ooooh! My head's spinning with all of this ISA stuff! Any help would be appreciated!

I have an ISA from 2006/7 with ING Direct (currently offering me a paltry 4.75% AER)
I also have (what used to be called) a Tax Beater Cash ISA with Barclays which gave 6.5%AER in the first year, but has now lost its introductory bonus rate.

I have £3600 of 'new' money to invest in this year's allowance, but am a bit confused. I was thinking of investing in a new ISA with the top payer, HSBC Cash-eISA.

However, I see no point in keeping my last two ISAs where they are and want to move them to new providers. However, HSBC don't allow transfers from previous years.

So, my question is this. If I open this year's ISA with HSBC, will I be allowed to transfer my old ISAs to a different, relatively good interest provider (say, Icesave) even though I don't have a current ISA with them, or will that be classed as opening another new ISA?

Or, instead of opening with HSBC, should I just open a new ISA with a provider that does allow transfers then move all my old ISAs into it?

Help!

Just something else to make your head spin. Wonder why Martin doesn't list Kaupthing Edge's ISA paying 6.5%.

mycar37

Why is Martin not showing Kaupthing Edge's ISA which pays 6.5%?