Cash ISA - deposit via transfer in?

bargainhunter888

Hi
my current fixed rate isa is maturing in June and I would like to transfer it to a new account for better interest.
many ISAs require minimum deposit of £500 for example. Does this mean that I have therefore subscribed ? Or can I just transfer funds in without subscribing?
reason would be that I’d like to invest full allowance into a stocks and shares ISA. 

Anyone know which ISA products allow transfer in to cover the initial deposits?

Alexland

They will usually accept a transfer request during signup in place of an initial deposit - but if in doubt check with the provider who offers the best rates for the fixed term you are after.

Albermarle

From info on another thread , it seems most do accept a transfer as the initial deposit but in my experience it is far from clear on the providers website .

Alexland

Yes I agree even the product detailed terms and conditions are often unclear so it's best to get any response in writing. Or just try doing the transfer without an initial deposit and see if they accept it as you have nothing to lose other than your time as you can always close the new ISA as unused.

bargainhunter888

i havent gone through the processes yet, im just worried that i get so far and it's asking me for bank details and transfers a nominal deposit before i can transfer funds and get it all wrong.
if this was the case and i did accidentally over subscribe, would HMRC take action automatically? assuming they know what you have subscribed due to NI number etc

Albermarle

Same issue
https://forums.moneysavingexpert.com/discussion/6137042/ford-money#latest

badger09

Having completed Ford Money ISA xfer application for husband (I just did the typing!) today, I can confirm you can indeed open new FRISA with xferred funds only.

No ISA provider seems to have come up with an acceptable form of wording in all the years ISAs have been in existence. As far as I'm aware no cash ISA provider insists on an initial deposit - although colsten has previously indicated that Nationwide do. I've xferred into Nationwide several times and never experienced it.

colsten

Nationwide absolute do insist on a cash deposit, even if all you want to do is transfer some or all of an old ISA to them. I have just gone through this with their 1 Year Triple Access Online ISA in the last month. The only thing that interested me about this, or any other current Nationwide ISA is their prize draw which I posted about earlier (and for which entries are now closed). They would only allow opening that ISA with a deposit from a Nationwide account (e.g. one of their current accounts). This therefore scuppers any other 2020-21 ISA subscriptions I may have had in mind. At least until the prize draw is over 😎

Apart from Nationwide, I don't know of any other ISA provider who insists on an initial cash deposit.

bargainhunter888

badger09 said:

Having completed Ford Money ISA xfer application for husband (I just did the typing!) today, I can confirm you can indeed open new FRISA with xferred funds only.

No ISA provider seems to have come up with an acceptable form of wording in all the years ISAs have been in existence. As far as I'm aware no cash ISA provider insists on an initial deposit - although colsten has previously indicated that Nationwide do. I've xferred into Nationwide several times and never experienced it.

Thanks - Ford Money was what i was looking at to transfer my ISA when it matures in June

xylophone

I transferred my Coventry ISA  (from previous years) to Ford fixed rate with the initial deposit being the transfer.
Very quick and efficient service on the part of both institutions.