NEW - Cynergy Easy Access Online Cash ISA 23 - 1.31%

MiserlyMartin

I was talking about this ISA now paying 1.4%

refluxer

MiserlyMartin said:

I wonder if applying and choosing the 'funding by transfer from existing Cynergy ISA' option will stop you from doing a further transfer in from another ISA? The other 1.3 % ISAs are flexible ISAs so I suppose that is an advantage over the Cynergy one should you need to move money around.

Their FAQs state that you can transfer in up to 3 other ISAs at the time of application, so I guess you'd have to start the application process and see if that's still possible if you go down the 'fund from existing Cynergy ISA' route

lisyloo

I think this is a standard “anti money laundering question as they have to make sure it’s not coming from your drug and prostitution empire (didn’t see that option).
i don’t think it’s binding.

AndyTh_2

Aidanmc said:

The information required is in Cynergy FAQ's

Q. How can I switch my existing Cynergy Bank Online ISA to a new issue of Cynergy Bank Online ISA?

You can switch your existing Online ISA to a new issue that is currently on sale. To do this:

• Log into Online Banking,
• Select ‘fast track apply’ and open the new issue of Online ISA.
• Once this is open, select your existing Cynergy Bank Online ISA and choose the option ‘Internal transfer and close’.
• You will be asked which account you want to transfer to, and you should select your new issue of Online ISA.
• The balance in your existing ISA, including any accrued interest, will be transferred over on the same day and your old ISA will be closed.

It'd be nice if they explicitly said this would not use any of your ISA allowance. I'm currently fretting about it as I want to switch from my issue 23

Aidanmc

AndyTh_2 said:

Aidanmc said:

The information required is in Cynergy FAQ's

Q. How can I switch my existing Cynergy Bank Online ISA to a new issue of Cynergy Bank Online ISA?

You can switch your existing Online ISA to a new issue that is currently on sale. To do this:

• Log into Online Banking,
• Select ‘fast track apply’ and open the new issue of Online ISA.
• Once this is open, select your existing Cynergy Bank Online ISA and choose the option ‘Internal transfer and close’.
• You will be asked which account you want to transfer to, and you should select your new issue of Online ISA.
• The balance in your existing ISA, including any accrued interest, will be transferred over on the same day and your old ISA will be closed.

It'd be nice if they explicitly said this would not use any of your ISA allowance. I'm currently fretting about it as I want to switch from my issue 23

Its fine. I have already done it. And still have full ISA allowance remaining.

refluxer

AndyTh_2 said:

It'd be nice if they explicitly said this would not use any of your ISA allowance. I'm currently fretting about it as I want to switch from my issue 23

With ISAs only containing contributions from previous tax years, you can do as many transfers as you like and this won't affect the £20k limit for the current tax year.

If the issue is that you want to transfer an Easy Access Cash ISA that you have paid into during the current tax year, then my understanding is that this is fine (subject to the ISA's T&Cs) but the current tax year's subscription money has to stay together.

Once transferred, I believe you can continue to pay into the new ISA but you obviously can't go over the limit for the tax year.

This is what Tesco has to say on the matter and, as these are general ISA rules, I can't see Cynergy being any different ?

You can transfer:

• All of your current year's subscriptions to a Cash ISA or a Stocks & Shares ISA. You can then make further subscriptions to your new ISA in the same tax year, as long as you don't exceed your annual allowance.
• All or part of any subscription made in previous tax years.

You can only subscribe to one Cash ISA and one Stocks and Shares ISA in a tax year; however, you can hold multiple Cash ISAs and Stocks and Shares ISAs as long as the subscriptions were made in different tax years.

AndyTh_2

Aidanmc said:

AndyTh_2 said:

Aidanmc said:

The information required is in Cynergy FAQ's

Q. How can I switch my existing Cynergy Bank Online ISA to a new issue of Cynergy Bank Online ISA?

You can switch your existing Online ISA to a new issue that is currently on sale. To do this:

• Log into Online Banking,
• Select ‘fast track apply’ and open the new issue of Online ISA.
• Once this is open, select your existing Cynergy Bank Online ISA and choose the option ‘Internal transfer and close’.
• You will be asked which account you want to transfer to, and you should select your new issue of Online ISA.
• The balance in your existing ISA, including any accrued interest, will be transferred over on the same day and your old ISA will be closed.

It'd be nice if they explicitly said this would not use any of your ISA allowance. I'm currently fretting about it as I want to switch from my issue 23

Its fine. I have already done it. And still have full ISA allowance remaining.

Thanks, that's good enough confirmation for me. If the "Remaining allowance this tax year" had dropped then it'd have indicated it wasn't an "ISA transfer"

MiserlyMartin

lisyloo said:

I think this is a standard “anti money laundering question as they have to make sure it’s not coming from your drug and prostitution empire (didn’t see that option).
i don’t think it’s binding.

Well if that option isn't there then I don't have to declare it !