Internal Charter Savings Bank ISA transfer

PeskyBlunder

Hi,

Has anybody done an internal ISA transfer with Charter Savings?

I have a newly matured fixed rate ISA which is now in an Easy Access ISA with them, which I now wish to partially transfer into another fixed rate ISA with them without losing its ISA status. Can I do this simply by moving the money from one account to the other? There's nothing written about ISA transfers on the account options. I've sent them a secure message but I'd be interested in hearing from anyone who has actually done this.

PeskyBlunder

For anybody who wishes to know the answer to this, the reply came stating just to use the standard method of moving from one Charter Savings account to the other, despite the fact that there is no mention of it being an ISA transfer. (I haven't done this yet as I want to wait until Monday to check that everything has worked as they said it could take 2 working days.)

JSmith321

PeskyBlunder said:

For anybody who wishes to know the answer to this, the reply came stating just to use the standard method of moving from one Charter Savings account to the other, despite the fact that there is no mention of it being an ISA transfer. (I haven't done this yet as I want to wait until Monday to check that everything has worked as they said it could take 2 working days.)

I have the same issue - why can't they (and others) mention that it is an "ISA transfer" and not a cash withdrawal. I'm sure a lot of customers would be confused. It's almost like they don't understand what a Cash ISA transfer to a another Cash ISA with the same provider is! Thanks PeskyBlunder you did their job for them

JSmith321

Good customer service over the phone - talked through the process even though the screen makes no mention of an ISA transfer. Another nice point, the lady on the phone said if the customer made a "mistake" and withdrew the cash to a nominated account they could drag it back within a short time and complete the ISA transfer without losing the ISA tax benefits. As an aside, I worked in IT and it would be SO easy to have a button that said ISA to ISA transfer within Charter.

zicoliu

I also want to do this.
I have an exiting easy access ISA with them but the current advertised one has a higher rate, I was able to open another easy access ISA with them so now I have 2 of them.
When opening the new ISA it asked where the money will come from to fund the account, one of the options was "existing Charter savings ISA". 
But then now there's no obvious option to do an "ISA Transfer", I have sent them a secure message about this but they haven't replied yet.

So basically just do a standard transaction from the old ISA into the new ISA is enough?
It does say in their FAQs that all ISA accounts are held within 1 ISA wrapper, so it sounds like you can move money between ISAs held with Charter Savings as much as you like.

refluxer

zicoliu said:

I also want to do this.
I have an exiting easy access ISA with them but the current advertised one has a higher rate, I was able to open another easy access ISA with them so now I have 2 of them.
When opening the new ISA it asked where the money will come from to fund the account, one of the options was "existing Charter savings ISA". 
But then now there's no obvious option to do an "ISA Transfer", I have sent them a secure message about this but they haven't replied yet.

So basically just do a standard transaction from the old ISA into the new ISA is enough?
It does say in their FAQs that all ISA accounts are held within 1 ISA wrapper, so it sounds like you can move money between ISAs held with Charter Savings as much as you like.

While I've never carried out an internal ISA transfer myself in this way, I have heard of other ISA providers where this is possible - Nationwide, possibly ?

I can understand your caution though and I'd also want confirmation from Charter that it's fine to move ISA money yourself so would probably wait for a reply from them first.

Bobblehat

zicoliu said:

I also want to do this.
I have an exiting easy access ISA with them but the current advertised one has a higher rate, I was able to open another easy access ISA with them so now I have 2 of them.
When opening the new ISA it asked where the money will come from to fund the account, one of the options was "existing Charter savings ISA". 
But then now there's no obvious option to do an "ISA Transfer", I have sent them a secure message about this but they haven't replied yet.

So basically just do a standard transaction from the old ISA into the new ISA is enough?
It does say in their FAQs that all ISA accounts are held within 1 ISA wrapper, so it sounds like you can move money between ISAs held with Charter Savings as much as you like.

I, and no doubt others, would appreciate hearing what Charter say in their reply. And ... welcome to the forum   

zicoliu

still no reply from Charter Savings  

This is from the ISA guide about paying into an ISA, but it doesn't specifically mention anything about ISA to ISA transfer.

"How to transfer funds from an existing Charter Savings Bank account You will need to log in to our online banking service at chartersavingsbank.co.uk, where you will find a list of all your Charter Savings Bank accounts. Then select Account Options for the product you wish to make the transfer from, then select the ‘Make a transaction’ option and select the amount and account you wish to make the transfer to."

UKHopeful

I've just had a reply to the same question, but they still don't mention ISA:

Thank you for your secure message. As this is an online account all transactions must be made online by the account holder.

If you would like to take advantage of the higher rate currently advertised online, you can open a new higher rate account as an existing customer online and complete the shorter version of the application form.

To apply for a new account press ‘Open Another Account’ and select the account you wish to open. Your new account will take up to 24 hours to show online.

Once your new account is showing online, please follow the instructions below:
1. From the “Account Summary” page, click the "Account Options" button.
2. Click on the "Make a Transaction" option.
3. The account you have chosen to move money from will automatically appear.
4. Select the account you wish to transfer to.
5. Enter the amount you wish to transfer, (If the account is to be closed then put in the full balance) making sure that no pound signs (£) or commas are used. Decimal points are only needed when entering pence.
6. Select the date you want the funds to leave your Savings Account.
7. Click “Continue”.
8. Check and confirm transfer. If you are moving the full balance of the source account (shown as ‘from account’) then a yellow warning will appear. To continue with the transaction please click ‘close account’. This will add any outstanding interest to the amount transferred.

annie12

Had the same problem last year, this is the message I got

Thank you for your secure message. I can confirm you are able to move ISA funds internally between your Charter Savings ISA accounts without this affecting the ISA status. It is only the providers job to move the funds if you are transferring to another bank. As this is an online account, you will be required to move the funds online by following the steps below.
 1. From the “Account Summary” page, click the "Account Options" button.
2. Click on the "Make a Transaction" option.
3. The account you have chosen to move money from will automatically appear.
4. Select the account you wish to transfer to.
5. Enter the amount you wish to transfer, (If the account is to be closed then put in the full balance) making sure that no pound signs (£) or commas are used. Decimal points are only needed when entering pence.
6. Select the date you want the funds to leave your Savings Account.
7. Click “Continue”.
8. Check and confirm transfer. If you are moving the full balance of the source account (shown as ‘from account’) then a yellow warning will appear. To continue with the transaction please click ‘close account’. This will add any outstanding interest to the amount transferred. Please note if you do not want to close the source account you must leave a minimum of £1 in it. Please be advised that funds will arrive in the destination account within two working days of the withdrawal being processed. If you have any questions or are unsure of anything, please visit the Frequently Asked Questions page on our website. Or, if you prefer, call us on 0800 032 9999. We´re open from 8am to 8pm Monday to Thursday, 8am to 6:30pm on Fridays, 9am to 5pm on Saturdays and 10am to 4pm on Sundays. Yours sincerely Elle Ryder Charter Savings Bank

I followed their instructions and everything was ok.

zicoliu

annie12 said:

Had the same problem last year, this is the message I got

Thank you for your secure message. I can confirm you are able to move ISA funds internally between your Charter Savings ISA accounts without this affecting the ISA status. It is only the providers job to move the funds if you are transferring to another bank. As this is an online account, you will be required to move the funds online by following the steps below.
 1. From the “Account Summary” page, click the "Account Options" button.
2. Click on the "Make a Transaction" option.
3. The account you have chosen to move money from will automatically appear.
4. Select the account you wish to transfer to.
5. Enter the amount you wish to transfer, (If the account is to be closed then put in the full balance) making sure that no pound signs (£) or commas are used. Decimal points are only needed when entering pence.
6. Select the date you want the funds to leave your Savings Account.
7. Click “Continue”.
8. Check and confirm transfer. If you are moving the full balance of the source account (shown as ‘from account’) then a yellow warning will appear. To continue with the transaction please click ‘close account’. This will add any outstanding interest to the amount transferred. Please note if you do not want to close the source account you must leave a minimum of £1 in it. Please be advised that funds will arrive in the destination account within two working days of the withdrawal being processed. If you have any questions or are unsure of anything, please visit the Frequently Asked Questions page on our website. Or, if you prefer, call us on 0800 032 9999. We´re open from 8am to 8pm Monday to Thursday, 8am to 6:30pm on Fridays, 9am to 5pm on Saturdays and 10am to 4pm on Sundays. Yours sincerely Elle Ryder Charter Savings Bank

I followed their instructions and everything was ok.

Thanks, so i think I'll just move everything to my higher paying ISA myself. I expect I'll get the same copy and pasted reply as you if/when they get round to replying to my message.

Seems like a lot of people would have asked them this question, they should just add this to their FAQs.