Transfering a cash ISA advise.

hewittinspain

My Cash ISA runs out on the 31st July, I have £30,300, the interest is paid monthly so around about the 3rd August my ISA will show as having around £30,400 to £30,405.

I'm wanting to transfer to Yorkshire building Society Cash ISA for 3 years at the rate of 4.10% (Yes I do understand I can get a better rate elsewhere) but I want stick with a well known company and to be quite honest I'm happy to get this rate over 3 years.

Do I open this account on the 1st August or the 3rd August when my final monthly interests is paid as I won't exactly know what my final amount will until the 3rd?

XzavierWalnut

You can open it now, but make sure you tick the box that you want the transfer to take place after maturity of your current one.

eskbanker

You can open the account whenever you want, but ensure that your transfer request specifies that the transfer of the old account needs to wait until its maturity date.  If you specify a full transfer, then all interest accrued will be transferred over, even if it's before the scheduled interest payment date, i.e. you don't need to know the exact figure.

mebu60

You don't need to know the exact amount, use best guess on the application form. 

You can open the new ISA in advance now and instruct YBS to request the funds on maturity of the current ISA. The current provider will include the interest up to the date of transfer. You must use YBS to effect the transfer-in, relevant questions will be asked on the application.

Or you can wait until 1 August and request transfer-in of the matured funds ISA. Same principle applies re the interest. I tend to do it this way round but it risks the new product being withdrawn in the intervening period.
 

Albermarle

There is a sub forum for all ISA questions, for future reference.
ISAs & tax-free savings — MoneySavingExpert Forum

Ch1ll1Phlakes

Just had a look at the account you're wanting to open with Yorkshire Building Society. This first screenshot gives an outline based on whether you have an ISA with Yorkshire already or not. NB: There's more info than this on their website but this seems most appliciable.


Secondly, for the 3 Year ISA you're looking at this is the info. 


So if you don't have an ISA with Yorkshire currently, open the ISA then complete the form when it becomes available to you.

If you already have an ISA with them, arrange the transfer during the application process. I don't know how Yorkshire's online process works but their paper ISA form allows you to tell them to wait until the maturity date so I would imagine their online process does to.

hewittinspain

Ch1ll1Phlakes said:

Just had a look at the account you're wanting to open with Yorkshire Building Society. This first screenshot gives an outline based on whether you have an ISA with Yorkshire already or not. NB: There's more info than this on their website but this seems most appliciable.


Secondly, for the 3 Year ISA you're looking at this is the info. 


So if you don't have an ISA with Yorkshire currently, open the ISA then complete the form when it becomes available to you.

If you already have an ISA with them, arrange the transfer during the application process. I don't know how Yorkshire's online process works but their paper ISA form allows you to tell them to wait until the maturity date so I would imagine their online process does to.

Thank you very much for the info.

Ch1ll1Phlakes

hewittinspain said:

Ch1ll1Phlakes said:

Just had a look at the account you're wanting to open with Yorkshire Building Society. This first screenshot gives an outline based on whether you have an ISA with Yorkshire already or not. NB: There's more info than this on their website but this seems most appliciable.


Secondly, for the 3 Year ISA you're looking at this is the info. 


So if you don't have an ISA with Yorkshire currently, open the ISA then complete the form when it becomes available to you.

If you already have an ISA with them, arrange the transfer during the application process. I don't know how Yorkshire's online process works but their paper ISA form allows you to tell them to wait until the maturity date so I would imagine their online process does to.

Thank you very much for the info.

No problem