Cynergy - Cash ISA Transfer in previous year plus current year?

jungleboy123

So, it looks like rates are awful right now compared to where they were only few months back.

Looking to transfer to Cynergy but their process looks complex.

I want to:

1. Transfer my entire ISA portfolio including previous tax years
2. Transfer what i've put in this year

Also, it says interest is paid annually and as this is variable i know rates will drop so if i was to switch isa again to another provider will they not pay me interest for the time its been funded?

Thanks.

eskbanker

The ISA transfer process is the same for current year as for prior years, so not sure what issue you're seeing there?

If you fully transfer and close a cash ISA (or any other savings account for that matter) then interest accrued but unpaid will be added to the closing balance.

jungleboy123

eskbanker said:

The ISA transfer process is the same for current year as for prior years, so not sure what issue you're seeing there?

If you fully transfer and close a cash ISA (or any other savings account for that matter) then interest accrued but unpaid will be added to the closing balance.

thanks. On the other ISA thread there is discussion that people are having issues to get the transfer to cynergy. 

The silly ISA account needs a £1 opening deposit (but what if i've maxed the year)? Then theres no details of how to transfer the current ISA year they only do previous years.

I haven't tried it so im only relying on screenshots from other MSE people.

allegro120

jungleboy123 said:

So, it looks like rates are awful right now compared to where they were only few months back.

Looking to transfer to Cynergy but their process looks complex.

I want to:

1. Transfer my entire ISA portfolio including previous tax years
2. Transfer what i've put in this year

Also, it says interest is paid annually and as this is variable i know rates will drop so if i was to switch isa again to another provider will they not pay me interest for the time its been funded?

Thanks.

1. During the application you will be asked how much do you want to transfer, there is "full" option in drop down menu so it should be ok.
2. For this you might have to open another account of the same issue.  I've ended up with 2 ISA accounts.

Just try and see what happens, but first you need to check if your existing ISA provider is on Cynergy's list https://www.cynergybank.co.uk/support/faqs/online-isa-faqs , they don't accept transfers from providers who are not on this list. 

refluxer

jungleboy123 said:

On the other ISA thread there is discussion that people are having issues to get the transfer to cynergy. 

Who do you want to transfer from ? As mentioned above, Cynergy only accept ISA transfers from certain providers.

One thing you'll notice from various threads is that cash ISA transfer problems often arise when providers like Tembo or CMC are involved - these companies often offer headline-grabbing rates but I suspect they lack the experience (or perhaps even manpower) that is required when having to manage this type of savings account, which can lead to problems when it comes to transfers.

jungleboy123 said:

The silly ISA account needs a £1 opening deposit (but what if i've maxed the year)? 

The ISA won't need a £1 opening deposit (from your current ISA allowance) if you're transferring-in.

jungleboy123

One thing you'll notice from various threads is that cash ISA transfer problems often arise when providers like Tembo or CMC are involved - these companies often offer headline-grabbing rates but I suspect they lack the experience (or perhaps even manpower) that is required when having to manage this type of savings account, which can lead to problems when it comes to transfers.

I had limited options as they were the ones with the highest rate easy access isa at one point. I've just realized its going to be an absolute nightmare to port out of Tembo. Cynergy doesnt support them and theres no other good ISA deals right now... !! annoying!

refluxer

jungleboy123 said:

I had limited options as they were the ones with the highest rate easy access isa at one point. I've just realized its going to be an absolute nightmare to port out of Tembo. Cynergy doesnt support them and theres no other good ISA deals right now... !! annoying!

If you're keen on Cynergy, then one way around this is to transfer from Tembo to an easy access cash ISA from one of the ISA providers on Cynergy's list and once that goes through, you'll be able to transfer from there to Cynergy.

allegro120

refluxer said:

jungleboy123 said:

I had limited options as they were the ones with the highest rate easy access isa at one point. I've just realized its going to be an absolute nightmare to port out of Tembo. Cynergy doesnt support them and theres no other good ISA deals right now... !! annoying!

If you're keen on Cynergy, then one way around this is to transfer from Tembo to an easy access cash ISA from one of the ISA providers on Cynergy's list and once that goes through, you'll be able to transfer from there to Cynergy.

Just to add to it. It has to be a paper form for transferring from Tembo. It would be more convenient to choose an intermediary provider who accepts paper forms by e-mail.  I transfered my Tembo ISA to Paragon.  Downloaded the form, filled it in and e-mailed it to Paragon.  The transfer was completed in 5 working days.  

jungleboy123

oh well. i'm too late now, Cynergy's dropped their rate to 3.9%!

Serwin

I wanted to transfer a Tembo isa to Cynergy but they wouldn't accept it so I had to transfer it first to a TSB isa paying a very poor rate before transferring it to Cynergy. When it was finally transferred, I discovered they had only moved a few hundred pounds and left the bulk of the money in the TSB account. It turned out that, for some reason, this was because they could only transfer money lodged in previous tax years and the bulk of my money was lodged in the current tax year. If I wanted to transfer this year's allowance I would have to open another isa with them but unfortunately the rate has now dropped. I have now opened a Skipton isa and have applied to transfer the remaining amount. Meanwhile my money has been sitting for several weeks in the TSB account making 1% interest. Talk about a faff. Surely in this digital day and age the process should be much faster!