ISA Query

pioneer31

Has anyone tried to open a new Cash ISA by transferring in, rather than using an initial deposit?

I can't make a deposit, as I have maxed out this year's allowance.

I tried to open an Natwest ISA online but it just asked me to make initial deposit (from my current account, as I bank with them). No option to transfer in, as my initial deposit.

Is there a way round this?

singhini

Short answer is yes you can (but i too found it confusing).
I think the process is to first apply for the ISA with NatWest (one of the questions should be do you want to add money and you pick no -----> then a pop up box appears with the following "Funding your ISA "You have decided not to add an initial deposit" -----> carry on completing your application and you are given a sort code ansd account number.

Second step is to complete the transfer in -----> Natwest say the instructions on how to do this are in your account opening documents ------> i think the process for Online Banking: select the New ISA account ------> Click “View account details” ------> choose “Transfer in savings from another ISA”.

Read this:
What is an ISA Transfer? | NatWest

eskbanker

pioneer31 said:

I can't make a deposit, as I have maxed out this year's allowance.

[...]

Is there a way round this?

No reason to suspect that the above process won't work, but in terms of workarounds, if your current year money happened to be in a flexible easy access ISA then you could withdraw a token amount and deposit it into the NatWest one?

pioneer31

singhini said:

Short answer is yes you can (but i too found it confusing).
I think the process is to first apply for the ISA with NatWest (one of the questions should be do you want to add money and you pick no -----> then a pop up box appears with the following "Funding your ISA "You have decided not to add an initial deposit" -----> carry on completing your application and you are given a sort code ansd account number.

Second step is to complete the transfer in -----> Natwest say the instructions on how to do this are in your account opening documents ------> i think the process for Online Banking: select the New ISA account ------> Click “View account details” ------> choose “Transfer in savings from another ISA”.

Read this:
What is an ISA Transfer? | NatWest

Thanks Singhini, I'll give this a try..

pioneer31

eskbanker said:

pioneer31 said:

I can't make a deposit, as I have maxed out this year's allowance.

[...]

Is there a way round this?

No reason to suspect that the above process won't work, but in terms of workarounds, if your current year money happened to be in a flexible easy access ISA then you could withdraw a token amount and deposit it into the NatWest one?

It's a 1yr Fixed Term

clairec666

I managed to open the NatWest fixed rate ISA without having to make an initial deposit. It's currently empty and I can see it in my online banking. I'm going to fund it by transfer in a couple of weeks when another ISA reaches maturity.

Marmaduke123

clairec666 said:

I managed to open the NatWest fixed rate ISA without having to make an initial deposit. It's currently empty and I can see it in my online banking. I'm going to fund it by transfer in a couple of weeks when another ISA reaches maturity.

And me. I transferred a maturing 1yr ISA in to it. It sat there empty for a couple of weeks after I opened it. 30 days were allowed for funding after opening. I think the OP must have missed something on the application form, I'm sure there is an option to transfer in an existing ISA, and thereafter you can specify "on maturity". All proceeded efficiently with the transfer in.

Albermarle

It is not the only ISA that  gives you the impression that you have to make an initial contribution, but in fact you do not in most ( all?) cases.