Recommended Cash ISA Transfers

Malchester

https://forums.moneysavingexpert.com/discussion/comment/81918199#Comment_81918199

I am also looking at ISAs. The vast majority do not change the rate following a transfer in. There are some that do, of course but not the majority

refluxer

https://forums.moneysavingexpert.com/discussion/comment/81917733#Comment_81917733

Sure - but, as you're finding out, these ~4.5% accounts are only really suitable for new subscriptions and not transfers.

These rates are higher than the rates offered by the more conventional ISA providers because they're loss-leading offers which are designed to get you onto their platforms, from where they're hoping you'll take advantage of the loans, mortgages and investment products which are their main source of business.

While a good rate is the obvious upside, the downsides are various combinations of the following... lesser rates for transferring in, withdrawal restrictions, bonuses that require you to stay with them for a whole year, your money being spread around multiple different banks and (IIRC) interest held in the form of QMMFs, with no FSCS protection.

If you want the absolute best rate for your new subscriptions then they can't be beaten, but you definitely need to scrutinise the small print to avoid being caught out by those caveats, most of which don't apply to the more conventional cash ISA providers.

NebulaNova

https://forums.moneysavingexpert.com/discussion/comment/81918199#Comment_81918199

Try Tesco. 4%

NebulaNova

https://forums.moneysavingexpert.com/discussion/comment/81917675#Comment_81917675

In T212, I have a cash ISA account ID and an ISA account ID.

I've got no idea which one to use in the 'roll number' box on the ISA transfer form. Is that literally the only number I need to put on the form and just ignore the sort code and account number?

refluxer

https://forums.moneysavingexpert.com/discussion/comment/81918502#Comment_81918502

I don't have an account with Trading212 so I'm afraid I can't advise, but the advice posted above was to use your Cash ISA Account ID which would make sense, as it would distinguish between a cash ISA and any stocks & shares ISA, that you may also (theoretically) hold.

If in doubt (and you don't want to waste a stamp) I would check Trading212's FAQ/support section or message them and ask.

Whenever I have put a reference number on a cash ISA transfer form, I tend to leave the sort code and account number fields blank, unless it's an online form and one or other of them is mandatory. In such cases, those details are usually generic to the ISA provider anyway and not personal to you (so effectively not really needed).

This is presuming that the ID numbers aren't in the conventional 8-digit account number format, BTW.

oddcueball52

Use the Cash ISA Account ID, the ISA Account ID would be for Stocks & Shares ISA.

NebulaNova

Thanks. So ignore the sort code and account number and enter the cash ISA id in the roll section?

oddcueball52

https://forums.moneysavingexpert.com/discussion/comment/81919549#Comment_81919549

Yes, skip account number and sort code, fill in the roll section.

NebulaNova

Thanks everyone, you've made it a lot easier.

soulsaver

On a point that has been debated regularly about adding to FT ISA accounts by transfer after the funding window has expired:

Shawbrook have agreed I can transfer the maturing(after April 6th) funds from a (Shawbrook) FT ISA to my 4.63% existing 2 year fix, with over 1 year still to run. YMMV depending on numbers?

I've not committed yet, deciding to keep options open while we see what BoE does and it's possible effect on rates.

I believe I can also fund with 26/27 'new money'.

PS I'm aware of 4.75% alternative 1 yr/13 month fix option.