New Money & Transfers

paceturner

Having looked at the newsletter, there are some really good new ISA's for new money… which I will look to do, but then what do I do with my existing ISA? I think MoneyBox rates will drop and the new ISA's with the good deals either won't accept transfers or if they do, they will be lower rate.

Don't really want to keep opening up lots of accounts, and I can't be the only person in this situation, but what are the best options/what are others doing?

Thank you in advance!

refluxer

All easy access cash ISAs will be prone to changes in the BoE base rate, whether they're from the likes of Trading212, Moneybox (etc) who are currently at the top of the best buy easy access table, or the more traditional ISA providers further down the list. The beauty of an easy access account though is that you can obviously transfer your ISA elsewhere if the rate starts to become uncompetitive, however many of those current top-paying accounts require you to stay with them for a year.

The only way to ensure you don't get a rate drop is to take out a fixed rate cash ISA instead although these are more suited to money you don't need access to, because the penalty from withdrawing from a fixed rate ISA can be severe. Rates do seem to be on the up at the moment, although whether this is due to it being 'ISA season' or uncertainty in how the base rate is panning out this year remains to be seen.

If you're looking at providers like Trading212, Plum and Moneybox, it's worth noting that there have been quite a few threads regarding problems with ISA transfers both to and from those providers. Problems often stem from the fact that they don't use the BACS ISA transfer service, which is the favoured way of transferring cash ISAs electronically.

Albermarle

Moneybox 4.26% Isa - Transfers In — MoneySavingExpert Forum

A very recent thread with a link to another thread.

needysoul

https://forums.moneysavingexpert.com/discussion/comment/81936990#Comment_81936990

Just to warn fellow savers that trying to negotiate an ISA transfer from my Moneybox account has been incredibly stressful, they really don't like letting go…at the moment they have 'frozen' my ISA account. I've not been treated so brusquely by any other provider. Moneybox may boast of 'easy access' but they make it really difficult to transfer your cash elsewhere.

needysoul

Just to warn fellow savers that trying to negotiate an ISA transfer from my Moneybox account has been incredibly stressful, they really don't like letting go…at the moment they have 'frozen' my ISA account. I've not been treated so brusquely by any other provider. Moneybox may boast of 'easy access' but they make it really difficult to transfer your cash elsewhere.

eskbanker

https://forums.moneysavingexpert.com/discussion/comment/81955406#Comment_81955406

What sort of 'negotiation' are you undertaking - if you're transferring to another ISA, the process should be driven entirely by the new provider without needing any dialogue between you and the ceding provider?

Ade22c

https://forums.moneysavingexpert.com/discussion/comment/81955901#Comment_81955901

I was thinking the same - its got f all to do with moneybox its your money not theirs ?

Ch1ll1Phlakes

https://forums.moneysavingexpert.com/discussion/comment/81955406#Comment_81955406

They froze my ISA as part of my ISA transfer out. It's to prevent you withdrawing after they've agreed the amount the need to transfer to your new provider.