Chartered Savings Bank Internal ISA Full Balance inc Interest Transfer

DD8500

My mother has a Cash ISA with Chartered Savings Bank and would like to carry out an internal transfer of the full balance (including the up to date interest) to a new Chartered Savings Bank Cash ISA that pays a higher interest rate. The new higher interest rate Cash ISA has already been set up but when she attempts to transfer the existing ISA to the new one, there is only an option to enter the £/amount to be transferred, rather than an option to transfer the entire amount.

My concern is that if she enters the current balance to be transferred, this does not include the full balance including the up to date interest. The current balance displayed which can be transferred only includes interest from a few months ago rather than an up to date total balance. She has therefore not yet carried out the transfer in case the transfer only results in the current displayed balance being transferred and the interest earned since the last update staying in the existing ISA.

I should add that the balance of the ISA is from a previous transferred ISA, no new funds have been introduced to this ISA in the current tax year.

Naturally, my mother wishes to ensure the full balance continues to remain in a tax-free wrapper.

I'd much appreciate advice from someone who carried out this internal transfer with Chartered Savings themselves.

SacredStephan

Suggest that your Mother closes the old ISA. She will then be prompted to transfer the balance + accrued interest to another account, which will include the new ISA.

i.e. the Close option rather than the Move Money option.

refluxer

Not all ISA providers allow you to do internal ISA transfers yourself (without the money losing the ISA 'wrapper') so, even though it may appear to be possible, doing so may risk it counting as a new subscription. It would therefore be safer to get her to contact Charter and get them to transfer the whole balance rather than attempting to do it herself or, if it is possible for her to do it, then they should be able to confirm that.

2010

You can definitely do it yourself online with Charter, having recently done it.

If I remember correctly you put your current balance into the transfer amount and it tells you that you've gone below the minimum amount and asks if you want to close it with the transfer. Basically you just follow the instructions it tells you on each page. The interest will also be added and transferred.