Icesaver introducing ISA from tomorrow

polomint_2

I have two Isas with barcleys one i want to keep which is the tax beater isa (6.56% )and a mini cash isa (4.51%)

I would like to transfer the mini isa to icesave isa.

will the two get confused and both be transfered?

Or is it worthwhile transferring both at the same time as i am in no doubt the tax beater isa will drop like a stone in intrest as soon as it is able!

Advice please. Thanx

KTF

They will have different account numbers so make sure you put down the one for the 4.51% ISA on the form.

You could transfer the lower interest one now to see how long it takes before moving the higher rate one if the rate isnt going to change anytime soon.

polomint_2

yes thanx that sounds like a sensible plan of action. cheers

$nake_eye$

Forms are complete and its ready to be posted. Transfered from Yorkshire BS.

masonic

Stompa wrote: »

Sorry, I didn't mean why does Icesave implement it in that manner, rather why the system in general was (still) done that way.

It creates a paper trail, which is essential since HMRC reserve the right to inspect the records kept by ISA managers. Given that the new ISA manager needs the relevant paperwork (transfer history etc) to open the account, enclosing a transfer cheque along with that paperwork is no less efficient than sending an electronic transfer separately.

Stompa

masonic wrote: »

It creates a paper trail, which is essential since HMRC reserve the right to inspect the records kept by ISA managers.

Ah OK, that would explain it. Thanks.

1+1=3

Hi all, just a quick question .. what should I put as the 'Date of Transfer' on my Icesave ISA application form?

I just contacted my existing ISA provider (Nat West) and they said there is no notice period required, but I have read elsewhere that I should allow 30 days for the transfer... so erm.. should I put today's date or 16th Feb?

Thanks for any advice

Lavendyr

I put today's date on mine...don't know if that's correct though

masonic

1+1=3 wrote: »

I just contacted my existing ISA provider (Nat West) and they said there is no notice period required, but I have read elsewhere that I should allow 30 days for the transfer... so erm.. should I put today's date or 16th Feb?

Most ISA transfers are done much more quickly than the 30 days ISA managers are allowed to take. I wouldn't delay the transfer unnecessarily by backdating the transfer date. Do as Lavendyr did. I'd almost be inclined to write in ASAP.

littlemissmoney

Hi

I'm thinking of transfering my Nationwide members ISA to Icesave. My Nationwide ISA requires 60 days notice, so how do I go about doing this? Does the 60 day notice even apply to transfers?

Should I open a Icesave ISA, let Nationwide know I will be tranfering money in 60 days, then after 60 days fill in an Icesave transfer form?

Thanks for any help!