Transferring a Chelsea ISA & maintaining membership

Fella

My g/f has an ISA with Chelsea. I've just noticed how poor the interest is I think she should transfer to Icesave.

1. Anyone think of anywhere better?
2. How best can she maintain her Chelsea membership? I.e. any recommendations for what account to open or how to open it? I know that way back in the Carpetbagging days when everyone knew where the Broom Cupboard was you had to transfer your account to keep unbroken membership. Since I don't see how that's possible if the account is an ISA being transferred to a different provider all I can think of is to open a new account & make sure it has at least £100 in it before transferring the old one.


All comments welcome

cheers
Fella

Liz_the_Whizz

fella

I had the same thought process last year, ie wanting to shift my Chelsea ISA to a better interest rate while retaining my £100 just in case.

My solution was to do a partial transfer, leaving £100ish in my Chelsea ISA and shifting the rest to Yorkshire's e-ISA. YBS is not the top payer @ 5.8%, but it will do partial transfers unlike the others I looked at (eg Kent Reliance).

And 5.8% is still better than a piddling 5.15% with the Chelsea.

Fella

Hi Liz,

That's quite a neat idea, I never thought of that.

Do you know if ICESAVE accept partial transfers?

cheers
Fella

Liz_the_Whizz

Fella,

Don't know, and not obvious from the website.

Would be interested to know if anyone has found out.

Milarky

Remember, that partial transfers are not permitted (by ISA rules) in the same year as the subscription itself. Therefore if all of the current balance was added this current tax year you would need to wait until after April 6th (when it will be a 'past years' amount) before attempting to split it by transfer.

meatandtwoveg

Just open a new account with the Chelsea, prior to closing your existing account. Membership is based on a continuity of membership without break, you do not have to keep open the one account you opened prior to the rules changing on membership and the issue of shares should it get taken over, or when it gets taken over will still get given to you.

I admit this applies to the West Bromwhich, i know that for sure, so i am guessing, i am not a memeber of the Chelsea, but it is worth a phone call just to check it out surely?

bristolleedsfan

meatandtwoveg wrote: »

Just open a new account with the Chelsea, prior to closing your existing account. Membership is based on a continuity of membership without break, you do not have to keep open the one account you opened prior to the rules changing on membership and the issue of shares should it get taken over, or when it gets taken over will still get given to you.

I

Whilst either options mentioned in the thread are fine. ( keeping 100.00 in Chelsea ISA or opening another Chelsea account with 100.00 prior to ISA funds moving out, personally i would take the latter option being as some of Chelseas non ISA accounts pay reasonably good rates, ( e.g Double Guarantee Account) this action would also keeps the ISA account simple.

http://www.thechelsea.co.uk/html/savings/invest_dg2_intro.html


Chelseas rubbish ISA rates evidence that some Building Societies/Banks are conning its ISA account holders.