Transfer Cash ISAs Discussion Area

isasmurf

You can transfer your Mini Cash ISAs to another cash ISA at any time. What your ISA this year is doesn't matter. From 6th April you can transfer your Cash ISAs to any Cash or Stocks & Shares ISA although once in the S&S ISA you can't transfer it back to a Cash ISA.

Nomad25

Have scoured their website and app form, will they accept and consolidate old ISAS from more than one previous provider? Seems straight forward for a single provider, but they only refer to a [one?] transfer.

Crabman

Nomad25 wrote: »

Have scoured their website and app form, will they accept and consolidate old ISAS from more than one previous provider? Seems straight forward for a single provider, but they only refer to a [one?] transfer.

It's interesting, I found the help files which were equally ambiguous - they say, "You cannot transfer more than £3000 into your Instant Access ISA or Members' ISA Bond during any single tax year (6 April to 5 April)."

I think by transfer, they mean new cash. Try phoning them on 0800 30 20 10 and let us know what they say.

EDIT - see posts #96 & #97

patrickf_2

Hi,

I'm trying to consider ways of maximising interest on my Mini Cash ISA savings. Currently I have Cash ISA savings for the tax years 2006/07 and 2007/08 amounting to the full £6000 possible plus interest accrued (with Barclays) and have £3600 ready to transfer into a new ISA come the start of the 2008/09 tax year.

My current plan is as follows (if possible):

• Open a Barclays Tax Haven ISA for 2008/09 (6.5% Variable) and transfer the £3600 into it

• Since the above ISA doesn't allow transfers from past year's ISAs also open an Alliance & Leicester "Easy access online ISA" (6.25% variable) and transfer the past years’ ISA money into this new ISA

My question is, is it possible to do the above? That is to open a new ISA solely for the purpose of transferring in previous years’ ISAs while at the same time opening an ISA with another provider for new savings during 2008/09?

I've noticed that the Alliance & Leicester ISA pays its interest annually on January 1st - does this mean if I transfer away from them in 13 months, after the bonus interest rate finishes, that I'd loose some interest (from Jan 1 2009 to whenever I close it)?

I've also seen on this thread talk about the Lloyds TSB fixed Rate Cash ISA that seems to have a good interest rate if you have £9000 or more to save (6.5%). This seems ideal for me however on their website it says: "Guaranteed rate, fixed for a year when you make no withdrawals”. I don't anticipate having to withdraw the money anytime soon but I'd still like the flexibility if possible.

There's nothing on their site that I can see that states what the consequence is if you do make a withdrawal, does anyone know what the consequence would be?

Any advice to this first-time ISA transferer would be welcome.

Thanks. Patrick.
:money:

bristolleedsfan

Nomad25 wrote: »

Have scoured their website and app form, will they accept and consolidate old ISAS from more than one previous provider? Seems straight forward for a single provider, but they only refer to a [one?] transfer.

Ive made three seperate Nationwide ISA Fixed Rate Applications in order to transfer three ISAs in from different providers. ( so that they will each get opened as and when each existing ISA Provider passes the funds to Nationwide)

So far one transfer in has occurred. :j Nationwide have confirmed that theve contacted my other two existing ISA Providers. :j

http://www.moneyfacts.co.uk/savings/bestbuys/fixed-rates-isa.aspx

isasmurf

Yes you can open one for new savings and a different one for transfer.

From 2008/09 it appears from the draft guidance notes that there will be a new application form when opening an ISA by way of a transfer. This allows, and specifically states, that the parts of the declaration relating to "applying to subscribe" and confirming that you "have not subscribed to another cash ISA" are deleted if you do not plan to "subscribe" - that is put new money in - to the ISA.

You will not lose any interest. On closure all interest accrued will be paid to your account.

bristolleedsfan

patrickf wrote: »

Hi,

I'm trying to consider ways of maximising interest on my Mini Cash ISA savings. Currently I have Cash ISA savings for the tax years 2006/07 and 2007/08 amounting to the full £6000 possible plus interest accrued (with Barclays) and have £3600 ready to transfer into a new ISA come the start of the 2008/09 tax year.

My current plan is as follows (if possible):

• Open a Barclays Tax Haven ISA for 2008/09 (6.5% Variable) and transfer the £3600 into it

• Since the above ISA doesn't allow transfers from past year's ISAs also open an Alliance & Leicester "Easy access online ISA" (6.25% variable) and transfer the past years’ ISA money into this new ISA

My question is, is it possible to do the above? That is to open a new ISA solely for the purpose of transferring in previous years’ ISAs while at the same time opening an ISA with another provider for new savings during 2008/09?

I've noticed that the Alliance & Leicester ISA pays its interest annually on January 1st - does this mean if I transfer away from them in 13 months, after the bonus interest rate finishes, that I'd loose some interest (from Jan 1 2009 to whenever I close it)?

I've also seen on this thread talk about the Lloyds TSB fixed Rate Cash ISA that seems to have a good interest rate if you have £9000 or more to save (6.5%). This seems ideal for me however on their website it says: "Guaranteed rate, fixed for a year when you make no withdrawals”. I don't anticipate having to withdraw the money anytime soon but I'd still like the flexibility if possible.

There's nothing on their site that I can see that states what the consequence is if you do make a withdrawal, does anyone know what the consequence would be?

Any advice to this first-time ISA transferer would be welcome.

Thanks. Patrick.
:money:

Only point i would make is that at least one poster has posted to say that A+L do not backdate interest on ISA transfers in whereas Abbey, Nationwide and Saffron BS do backdate interest on ISA transfers in to ensure that no loss of interest is incurred while transfer cheque is in transit and being banked.

Re : Fixed rate accounts, most levy an interest penalty for early withdrawals typically 90 days loss of interest because top rates are offered for those who commit and adheer to the full term.

Should u go with A+L, they will pay interest as u state, should u transfer out again after that they will pay interest again up and till the time they transfer your funds out.

http://www.abbey-products.com/product/direct-isa-squirrel/

http://www.moneyfacts.co.uk/savings/bestbuys/fixed-rates-isa.aspx

http://www.moneyfacts.co.uk/savings/bestbuys/mini-cash-isas-accepting-transfers-in.aspx

melpomene

I have a Barclays Tax Beater cash ISA for 2007-8.

I want to start another one up for 2008-9, & am thinking of the Barclays new Tax Haven one.

Should I leave my exisitng ISA where it is, or move it? I don't know if the rate is continuing as it was [6.5% i think].

Also when should i move it / apply for the new one? The more I read the more confused i get.

Mel

bristolleedsfan

melpomene wrote: »

I have a Barclays Tax Beater cash ISA for 2007-8.

I want to start another one up for 2008-9, & am thinking of the Barclays new Tax Haven one.

Should I leave my exisitng ISA where it is, or move it? I don't know if the rate is continuing as it was [6.5% i think].

Also when should i move it / apply for the new one? The more I read the more confused i get.

Mel

Barclays Taxbeater ISA currently pays an applied rate of 6.31% , due to interest being paid monthly it has a quoted AER of 6.50%

TB ISA rate will reduce by 1% One year after Barclays opened your account, so that you dont end up on the lower rate during transfer out process its prudent to arrange the transfer out at least 1 month before the 1% Bonus is due to come off. ( or no time like the present. )

Abbey , Nationwide and Saffron BS Backdate interest on ISA transfer ins

http://www.moneyfacts.co.uk/savings/bestbuys/fixed-rates-isa.aspx

http://www.moneyfacts.co.uk/savings/bestbuys/mini-cash-isas-accepting-transfers-in.aspx

http://www.abbey-products.com/product/direct-isa-squirrel/

melpomene

Great, thanks for that.

I apply to the new provider rather than give notice to / alert the old , & they arrange everything? [i hope, after the time i had with Barclays this year!]

Another question : is it OK to transfer the entire amount from last year including interest [it will be over £3K now]

Mel