Transfer Cash ISAs Discussion Area

Lokolo

Doshwaster wrote: »

I'm still waiting for a Smile to First Direct transfer and I can't get any information from either bank about how the process is going.

This is the first time I have ever done a transfer and given the time it is taking and the loss of interest, I'm starting to wonder if it is worth it. Do some people go through this palaver every year?

I appreciate that an ISA transfer is a more complex process than a simple BACS transfer, but I don't see what it can't all be sorted out within a week or so.

Its not really. If the Smile one is still open you are still getting interest from that one. Only interest you're losing is the difference between the 2.

HMRC guidelines state it should take around 30 days to transfer. If its been more than that, complain with the new provider (FD)

hansi

I can only speak as I find, but I transferred an ISA from Britannia to the Halifax Direct Reward ISA on 6th April, and the money was in my Halifax account on the 16th April, so I have no complaints but I understand that there are problems involved in transferring.

lanstrom

I transfered my Barclays Tax Haven to my Lloyds Fixed (6.5%) ISA back on the 15th April. As of today (20th May) over 1 month later I am still awaiting it to happen.

At the time I filled the forms in the customer services lady told me it should take about 1 week as they have caught up with the back log now.

I phoned serveral times to check it was ok but yesterday she tells me that Barclays have rejected it as the form was not filled in correctly (which is a lie because I was there when it was filled in and the details were taken off a print out of my online banking details so no mistakes were made).

I have put in a complaint with Lloyds and told them I want the interest backdating to the date I filled the forms in which they have agreed to.

My Lloyds fixed 6.5% expires in about 2 weeks anyway but at least its earning me more than Barclays crapola rate.

Doshwaster

I called First Direct today to chase them up on this. I was told that they had received the cheque from Smile today (there's a coincidence!) and that it could take "up to 30 days" for the the funds to appear in my account.

jammell

Can someone help me with a little issue...

I have an ISA with RBS, have done for years. I want to change providers to get a better rate, like the one that M&S are offering at the moment.
Now so far this Tax Year 2009/2010 I have yet to pay into the ISA I have with RBS.
If I apply for a ISA transfer for M&S will I be able to pay into it this Tax Year and get their interest rate of 3.xx% rather than the measley 0.8% I'm getting with RBS?
OR is it too late to change as it is May and the ISA won't be for this Tax Year, but for the next?

Thanks a lot.

Baldur

jammell wrote: »

Can someone help me with a little issue...

I have an ISA with RBS, have done for years. I want to change providers to get a better rate, like the one that M&S are offering at the moment.
Now so far this Tax Year 2009/2010 I have yet to pay into the ISA I have with RBS.
If I apply for a ISA transfer for M&S will I be able to pay into it this Tax Year and get their interest rate of 3.xx% rather than the measley 0.8% I'm getting with RBS?

Yes, just complete the M&S ISA transfer form and let them transfer your current ISA - you must not do this yourself.

Even if you had paid into the RBS ISA this tax year, you would still be able to transfer your Cash ISA - transfers can be done at any time.

gratefulone

I would appreciate some advice on securing the best fixed rate cash ISA for the whole of this year's £3,600 allowance. I would also like to transfer last years cash ISA because the rate has fallen drastically. Any guidance would be most appreciated. Thanks.

Baldur

gratefulone wrote: »

I would appreciate some advice on securing the best fixed rate cash ISA for the whole of this year's £3,600 allowance. I would also like to transfer last years cash ISA because the rate has fallen drastically.

Browse this post, which has just been updated, for the best available fixed rates (some of which permit transfers of previous tax years' Cash ISAs).

mac.d

Can I transfer my ISA to a different account with the same bank?

I currently have a Cash ISA with LloydsTSB and am considering switching it to the Fixed Rate Cash ISA to get a better interest rate. Can this be done in the same way you can transfer ISA's from one bank to another?

Also, I've never looked at anything other than instant access ISA's before, am I right in thinking that basically the only real difference between the two accounts (apart from one being a variable interest rate and the other fixed obviously) that the fixed rate account will penalise you with loss of 90 days interest on any withdrawals? And when it states in the terms that at the end of the year it reverts to the standard cash ISA rate, is this also likely to mean the terms and conditions will revert too (i.e. I'll be able to withdraw cash without penalty?).

Lokolo

mac.d wrote: »

Can I transfer my ISA to a different account with the same bank?

I currently have a Cash ISA with LloydsTSB and am considering switching it to the Fixed Rate Cash ISA to get a better interest rate. Can this be done in the same way you can transfer ISA's from one bank to another?

Also, I've never looked at anything other than instant access ISA's before, am I right in thinking that basically the only real difference between the two accounts (apart from one being a variable interest rate and the other fixed obviously) that the fixed rate account will penalise you with loss of 90 days interest on any withdrawals? And when it states in the terms that at the end of the year it reverts to the standard cash ISA rate, is this also likely to mean the terms and conditions will revert too (i.e. I'll be able to withdraw cash without penalty?).

1. Yes but will be a lot quicker
2. Yep (as long as thats what it says in T&C)
3. Yep it will go back to the normal instant access Cash ISA