Transfer Cash ISAs Discussion Area

maurice1234

For those with a direct ISA with Abbey I would be very careful to check the issue number. If you have an issue 2 or below they are not paying 3% they are paying .1 %. All you have to do is ring up and ask to transfer to issue 3 and you will get the current 3% but they will not do it automatically , I did ask and they say that they advertise the new rate. Very frsutrating as the promotions do not make it clear that old direct isa's are not paying 3%.

mermaid74

Multiple cash ISA transfers...I have just recently opened my 2009/10 cash ISA with Natwest with the full amount, I would now like to transfer it to First Direct to get better interest, I will simply follow the transfer instructions. However, I also have a cash ISA with Nationwide from the last 6 years up to March 09, I am not clear if I can also can move these funds into First Direct?

Baldur

mermaid74 wrote: »

Multiple cash ISA transfers...I have just recently opened my 2009/10 cash ISA with Natwest with the full amount, I would now like to transfer it to First Direct to get better interest, I will simply follow the transfer instructions. However, I also have a cash ISA with Nationwide from the last 6 years up to March 09, I am not clear if I can also can move these funds into First Direct?

Of course you can. You can transfer any number of Cash ISAs as you wish - you just need to complete a separate ISA transfer form for each account.

muskokamoney

My cash isa is with Halifax and has rolled up to £50,000, the max covered if the bank folds. I would like to transfer half of this to a different provider to keep within the maximum compensation rules but I am informed that I can only transfer the whole lot. Is this correct information

opinions4u

muskokamoney wrote: »

My cash isa is with Halifax and has rolled up to £50,000, the max covered if the bank folds. I would like to transfer half of this to a different provider to keep within the maximum compensation rules but I am informed that I can only transfer the whole lot. Is this correct information

No, partial transfers out should be allowed for specific tax years. That said, do you really think a bank that is 43% government owned will let you lose money in it?

Where did you get the information from? Just trying to establish if it's a limitation with Halifax or the company you want to transfer to.

muskokamoney

My ISA was originally with HSBC and it was Halifax who told me that part transfers were not allowed. So far as the bank going bust is concerned, what about Leemans? That was a household name. I would hope that you are correct and that the Halifax will not be allowed to fold, but these uncertain times are without precedent!!

rb10

muskokamoney wrote: »

My ISA was originally with HSBC and it was Halifax who told me that part transfers were not allowed.

Halifax do allow partial transfers.

For transfers out of Halifax, look at page 5 of this document:

Transfer some or all of the money you have saved in your cash ISA(s). If you are transferring current tax year subscriptions these must be transferred in full. Additionally, some or all of previous years subscriptions can also be transferred.

And for transfers in, look at the form to fill in, which has a box specifically for partial transfers.

Bluebirdnick

Baldur wrote: »

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.

Sorry to bring this up again, but please can I just make sure that I understand this:

I have an ISA with A&L, into which I made payments during 2007/08 and 2008/09. I also made a small accidental payment into that ISA a few weeks ago.

I want to transfer my ISA to a new provider (say, ING). I understand that I can transfer all of my accumulated funds (including the payments already made in 2009/10).

Will I be able to pay my Christmas bonus into the ING ISA? Or do I have to pay it in to the (now empty) A&L ISA, and then transfer it to the new provider?

Many thanks

Nick

Lokolo

You have transferred the funds you have put in ISA this year to ING, therefore this years ISA is now ING.

Baldur

Bluebirdnick wrote: »

I want to transfer my ISA to a new provider (say, ING). I understand that I can transfer all of my accumulated funds (including the payments already made in 2009/10).

Will I be able to pay my Christmas bonus into the ING ISA? Or do I have to pay it in to the (now empty) A&L ISA, and then transfer it to the new provider?

The A&L ISA account will be closed on transfer of the balance to the new provider, so won't exist by Christmas time (assuming that you transfer by then).

As Lokolo says, the new Cash ISA account will be the one into which you must pay any future 2009/10 tax year subscriptions.