Transfer Cash ISAs Discussion Area

Bluebirdnick

Baldur wrote: »

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.

Thanks both!

Lonz

Bluebirdnick wrote: »

I have an ISA with A&L...

I guess this applies to everyone, but in particular Nick, as I made this mistake with an A&L ISA. Before you transfer or empty your ISA just please double check your current interest rate.

Don't assume that all ISAs which were on a good rate are now paying a pittance, which is what one might infer from Martin's article on ISAs. I didn't until it was too late and discovered that my ISA, which was one of the special 10% direct ISAs of last year, has a revised interest rate for the current tax year of .... 5.8%!!! Luckily I hadn't used this year's quota and so could at least put £3,600 back in it. I can't post links as a newly registered forum member, but add '/savings/interest-rates.aspx' on the end of A&L's normal web address to check your current interest rate. Enter the first three digits of your account number in the box provided... for your reference my account starts 802. :T

Leon

PS. yes, I double checked that this isn't just a clerical error on their website, their staff confirmed the current rate over the phone.

Krinkle

I'm confused!

I have an ISA with Barclays on a rubbish interest rate and so would like to transfer it...it's almost £7k. Now, if I transfer this amount elsewhere am I right in understanding this transfer encompasses my annual entitlement and that I will not be able to add anything to it until next April? What would be the case if I added my £3,600 to this current 'crappy' ISA now, and then transferred the whole lot (...£10,600) elsewhere... ...is that possible/legal?

Lokolo

Krinkle wrote: »

I'm confused!

I have an ISA with Barclays on a rubbish interest rate and so would like to transfer it...it's almost £7k. Now, if I transfer this amount elsewhere am I right in understanding this transfer encompasses my annual entitlement and that I will not be able to add anything to it until next April? What would be the case if I added my £3,600 to this current 'crappy' ISA now, and then transferred the whole lot (...£10,600) elsewhere... ...is that possible/legal?

If you have not used your allowance this year you can place it anywhere. In a completely new ISA, in a transferred ISA or in that ISA you have above. As long as you don't seperate your new £3,600 you can do whatever you like with it.

a) Put it in a brand new ISA seperate from the £7k
b) Put it with the £7k and transfer it
c) Transfer to a new provider and then add £3,600.

Baldur

Krinkle wrote: »

...am I right in understanding this transfer encompasses my annual entitlement and that I will not be able to add anything to it until next April?

Your understanding is incorrect, unless the transferred balance includes ANY new money subscribed since 6th April 2009.

You can transfer and add this year's allowance or you could transfer and subscribe this year's allowance to a totally different provider if you wish.

What would be the case if I added my £3,600 to this current 'crappy' ISA now, and then transferred the whole lot (...£10,600) elsewhere... ...is that possible/legal?

you can do so but it's totally unnecessary if you have not yet subscribed any of your 2009/10 allowance - as above.

Krinkle

Thanks guys, I'm clearer now!

blushingbride_3

is it right that barclays have changed there golden isa rates?:9

I currently have:

2009 cash isa with barclays
2008 cash isa with barclays

Both full

am i best to combine them to a top rate isa? maybe M&S?:T

Baldur

blushingbride wrote: »

is it right that barclays have changed there golden isa rates?

Yes - for accounts opened after 31st May the 1% bonus has been withdrawn.

I currently have:

2009 cash isa with barclays
2008 cash isa with barclays

Both full

am i best to combine them to a top rate isa?

I certainly would have transferred them as soon as they stopped paying a decent rate - whether it's best for you is for you to decide.

blushingbride_3

Baldur - thanks for reply

Can i transfer this years and last years into a new one?

what would be best?

Baldur

blushingbride wrote: »

Can i transfer this years and last years into a new one?

Yes you can - you'll probably have to complete a separate ISA transfer form from your chosen new provider for each of the old Barclays ISAs.

Check out this post for Cash ISA 'best buys' (scroll down to find those that accept transfers).