Transfer Cash ISAs Discussion Area

Baldur

Casciana wrote: »

Perhaps fixed rate is the way to go with previous years ISAs for me.
I've been looking on compare sites, does Fixed Rate Bond mean the same thing as a Fixed Rate cash ISA?

In general, yes, if it's something like Nationwide's various "Fixed Rate ISA Bonds" - the word 'bond' appears to be the flavour-of-the-month with certain institutions' marketing departments these days.

MarkyMarkD

"bond" normally means that you throw in a one-off amount, and can't add any more.

But for some reason, some providers sell fixed rate ISAs with exactly that condition, but do NOT use the word "bond".

If you want to add more money along the way - particularly if you will be over 50 by 5 April 2010 and hence get an extra £1,500 allowance on 6 October - you should definitely avoid tying up your ISA money in an account which does NOT allow you to add the extra because you won't be able to open a new account elsewhere with that £1,500.

weazelcat

I currently have a HSBC ISA with very poor interest rate. I have recently opened a Nat West ISA and have not deposited anything yet, and have just noticed the interest rate has gone down. If I don't put any money in the Nat West ISA can I open a better higher interest ISA e.g Marks and Spencers and transfer my HSBC balance to this and keep contributing into it for the rest of the year if I don't pay anything into the Natwest or HSBC? Or is it too late and I am now committed to the Natwest ISA?

Hope someone can help!

melissa'smoney

Hi all,

i have £3600 on a NS&I ISA but the interest rate is crap!

Can i transfer this to another ISA? or if not can i put it back into my b/a?

x

Baldur

melissa'smoney wrote: »

Can i transfer this to another ISA? or if not can i put it back into my b/a?

Yes, just select a new ISA provider that accepts transfers and complete their ISA transfer form - they must arrange the transfer not you.

If the funds are the current tax year's ISA allowance, withdrawing the funds into your bank account means that you will not be able to open a new Cash ISA until 6th April 2010 and will have to pay tax on any interest earned after the withdrawal.

melissa'smoney

Baldur wrote: »

Yes, just select a new ISA provider that accepts transfers and complete their ISA transfer form - they must arrange the transfer not you.

If the funds are the current tax year's ISA allowance, withdrawing the funds into your bank account means that you will not be able to open a new Cash ISA until 6th April 2010 and will have to pay tax on any interest earned after the withdrawal.

thank you for this. It's last years money.

Which are the best ISA's at the moment that i can transfer the full amount into?

thanks x

Baldur

Have a look through this post, which is regularly updated - scroll down to find those fixed & variable-rate Cash ISAs that accept transfers.

melissa'smoney

Baldur wrote: »

Have a look through this post, which is regularly updated - scroll down to find those fixed & variable-rate Cash ISAs that accept transfers.

thank you. I'm currently applying for a FD mort and b/a so will apply for their 7% ISA once i'm a customer.
For now it looks like M&S are the best so will apply to them

Thanks x

PrincessLucy

Hi everyone,

Can someone please help me, I've read the article on transferring ISA's and I'm confused about what's the best thing to do with mine and my partners savings. We're currently saving a deposit to buy our first property and for our wedding next year and so we need to be as saving savvy as possible.

My questions are...
Can my partner transfer his 8 month old ISA or open a new one?
He opened up an ISA with Nationwide at the end of 2008 and put approx £2k in before the end of the tax year 2009. He has not put any money into since the new tax year started, does this mean he can open a new ISA or transfer the £2k to another one?

Also, I have an ISA with Nationwide (which I've had for a number of years) and have put about a thousand into it so far this tax year. Am I worth transferring what I have to a higher interest rate ISA (as I believe mine only pays 0.5%)?

Anyone's advice on this would be HUGELY appreciated!

Many thanks

Lucy

Baldur

PrincessLucy wrote: »

My questions are...
Can my partner transfer his 8 month old ISA or open a new one?

He can do either or both. Each individual has (currently) an annual Cash ISA allowance of £3,600, which can be added to an existing ISA or subscribed to a different one.

He opened up an ISA with Nationwide at the end of 2008 and put approx £2k in before the end of the tax year 2009. He has not put any money into since the new tax year started, does this mean he can open a new ISA or transfer the £2k to another one?

As above, assuming the tha NW ISA is not a fixed-term account - judging by Nationwide's current rates he should look at alternative providers that accept ISA transfers, complete his chosen one's ISA transfer form and let them arrange the transfer.

Also, I have an ISA with Nationwide (which I've had for a number of years) and have put about a thousand into it so far this tax year. Am I worth transferring what I have to a higher interest rate ISA (as I believe mine only pays 0.5%)?

As above