Transfer Cash ISAs Discussion Area

bristolleedsfan

melpomene wrote: »

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

Yes its normal to apply to new provider with a ISA application form + transfer in form, new provider then contacts your existing provider.A+L appear to ask people to send their completed ISA application form to the old provider.Yes transfer will be capital + interest.

jamesd

Yes, from next year you should only contact the new provider, this year you could contact the old one instead, but nobody seems to really expect you to do that.

You can transfer the whole amount from last year including interest.

bristolleedsfan

jamesd wrote: »

Yes, from next year you should only contact the new provider, this year you could contact the old one instead, but nobody seems to really expect you to do that.

.

Reason that ive been applying for ISA transfers via new provider is that it has been the new provider which has stated "complete application form and ISA transfer in form and we will do the rest" :cool:

I would have thought it would be quicker to complete forms ( like A+L) and to send them direct to existing provider with passbook ( where appropriate)

Uruk_Hai

Big appologies for the double post but after reading this thread I think its more relevant to my problem and I would realy appreciate a bit of help ! Last year I opened a Barclays tax beater ISA and invested 3K in it and it has just been left for almost a year. Yesterday I went into my local branch and said as the interest rate for the tax beater is going down to 4.89% I want to open a tax haven ISA and then transfer my money from the tax beater in to a new and higher rate tax haven, the person I spoke to just said "no you cant do that" and then went on to tell me that the only thing I could do is open a tax haven ISA then withdraw the money from the tax beater and put it into my newly openend tax haven ISA ? My question is have I been given the correct information and if so will I lose out if I take the money out of my current ISA, when I read the advice on this web site saying that Barclays were offering the best interest but be willing to transfer after a year I thought it would be simple and now I'm not sure of the best thing to do ?

Any help or sound advice realy appreciated !

10_66

You're best not withdrawing the money out of your existing Tax Beater, because, if you just open the Tax Haven with the proceeds, you lose out on future years' tax free interest (on the account you close). You could, instead, transfer (not close) the funds from the TB to a more competitive rate with another provider, and then if you want to you can open a Tax Haven with this year's allowance. This would then mean you have two years' worth to benefit from future tax free interest.

Nomad25

My thanks button does na work - so Crabman, Bristolleedsfan and Isasmurf. ta very much. I have downloaded and completed 3 copies of N'Wide transfer form [one for each existing provider] for fixed member's bond/s from their website and will give it a go.

poorman66

Hi Guys, I have contributed to a barclays isa which was set up start of this year but also have a halifax isa .I want to move the halifax isa and would then hope to contribute to the new isa after april up to my £3600 limit.Can I move my halifax isa from a previous year to a higher earner now or do I need to wait until april-does the fact i have contributed to barclays this year affect my ability to move halifax now?also is there any benefit in waiting until halifax interest is paid in befoire moving?Thanks,in advance.

bristolleedsfan

Nomad25 wrote: »

My thanks button does na work - so Crabman, Bristolleedsfan and Isasmurf. ta very much. I have downloaded and completed 3 copies of N'Wide transfer form [one for each existing provider] for fixed member's bond/s from their website and will give it a go.

If u havent already acquired them u will also need to get three Nationwide ISA application forms from a Branch either in person or by request via website or phone.

These should be available without queuing for a cashier.

You can either leave completed application forms + transfer in forms at the Branch or take them away to complete and post them to stated Swindon Address ( address is on one of the forms)

I sent application forms x2 + transfer in forms x 2 to swindon and it was fine.

Nomad25

Duh! Oh, ok thanks for flagging this, much appreciated -didn't realise [note to self - read stuff properly], but it does say on top of transfer request form. I would have looked a right numpty.

muffin_man

Let me know if I've got this straight...as regards the rule of only subscribing (paying new cash into) one ISA per year. Here's the hypothetical situation (which I'm sure does apply to a few people):

You've opened an ISA this tax year and paid in say £1000, but now decide you want to move that ISA to a different provider before the new tax year starts. If you were to move the ISA and *then* add the remaining £2000 to the new ISA, would that class as subscribing to more than one ISA and be declined, thus stopping you making use of full ISA allowance for this tax year (as the original ISA will have been closed)?

Should any extra money you intend to invest this tax year be paid into an existing year's ISA before transferring it to a new provider, or would the new ISA still class as 'this years' ISA?

Hope that makes sense.