Transfer Cash ISAs Discussion Area

WhiteSpace

pgt67 wrote: »

I have a cash ISA that i already subscribe to with funds from previous years in it. i wish to transfer the whole lot to a better rate ISA account but am unclear on how I go about it. Do I open an account and transfer it over or fill out a transfer form and pass it onto whomever I decide to open the new account with.

- Yes, open an account with a new provider.
- Obtain a transfer form from your new provider.
- Complete and return the transfer form to your new provider.
- Your new provider will then contact your old provider and request the funds to be transferred.

You should not need to contact your old provider yourself.

pgt67 wrote: »

Is it possible to open an account without having to make an initial deposit?

Yes, it should be - as long as you make your new provider aware that you are transferring funds from your old ISA.

pgt67

Cheers, a bit clearer now

pittspitch

White Space wrote........You should not need to contact your old provider yourself.

Standard Life who I am trf old ISA's to have written with forms I have to complete and send to my existing providers. No complaints just thought I should add this. Thanks to all for comments here.

MarkyMarkD

Very few providers do this. I have seen it from FirstDirect and pittspitch has seen it from Standard Life Bank. It is very lazy of providers to do this - it moves the onus for chasing receipt of the funds onto you, the customer, but you don't know whether the funds have arrived or not!

It makes a lot more sense to do it the way 95%+ of providers do it - you send them the transfer form, and they send it to the other provider and do the chasing for you.

DJFearRoss

Which Cash ISA has a consistent high rate?

I'm moving abroad so will not be able to open another ISA, even for transfers, so was wondering which ISA to transfer to once and for all.

(that doesn't do this annoying thing with the interests rates just to get new customers and then drop the rates quietly, A&L for example)

There must be one...?! I'm not after the best rate just a consistently good one.

WhiteSpace

DJFearRoss wrote: »

Which Cash ISA has a consistent high rate?

I would have said you'd have to find one that is guaranteed for a period or perhaps fixed term. I don't think you can reliably pick one just because it has been OK for the past 6 months or so?

But it kinda depends how many 'years' you're thinking?

Perhaps National Savings? Safe.

Aimee_

I would really appreciate some advice as I can't seem to find anything that answers my question -

I very stupidly today paid some money in to my Alliance and Leicester ISA (which I transferred other ISAs over to last year) and then checked the interest rate - I've found that it's 0.1%. I tried to set up the intelligent finance ISA that offers a transfer in option only to find that if I've paid anything in to an alternative ISA this year, I'm unable to transfer at all.

Does anyone know of an instant access ISA (preferably on line) that I can transfer last years' (and part of this years) allowance in to or will I just have to stick out my very low interest rate and learn from my mistake.

Thanks in advance,

Aimee.

10_66

Aimee_ wrote: »

...Does anyone know of an instant access ISA (preferably on line) that I can transfer last years' (and part of this years) allowance in to or will I just have to stick out my very low interest rate and learn from my mistake...

You can transfer previous years' ISAs elsewhere (making sure that the new provider accepts transfers in), but you can't split a current year's ISA up, you have to keep this current year's funding in one ISA. THIS link should help you find a suitable ISA for your previous years'.

Aimee_

Thank you for your response 10_66, can I clarify something please? - as all of my ISA savings - last years' (and previous years allowances) and the money I put in today - are in the same ISA can I then transfer out the money from previous years from the account whilst having to keep the A+E ISA for this years' allowance as I've already put some in?

Thanks very much

Aimee.

MarkyMarkD

10_66's response was right, but unhelpful.

You can transfer your whole ISA, including both previous and current years, and THEN top up the remaining amount for this year into the new ISA.

There is no reason at all to leave this year's allowance in the A&L account at 0.1%.