Transfer Cash ISAs Discussion Area

lisyloo

First Direct are very good for service.
I have my mortgage with them and I can pay in and draw down instantly. It's brill.

Be aware that ISA is fixed though.
So you are gambling to a degree on what interest rates are going to do.
Interest rates could go up in 2010 so varaible rate accounts could be higher.
I don't think it's a huge gamble, but it is something to be aware of..

Of course it's a paltry rate afterwards, so you then need to move it again.

pinkneonmartini

lisyloo wrote: »

First Direct are very good for service.
I have my mortgage with them and I can pay in and draw down instantly. It's brill.

Be aware that ISA is fixed though.
So you are gambling to a degree on what interest rates are going to do.
Interest rates could go up in 2010 so varaible rate accounts could be higher.
I don't think it's a huge gamble, but it is something to be aware of..

Of course it's a paltry rate afterwards, so you then need to move it again.

thanks for the reassurance, i've never dealt with them, so its nice to know you've had a good experience. In terms of rates, even tho it's fixed i'd still be able to transfer again to a higher rate (if one becomes available) wouldn't i? Or have i misread it, and i'd be locked in til Nov 2010?

pinkneonmartini

anybody out there????

KTF

The ISA is detailed as being Instant Access so I would assume that you will be able to transfer your money to another provider at any time with no penalty.

pinkneonmartini

YAY!!!! thanks KTF

jezzer42

Probably a stupid question, but ...

I have an old cash ISA from 2004/05, now over £4000 in the account, but the rate is rubbish so I want to transfer to a new provider. If I transfer £3600 of this into an account with a new provider, will this still count as my 2004/05 ISA allowance, allowing me to still put a further £3600 in a different account to use my 2009/10 allowance, or will the transfer from my old provider be regarded as taking up my 2009/10 allowance?

Thanks.

Baldur

jezzer42 wrote: »

I have an old cash ISA from 2004/05, now over £4000 in the account, but the rate is rubbish so I want to transfer to a new provider. If I transfer £3600 of this into an account with a new provider, will this still count as my 2004/05 ISA allowance, allowing me to still put a further £3600 in a different account to use my 2009/10 allowance, or will the transfer from my old provider be regarded as taking up my 2009/10 allowance?

Forget allowances, as far as previous tax years' ISA funds are concerned. They can be transferred as and when you like.

The whole >£,4000 can be transferred to a different ISA provider (that accepts ISA transfers) and has no effect whatsoever upon your 2009/10 allowance, which you can deposit with any ISA provider.

WhiteSpace

jezzer42 wrote: »

If I transfer £3600 of this into an account with a new provider, will this still count as my 2004/05 ISA allowance...

No. If you manually transfer money into a new ISA this will count towards your 2009/2010 allowance and you will not be able to put any more money into any ISA during the 2009/2010 tax year.

As Baldur suggests, you can transfer the entire ISA (£4000 in your case) into a new ISA by completing a specific transfer request form, and the banks will do the rest for you (can take up to 28 days). You can then manually transfer a further £3600 into your new ISA for the 2009/2010 (current) tax year, giving a total of £7600 in your new ISA.

kevk80

Hello,

A quick question...

My wife an I have some money that we'd like to transfer into some ISAs. We did open some Direct ISAs with A&L a few years ago but something came up and we needed the money so although we still have these two accounts open with A&L we have £10 at most in each.

Therefore am I right in saying our best bet is to withdraw the money, close these two old ISA accounts with A&L and deposit our savings in two new ISA accounts somewhere paying a good interest rate?

Thanks.

Baldur

kevk80 wrote: »

Therefore am I right in saying our best bet is to withdraw the money, close these two old ISA accounts with A&L and deposit our savings in two new ISA accounts somewhere paying a good interest rate?

With so little in the accounts, it's pointless leaving them open.