Transfer Cash ISAs Discussion Area

cottager

Afterthought, claret & blue, just in case you were thinking of Cheshire, and it was the same for Northern Rock.

If by chance you have more than one ISA you want to TF in at the same time (I have 3 from 2 different providers) it's a case of sending one application form and a TF request form for each ISA. I was wondering what they'd do with one fixed ISA and 3 different lots of money to go into it, all probably arriving at different times, but they said it would be OK.

Both forms are available online to download and complete by hand. The Cheshire application form doesn't really cover the situation where there's no 'new money' going in, so I just adapted it and explained in a covering letter.

If you ring beforehand they can run a few details through the system to check if you need to send any ID as well -- you end up on their system with a customer number from doing this, but (a) they can't tell you what it is as they haven't had the application, and (b) there's no obligation to continue as I understand it.

MarkyMarkD

cottager wrote: »

Isn't this a bit weird? NR, in their Key Facts leaflet about transfers in, say:

If you already have an existing Cash ISA with another provider and wish to transfer to Northern Rock, you will need to advise your current ISA provider who will then make the necessary arrangements (subject to the Terms and Conditions of your existing ISA). We will require a completed application form and you can send this to us directly either with a ‘Cash ISA transfer authority’ form or with a cover letter confirming details of your Cash ISA to be transferred. Alternatively, your ISA provider can forward the form to us together with the transfer documentation.

That's doing it the 'wrong way round' surely? They go on to talk about sending them (NR) a transfer form or a letter, but there's no requirement to tell the current provider is there? Never have before.

p6 here
https://www.northernrock.co.uk/downloads/MAR882_Key_Facts_Leaflet_06.04.08.pdf

They aren't explaining it very well at all.

There's no reason why a new ISA provider cannot tell you to send the transfer form to the old ISA provider - and I'm surprised that more of them don't do this. But getting the new ISA provider to forward the application form along with the transfer form is rather taking advantage and they may well not do so. It won't fit easily into most automated processes which do not require matching up the transfer out documentation with any original paperwork supplied by the customer.

Lokolo

claret_&_blue wrote: »

Hi Lokolo, It would appear at first glance from that list they will let you transfer money in so long as you have already opened an account.I merely wish to transfer previous years cash Isas as a single transaction.
Cheers

Yes they all do. The minimum deposit can be old money. Does not have to be new money.

Zack1

Has the Northern Rock 3.5% account ended now? I get redirected back to a main page when clicking direct links, and can't find the option on the main page

Also, I am allowed to deposit about another £1,200 in my ISA this year. Would I have to deposit that before the transfer (as once I transfer I believe I can't add more money to it until 6th April?)?

Thanks

Ah I've seen it's been pulled . That Cheshire one doesn't look good for me, as I want to add about 3k to it from Student Finance so pretty stuck now

Lokolo

Zack1 wrote: »

Has the Northern Rock 3.5% account ended now? I get redirected back to a main page when clicking direct links, and can't find the option on the main page

Also, I am allowed to deposit about another £1,200 in my ISA this year. Would I have to deposit that before the transfer (as once I transfer I believe I can't add more money to it until 6th April?)?

Thanks

Ah I've seen it's been pulled . That Cheshire one doesn't look good for me, as I want to add about 3k to it from Student Finance so pretty stuck now

You can do it before or after, but if you have the money now its easier to do it before.

But yes NR was pulled I believe.

Zack1

Lokolo wrote: »

You can do it before or after, but if you have the money now its easier to do it before.

But yes NR was pulled I believe.

Thanks . Looks like I'll be waiting a while anyway for another high-ish one to come around, so will have probably got the money to add to it by then

gterr

Helping my elderly Mum with her savings. I've found she has a cash ISA with HSBC to which she's adding £200 per month by direct debit. The interest rate is very low. Can she transfer this NOW to, say, the Abbey Direct ISA, even though we are half way through the tax year and she's already used up part of this year's allowance?

If so, once the transfer has gone through can she use the rest of her allowance by contributing to the Abbey ISA this year, or must she wait until next April?

Thanks for your time.

The_Enforcer

Yes and yes rest of allowance can be paid into Abbey once transfer has gone through.

deonha

I have an ISA with Barlcays and an ISA with the Post Office. On the 6th of April am I able to open a new ISA with another bank, deposit the full years allowance and then also transfer the ISA's from Barlcays and the Post Office. Just want to find out if this is possible.

purplestar133

When transferring fixed rate ISAs on maturity, do you put the maturity date on the form as the date to transfer or the day after?