Transfer Cash ISAs Discussion Area

Lokolo

purplestar133 wrote: »

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?

On the date bit just put "On Maturity"

purplestar133

deonha wrote: »

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.

Yes, if you want to transfer them into the same account you're paying your allowance into, make sure to choose an account that allows transfers in. Try this comprehensive list courtesy of Kazza242 http://forums.moneysavingexpert.com/showthread.html?t=401374

purplestar133

Lokolo wrote: »

On the date bit just put "On Maturity"

Thanks Lokolo!

Busster

Hi,

I've only just taken a keen interest in my finances and so i'm looking to save anywhere possible and one of those is my cash ISA. If I transfer my existing HSBC e-Cash ISA (horrible rate!) to the best looking one at the moment - seems to be Standard Life's 2.65% variable rate one - is it feasible in future to transfer back to HSBC if things switch around? Can they deny a transfer request or anything like that? Also is it much of a hassle to keep finding the best interest rates every 6 months or so?

And does anyone know if HSBC let you transfer out without charge?

I only have 1.5k so far in my ISA (I only started this tax year) and I'm <50.

Thanks in advance for any advice

10_66

You can transfer your ISA whenever you like, and as often as you like (as long as the ISA provider you're transferring to accepts transfers in). However, the disadvantage with transferring ISA's too often is that it can be a protracted affair, during which, you can lose interest whilst your funds are in the process of being transferred. You would need to check your T&Cs for your existing HSBC ISA to see if they charge any penalties for withdrawing, but usually if it's an instant access account there is not a penalty, whereas if it's fixed rate there is usually a penalty for early closures/withdrawals (if early withdrawals are permitted at all).

If you do decide to transfer, then you need to do this through the ISA providers. Do not withdraw the funds yourself (you would lose the tax free status).

Busster

Thanks. I've read the T&C and nothing is said about a fee.

Looking at the standard life application form now. They say they will send me a form which I will need to sign and send to HSBC, will that be the only action I need to take? Will HSBC do the rest for me within 30 Days? (transfer the ISA over). Or will HSBC get me to sign something too.

Also after reading the T&C, it doesnt tell me how will it work with the interest due to be applied to the ISA? I currently get it added about the 25th of each month. Will they apply the interest earned before transferring it? So if the transfer goes ahead around the 20th of the month, will I get any interest I've earned in that month?

Thanks for your help again

10_66

You will need to complete an account application form for the new ISA provider you're transferring to, and return the new application form to them. If the new provider has told you to forward the transfer request form to HSBC, then that's all you'll have to send to HSBC (sometimes the transfer form is to be sent to the new provider along with the application form and they forward it to the old provider). The guidelines are that it should be transferred within 30 days, but often it is not.

Any interest earned on your existing account up to the closing date will be added to it before HSBC transfer the funds over to your new provider.

boobbby

Busster wrote: »

Hi,

I've only just taken a keen interest in my finances and so i'm looking to save anywhere possible and one of those is my cash ISA. If I transfer my existing HSBC e-Cash ISA (horrible rate!) to the best looking one at the moment - seems to be Standard Life's 2.65% variable rate one - is it feasible in future to transfer back to HSBC if things switch around? Can they deny a transfer request or anything like that? Also is it much of a hassle to keep finding the best interest rates every 6 months or so?

And does anyone know if HSBC let you transfer out without charge?

I only have 1.5k so far in my ISA (I only started this tax year) and I'm <50.

Thanks in advance for any advice

If you got your best possible rate at 2.65% then on £1500 you only get £39 interest over one year. I would wait until your fund is much higher then that is the time to make sure you have it transfered and invested with the best paying company. When you have bigger funds you will also get offered better interest rates

Elderflower

I have a fixed rate ISA with Julian Hodge which matures this month. I am wondering whether to transfer it straight away - best rate 3.25% eg Newcastle BS - or to transfer to an easy access ISA for a while to see whether some better fixed rate offers emerge around March/April when the banks are tempting new investors. Any advice please?

boobbby

Elderflower wrote: »

I have a fixed rate ISA with Julian Hodge which matures this month. I am wondering whether to transfer it straight away - best rate 3.25% eg Newcastle BS - or to transfer to an easy access ISA for a while to see whether some better fixed rate offers emerge around March/April when the banks are tempting new investors. Any advice please?

I think you have the best idea..play it cool as better rates should be around shortly