Transfer Cash ISAs Discussion Area

Nine_Lives

QUESTION: This is a question about the procedure.

I've just had a brief look at transferring my ISA. The place i'm wanting to transfer the isa TO say i need to inform my current provider. I am then sent out 2 transfer forms in the post (one to each provider).

My query is - does this mean

1. i have to go into Nationwide (current provider) and tell the lady on the desk that i want to transfer to another provider. Exit the Nationwide building, come home & go online & THEN go to the new provider for transfer forms & THEN sending one complete form to Nationwide & the other to the new provider

OR

2. Does it just mean i get the forms from the new provider, fill them out & send one back to the new provider and the other to the current provider (Nationwide).


Apologies for what is probably obvious, but i want to make sure to cut out any time that'll be needlessley wasted.

boobbby

K_P83 wrote: »

QUESTION: This is a question about the procedure.

I've just had a brief look at transferring my ISA. The place i'm wanting to transfer the isa TO say i need to inform my current provider. I am then sent out 2 transfer forms in the post (one to each provider).

My query is - does this mean

1. i have to go into Nationwide (current provider) and tell the lady on the desk that i want to transfer to another provider. Exit the Nationwide building, come home & go online & THEN go to the new provider for transfer forms & THEN sending one complete form to Nationwide & the other to the new provider

OR

2. Does it just mean i get the forms from the new provider, fill them out & send one back to the new provider and the other to the current provider (Nationwide).


Apologies for what is probably obvious, but i want to make sure to cut out any time that'll be needlessley wasted.

The normal method is to open a new ISA and at the same time fill in a transfer form to a give this to your new provider. The bit you have to be careful is if you put money into this new ISA before the transfer. You cant do this is if you have money in another ISA. If it is a fixed ISA you may only be allowed one time input of money so you need to max with your first input. If you have previously opened the ISA then you could just fill in the transfer forms with your old ISA provider giving them details of your new ISA. As I said at the beginning the normal method is in the first line!

MarkyMarkD

boobbby wrote: »

The normal method is to open a new ISA and at the same time fill in a transfer form to a give this to your new provider. The bit you have to be careful is if you put money into this new ISA before the transfer. You cant do this is if you have current year money in another ISA. If it is a fixed ISA you may only be allowed one time input of money so you need to max with your first input. If you have previously opened the ISA then you could just fill in the transfer forms with your old ISA provider giving them details of your new ISA. As I said at the beginning the normal method is in the first line!

Edited to correct - in bold.

boobbby

MarkyMarkD wrote: »

Edited to correct - in bold.

Correct!! lol

Nine_Lives

boobbby wrote: »

The normal method is to open a new ISA and at the same time fill in a transfer form to a give this to your new provider. The bit you have to be careful is if you put money into this new ISA before the transfer. You cant do this is if you have money in another ISA. If it is a fixed ISA you may only be allowed one time input of money so you need to max with your first input. If you have previously opened the ISA then you could just fill in the transfer forms with your old ISA provider giving them details of your new ISA. As I said at the beginning the normal method is in the first line!

See though, i can't open a new ISA.

On the very first day of the 2009-10 tax year i maxed out my Instant Access ISA with Nationwide - £3,600. So i've paid in my full allowance for this current tax year. As well as this, i have approx £9k from previous tax years making a combined £12k(ish) in the one Instant Access ISA Account with Nationwide.

It provides 0.35% .... hence my reason for looking out a transfer.


So if i've understood right, then i can't open a new ISA as i've already maxed my limit. I can only transfer

What'd be the procedure then in this case?

Lokolo

K_P83 wrote: »

See though, i can't open a new ISA.

On the very first day of the 2009-10 tax year i maxed out my Instant Access ISA with Nationwide - £3,600. So i've paid in my full allowance for this current tax year. As well as this, i have approx £9k from previous tax years making a combined £12k(ish) in the one Instant Access ISA Account with Nationwide.

It provides 0.35% .... hence my reason for looking out a transfer.


So if i've understood right, then i can't open a new ISA as i've already maxed my limit. I can only transfer

What'd be the procedure then in this case?

You can open a new ISA you just cannot deposit more money into it. Open it up with £0. Fill in a transfer form. It then gets transferred.

Nine_Lives

Ahh right i get you.

It's just i can't remember looking at an ISA where you could open with £0. Everything i've read has been a minimum of £1 so far, and i can't even pay in £0.01, nevermind £1.00.

Lokolo

K_P83 wrote: »

Ahh right i get you.

It's just i can't remember looking at an ISA where you could open with £0. Everything i've read has been a minimum of £1 so far, and i can't even pay in £0.01, nevermind £1.00.

Ignore it. That £1 can be from transfer. It's easier to do it in branch, but if you say you want to open an ISA for transfer only. They will overide it and open it for £0. Halifax for me just opened it up with a fake £1. Then when my transfer happened, the £1 disappeared.

cantaymus

I have a cash ISA from 2008-09. I also have a cash ISA for 2009-10 with a better interest rate. I have £5100 in the 09-10 ISA currently. Can I transfer from my 08-09 ISA into my 09-10 ISA even though the transfer takes me over the 09-10 limit? The 09-10 provider allows transfers.

10_66

cantaymus wrote: »

I have a cash ISA from 2008-09. I also have a cash ISA for 2009-10 with a better interest rate. I have £5100 in the 09-10 ISA currently. Can I transfer from my 08-09 ISA into my 09-10 ISA even though the transfer takes me over the 09-10 limit? The 09-10 provider allows transfers.

Yes, you can do this as you are not subscribing new money into it.