Transfer Cash ISAs Discussion Area

Dustykitten

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.

You may need to check the terms of the 09/10 ISA as not all will allow transfers in.

Happychappy

Natiowide,,,consistent in being totally incompetent

I cant beleive the Nationwide can maintain the high level of incompetence. Two years ago I took out a two year fixed rate cash isa at 6.3% but unfortunately this took 5 months for them to get up and running.

This isa expired on 31.12.09, however, on 20.12.09 I completed the forms and a cheque for this years isa £5100 and asked it be transferred into a 3 year fixed rate isa at 4%

Sure to form on 1.1.10 they transferred it into a 0.30% instant access isa and say they have never received the forms and cheque. I am therefore looking to find an alternative provider but can guarantee next week the Nationwide incompetent, will suddenly find the forms and try and transfer the lot when another provider tries to open a new account, I wish I didnt get attractatwat deodrant for new year

mattglos1980

Hiya,

Sorry, this has probably been asked many times before.

I am a novice at personal finance but have decided to take an active and positive step this year.

I have an cash ISA with the nationwide which is now at its max of £3600. Next ISA year, if I open up a new ISA with another provider which gives me a better rate and transfer my £3600 to them, do I start again with being able to put in the annual amount which I think is £5100 on top of my £3600? Will I gain the interest on the total amount, i.e. £3600 from day 1 and then cumulative on the value I invest each month?

Thank you for your advise.
Matt

MarkyMarkD

Yes. It's that simple. Except that you don't have to wait until next tax year to transfer your money; you can transfer it now, and THEN add the other £5,100 on 6 April (if they allow top-ups).

wytco0

I described on another thread how I have let one of my old ISA's revert to 0.1% due to my negligence in watching it.

As I have already used my full 2009/2010 allowance with NS&I I want to transfer my old A&L money to a new provider. I have chosen First Direct as the interest rate is OK and I also bank with them.

I just went through the whole application process online but at the end it asks me to give a declaration that I havnt opened another ISA in 2009/10, but I have so I am worried about the declaration.

I am pretty sure (following advice from my other thread) that what I am doing is OK but the declartion concerns me. I have sent them a message but knowing the wealth of expertise here can anyone help ??

10_66

wytco0 wrote: »

...I just went through the whole application process online but at the end it asks me to give a declaration that I havnt opened another ISA in 2009/10, but I have so I am worried about the declaration.

I am pretty sure (following advice from my other thread) that what I am doing is OK but the declartion concerns me...

I think they're just asking for confirmation that you won't be contributing new funds to more than one 09/10 ISA.

Milarky

It's a facile question to have on the form when you are coming to them for a straight transfer. That's presumably because they are just following HMRC drafting - which ought to recognise that situation as frequent enough as to not require such a second, redundant 'declaration' (You would have made such a 'declaration' in the first instance on the account/provider you say is already funded for 2009/10 when opening it - so why does the general application/transfer form NOT allow for that?)

cottager

I agree, some of this wording seems senseless.

Like wytco0, last month I was transferring ISAs (from previous years only) to the Cheshire, and their application form kicks off with the statement:
I apply to subscribe for a Cash ISA for the tax year 2009/2010 and each subsequent year until further notice.

Clearly (as I thought) this wasn't the case, so I crossed out a section in the middle so that it read instead:
I apply to subscribe for a Cash ISA until further notice.
It went off with a covering letter explaining the reason for the alteration, i.e. I wasn't subscribing for the current year (because I'd already done so elsewhere), only to TF in previous years.

In due course a letter from Cheshire:
... Unfortunately we are unable to accept the form as essential information has been altered. The sentence 'I apply to subscribe to a Cash ISA for the tax year 2009/10 and each subsequent year until further notice' has been crossed out and so the form is now invalid. This line is essential to the form and is placed there through Inland Revenue regulations. The sentence means that should you wish to, you may subscribe to your ISA account for this and subsequent consecutive tax years without the need for completing more applications. It does not oblige you to subscribe in this or any other tax year. Please find enclosed a new application form for your completion and signature ...

So we had to start again :rolleyes:

boobbby

In the past I have subscribed and transfered many ISA's. Some times I have fully subscribed before the transfer and other times continued to subscribe up to the limit after the transfer. I have noticed now that many FRISA's dont allow further subscriptions to an ISA after the initial subscription, so my question is how do you use up the full current year allowance if you have opened an ISA with less than the full amount allowed and no further subscriptions are allowed? I asume the only answer is to transfer the new ISA and lose the interest.

10_66

boobbby wrote: »

In the past I have subscribed and transfered many ISA's. Some times I have fully subscribed before the transfer and other times continued to subscribe up to the limit after the transfer. I have noticed now that many FRISA's dont allow further subscriptions to an ISA after the initial subscription, so my question is how do you use up the full current year allowance if you have opened an ISA with less than the full amount allowed and no further subscriptions are allowed? I asume the only answer is to transfer the new ISA and lose the interest.

You could always open a regular saver/variable rate ISA instead of a fixed rated ISA. You would then be able to continue to add to it.