Transfer Cash ISAs Discussion Area

Muswell_Matt

I've got a first direct e-ISA, and the variable rate has just dropped (again) to 4.75%.

I notice on their homepage that they have a 6% introductory rate e-ISA. Great, I'll transfer, I thought. I know there are 6%+ rates out there, but the interest difference over a year will be about £10 and I'm happy with fd customer service and would prefer to manage everything from one log-on.

Except that, even though you can transfer current and previous years' subs (I've maxed mine for 07/08) 'to a new ISA manager or provider', this doesn't include moving from one ISA product to another at the same bank.


Confusing, and strange.

bristolleedsfan

Muswell_Matt wrote: »

I've got a first direct e-ISA, and the variable rate has just dropped (again) to 4.75%.

I notice on their homepage that they have a 6% introductory rate e-ISA. Great, I'll transfer, I thought. I know there are 6%+ rates out there, but the interest difference over a year will be about £10 and I'm happy with fd customer service and would prefer to manage everything from one log-on.

Except that, even though you can transfer current and previous years' subs (I've maxed mine for 07/08) 'to a new ISA manager or provider', this doesn't include moving from one ISA product to another at the same bank.


Confusing, and strange.

Best transfer out elsewhere. Out of the Best Buy ISAS, Nationwide ( 6.15% One Or Two Year Fix), Abbey ( 6.25% Variable inc 1% bonus for first year) and Saffron BS guarantee no loss of interest during transfer in process.

In theory u could transfer out to an instant access ISA with another provider, then transfer back, u may lose some interest when transferring back whilst cheque is in transit and being banked.

http://www.abbey-products.com/product/direct-isa-squirrel/

http://www.moneyfacts.co.uk/savings/bestbuys/fixed-rates-isa.aspx

http://www.moneyfacts.co.uk/savings/bestbuys/mini-cash-isas-accepting-transfers-in.aspx

suelees1

Muswell_Matt wrote: »

I'm happy with fd customer service and would prefer to manage everything from one log-on./quote]

FD has the facility for you to manage all your different external accounts from their home site. Once you've set up all the details it's really easy and convenient.

The ONLY reason I keep my current account with them is because of the excellent customer service and online facilities. I've swapped to others which have driven me mad even though I get a bit of interest from them so I've reverted back to FD.

alan192

Hey Guys & Girls,

Not sure if this is the right thread to be posting but sure somebody will point me in the right direction if not...

I have the chance to place some shares into a Share ISA with Hargreaves Lansdown when they mature and was wondering if I should transfer the cash in my Abbey Easy ISA into this new ISA or open another cash only isa with a better paying provider?

Cheers

sans-pareil

Just a quick question for your ISA Pro's out there.....

Moving forward to April or later in 2008.

I have an old ISA I want to split and another new one started 6 months ago in 2007.
Can I legally transfer half of the old ISA into the 2007 ISA and half into another (new to be setup in April 08) ISA. I.E. I will be running two ISAs side by side (with different providers) and technically closing one with the money from the old closing ISA going two different ways. I will also be wishing to contribute to ONE of the two remaining ISAs also later in 2008.

Is all this legal, I think so?

Many thanks

jamesd

alan192, use the best provider. HL aren't the best for cash ISAs.

sans-pareil, you can do whatever you like with money from previous tax years, with no restrictions at all except any from the particular account providers. It doesn't count against the limits in any way.

You're allowed to have 200 different ISAs if you wish, so long as you only have one currently open one of each type into which you have paid money in the current tax year. That one active one can be transferred as often as you wish and after each transfer you can deposit money into the new one, subject to the total deposited in them all during the year being no more than the limit for each type of ISA.

boonys

I am in the process of moving my ISA from Intelligent Finance to Alliance & Leicester (read details of this on Martins site). However, it seems to be only up 31st May 2009, when would be the best time next year to start transferring to another ISA provider? Apparently they move the money out of ISA to an Account, this I do not want, but will be happy to move again. I too am very confused about how many ISAs you can have at one time, I know you can only have one current ISA you are paying money into in any current year, but I want to know if money is left in with old ISA provider and someone opens another one, what happens to the old account as far as interest is concerned, does the interest stop being paid out on the old ISA. Probably silly question to all you out there, but I still think there is not enough info around, I have tried to send for information from Sunday papers but they do not explain in simple terms. HELP

Crabman

Hi boonys - in May 2009 the A&L 1% bonus rate expires so you'd simply need to transfer into whichever account is best at that time.

You can have as many ISA accounts as you like however you can only pay into (subscribe) to one per tax year. Once you've paid into an ISA, that amount remains tax-free until you withdraw it.

That means when you open a new ISA account, it will not affect ISAs from previous years and of course interest will continue to be paid as usual.

MiserlyMartin

Hi

I have a Skipton mini cash ISA. I wanted to transfer it to Lloyds. I've just read the T's&C's and it says they they require 30 days written notice and a £30 payment to cover their 'administration costs'. I did not know about the fee, if i had I would never have opened the account years ago.

Anyway the £30 almost wipes out the extra interest gained by moving it. My question is this: In this day and age of unfair banking charges, do you think that this could be argued that it does not cost them £30 to transfer the account to another provider? Small claims court? Or a non-starter?

frugalfreda

I've already got an Isa which I've had for a couple of years. The interest isn't brilliant so I thought I would open up an Isa with someone else and transfer the monies.

I applied for an Isa over the phone with a high street bank. I then received the paperwork with account details etc but they had had my name wrong. I have to send copy of ID with a letter explaining the incorrect name.

I am not sure I want to go ahead with this account now as I've heard a lot of bad things about the bank. Does it cause any problems with closing it and then perhaps opening another isa with another provider in the same tax year? I've not put any money in this new isa by the way as my existing isa is maxed out.

Thanks