Transfer Cash ISAs Discussion Area

Pound

About 1-2 months ago my 4.0% Northern Rock ISA matured and they gave me the option to move to the 3.5% ISA which I accepted. Since then the ISA has been withdrawn meaning that although I can keep the account open until it matures I can't pay any money in and I have about £3K floating around that I should put in an ISA.

Am I able to transfer my Northern Rock ISA to the 3.5% Birmingham Midshires ISA and deposit my £3K as well?

Baldur

Pound wrote: »

About 1-2 months ago my 4.0% Northern Rock ISA matured and they gave me the option to move to the 3.5% ISA which I accepted. Since then the ISA has been withdrawn meaning that although I can keep the account open until it matures I can't pay any money in and I have about £3K floating around that I should put in an ISA.

Am I able to transfer my Northern Rock ISA to the 3.5% Birmingham Midshires ISA and deposit my £3K as well?

That depends on the Ts&Cs of the NR ISA, does it permit transfers before maturity?

If so and the Ts&Cs of the BM ISA permit it, yes, you can transfer and deposit any remaining balance of your 2009/10 allowance before 5th April.

<Edit> Looking at the terms of the BM Internet FRISA, it does not accept ISA transfers from other ISA providers - http://www.askbm.co.uk/savings/i/isa/faq/opening_ISA.asp#aq09

How do I transfer the money in my Cash ISA with another bank or building society to the Internet Fixed Rate ISA with Birmingham Midshires?

• Unfortunately the Internet Fixed Rate ISA does not allow transfers in from other ISAs whether these are Birmingham Midshires ISAs or from other ISA providers.

PanicButton

Anyone any comment to make about Aldermore who are currently leading the fixed rate cash ISA market with 3.05% for 1 year?

Baldur

PanicButton wrote: »

Anyone any comment to make about Aldermore who are currently leading the fixed rate cash ISA market with 3.05% for 1 year?

If you run a search on the MSE forums, you'll find many (generally very positive, as I recall) posts about Cash ISAs held with Ruffler Bank, which has since re-materialised as Aldermore.

cyberchick

Hi,
After reading the forum I realize we need to transfer our ISA from Halifax and Brittania who's rates are poor, do we wait until the new ISA Year starts April or move now? and could we put several ISA's into one account?Just not very clear on this, I will also open a new ISA this year, will this effect our moving the cash?
Many thanks in advance.

10_66

cyberchick wrote: »

...After reading the forum I realize we need to transfer our ISA from Halifax and Brittania who's rates are poor, do we wait until the new ISA Year starts April or move now? and could we put several ISA's into one account?Just not very clear on this, I will also open a new ISA this year, will this effect our moving the cash?...

You can transfer you ISAs now if you wish, you don't have to wait until the new tax year (make sure there aren't any penalties for transferring out).

Yes, you can transfer your ISAs into one account (making sure before you open a new account that it accepts transfers in).

Opening a new ISA will not affect transferring your other ISAs.

Baldur

cyberchick wrote: »

Hi,
After reading the forum I realize we need to transfer our ISA from Halifax and Brittania who's rates are poor, do we wait until the new ISA Year starts April or move now? and could we put several ISA's into one account?Just not very clear on this

The timing of ISA transfers has nothing to do with the tax year (that only relates to subscribing new money to an ISA) so you can transfer when you like by simply choosing a new provider that pays a better rate and accepts ISA transfers - see current 'best buys' on this post - http://forums.moneysavingexpert.com/showpost.html?p=4603369&postcount=1

Multiple ISAs can be transferred into a single account, it's normally just a case of completing a transfer form for each old ISA.

...will also open a new ISA this year, will this effect our moving the cash?

No.

cyberchick

I have started sorting this out while I write many thanks

easilyconfused_2

boobbby wrote: »

30 days is a guide line!! In fact I opened a new ISA with Alliance and Leicester and then moved my wifes old old A & L ISA to the new one. This was very quick and easy. (about 5 days) Mind the rate immediately dropped to 2.5% so maybe I will move it again. For some reason she likes to do all her banking with A & L!!

My wife opened an Alliance and Leicster cash ISA on 29 January, with instructions to transfer her existing ISA from NAT WEST. She was told it would take less than 2 weeks. After that time had elapsed, she inquired why the transfer had not taken place and was then told it could take a month! As of today, the money still hasn't reached her A&L account. Is this normal? Why does it take so long? Do the banks just hold on to the money as long as possible so that they can get the most from the inter-bank rates? Can someone enlighten me...

10_66

easilyconfused wrote: »

...Is this normal? Why does it take so long? Do the banks just hold on to the money as long as possible so that they can get the most from the inter-bank rates? Can someone enlighten me...

ISA transfers are notorious for delays. HMRC guidelines are that providers are allowed 30 days in which to transfer, but in my personal experience in the past it has taken longer than that with some organisations, with issues along the way (lost cheques between one provider to another, and on one occasion my ISA funds were transferred into my husbands account!).