Transfer Cash ISAs Discussion Area

easilyconfused_2

10_66 wrote: »

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!).

Thanks 10_66. Sounds like a racket to me. Why can't the funds be transferred electronically? I thought cheques were being phased out anyway. And what happens if the rate drops in the meantime?

Baldur

easilyconfused wrote: »

......And what happens if the rate drops in the meantime?

That depends on the provider to whom you are transferring, some will honour the rate that applied at the date of transfer application, others do not.

10_66

easilyconfused wrote: »

And what happens if the rate drops in the meantime?

This will depend on who you transfer to. A while ago I transferred to a Halifax 1 year fixed rate, and as long as the transfer was completed within 60 days, they guaranteed to keep to the rate on offer at the time of applying for it. Unfortunately, most don't offer that guarantee.

Edit: Sorry, Baldur beat me to it.

cottager

easilyconfused wrote: »

Why can't the funds be transferred electronically?

Some do TF electronically: Halifax does, but I'm not sure who the others are.

FrugalTopCat

Thank you for the wealth of information on here which I have just started to wade through - apologies if this has been asked/answered recently. Like some of the other posts above, my situation is that I and other half hold several ISAs between us (Yorkshire BS, Leeds BS and Britannia) and the interest on them has dropped to shocking levels while I wasn't paying attention. I see from the posts above that it should be relatively straightforward to transfer them to better-paying ISAs subject to the Ts & Cs of both old and new providers.

My specific question is that this year, 2009-2010, I have NOT yet paid the 3,600 in for both me and OH - partly because I knew the interest rates were not great but have been too apathetic to transfer. Given that it is now late Feb, should I go ahead and pay the 3,600 x 2 into the two crappy ISAs that I am going to transfer, so I don't miss this year's allowance, and then transfer afterward? Or open a better ISA for each of us with this year's 3,600 allowance AND get the wheels in motion on transfers - all before 5th April.

Thanks and apologies if this has been amply covered before, I do need to devote time to back-reading the forums.

Baldur

FrugalTopCat wrote: »

Given that it is now late Feb, should I go ahead and pay the 3,600 x 2 into the two crappy ISAs that I am going to transfer, so I don't miss this year's allowance, and then transfer afterward? Or open a better ISA for each of us with this year's 3,600 allowance AND get the wheels in motion on transfers - all before 5th April.

If you select Cash ISAs that accept ISA transfers, you can do both at once if you wish, i.e. subscribe your 2009/10 allowance(s) and complete the new provider's ISA transfer form(s) at the same time. See this post for current Cash ISA 'best buys', including those that accept ISA transfers.

Beatrice78

Hi,

I have deposited this years cash ISA into a Natwest e isa which also has previous years allowances.

My question is can I transfer this years £3600 from this to the A&L 3.5% isa. I know you cant transfer previous years but are you also not able to transfer this years.

Many thanks in advance

B

rb10

HMRC allow you to transfer any ISA wherever you like, at any time. This includes both ISAs that you've paid money into during this year and in previous years.

The only restriction is on the T&Cs of the individual accounts. In the case of A&L's Flexible ISA, this account doesn't allow transfers in.

It's definitely worth looking at transferring your ISA somewhere - have a look at the first post of this thread to see some of the highest paying ISAs that allow transfers in.

Beatrice78

Rb 10 thank you very much for your help, Im getting 3% instant access so think I will leave it where it is, hopefully something will be out there in the next tax year 8%?? here's hoping, thanks once again

B

blushingbride_3

Hi everyeone,

I have a question now april & the new financial year is looming

I currently have

£3100 in savings (from regular saver that ended jan)
£3700 in this years ISA
£3100 in previous years ISA

Now as the new ISA's are going to be available in April what do you suggest i would do?
Transfer old ISA's and savings into a new ISA?

BB