Transfer Cash ISAs Discussion Area

rb10

rfctabs wrote: »

Hi All,

I'm being really dim here, but can I ask for a bit (more) clarification?

I have £11350 in a poor ISA (which no longer makes me Smile ) but I haven't put anything in this tax year.

I would like a Santander / A+L ISA at 3.5% but can't transfer in to that under their Ts & Cs.

Next best is the First Direct at 2.75% which will allow transfers in but I have to open it with £1 plus my transfer balance (a previous poster suggested you didn't have to, but won't they notice? And isn't it a term of the account anyway? Confused...).

Is there any way I can transfer my existing ISA balance to FD and put my this year's £5100 in to Santander or do I have to choose one or the other? Is there any way I can transfer to any other ISA for a better rate but still open a Santander ISA?

Help!

You can transfer your existing ISA to First Direct (or to Nationwide, who have the same rate). Don't pay any money into this one - just complete the transfer form.

You can also now open a Santander/A&L Flexible ISA, and pay £3600 into this (or £5100 if you are over 50).

You can add your 2010/11 allowance of £5100 to either account from 6th April onwards.

rfctabs

Thanks rb10 - top answer that was precisely what I wanted to know.

rfctabs

Oh - one last thing.

Does it matter which order I do them in? I've just gone through the on-line application for First Direct ISA to transfer my Smile one to and it's not really on-line at all. They're going to print the forms based on my information and send them to me to review and sign, so I won't have that account for a couple of weeks.

Can I apply for the A+L ISA anyway or do I have to wait until the FD ISA is up and running?

Sorry to be such a newbie! I just want to get this right so I don't finish up breaking the ISA rules and falling foul of the taxman.

RRJ

Can anybody help me. I am useless with savings etc and at the age of 35 I thought it was about time to do something about it. I have noticed that Martin mentions a really good ISA but it is only for new ISA's. My current ISA is an Instant ISA with Nationwide that only pays out 0.5%. Surely I am better switching to this before April? Or am I missing the obvious? Please help if you can.

KTF

You can switch your existing ISA any time you like as long as the new ISA accepts transfers in..

wackojackouk

Hi guys

Just opened this years ISA with A&L @ 3.5% as I hadnt used this years allowance of £3.6k but want to transfer my existing one from previous years to another provider.

Best for transfers in seem to be a few paying 2.75%

A&L / Santander
First Direct
Nationwide.

Can someone tell me which is generally the quickest one to transfer in and/or there are special requirements for any of these - ie. you need a certain account or something?

Cheers

WJUK

10_66

wackojackouk wrote: »

Best for transfers in seem to be a few paying 2.75%

A&L / Santander
First Direct
Nationwide.

Can someone tell me which is generally the quickest one to transfer in and/or there are special requirements for any of these - ie. you need a certain account or something?

From my personal experience both Santander (who I wouldn't touch with a barge pole) and Nationwide have failed in straightforward transfers. Santander particularly difficult to sort out, over a lengthy period. I've not had any experience of FD ISAs.

As far as special requirements with any of them, you'll need to check out their T&Cs, but on the whole if an ISA is easy access there usually isn't a penalty for withdrawals etc, fixed rate there usually is a penalty or it's not possible at all.

rfctabs

Thanks for the comments and advice.

I've just been accepted for the A+L 3.5 ISA for this year's £5100 and will be transferring my existing ISA to FD when the paperwork arrives.

easilyconfused_2

I posted last week about the delay with my wife's cash ISA transfer from Nat West to Alliance& Leicester. She is now very concerned because Nat West have informed her that the account was closed on 17 February, but the money has still not reached her A&L account. So what's happened to the money? Does "closed" mean that Nat West have posted off a cheque to A&L and closed the account, or that they have closed the account because the cheque has been drawn by A&L? What happens if the cheque has been lost?
A&L's local (Woking office) whre the account was opened appear loath to return calls.
As £22k is involved, we are both understandably worried.

MarkyMarkD

Natwest will close the account and issue the closure cheque, which they will then post to A&L.

They will be able to tell you whether or not it has been cleared by A&L.

If it gets lost in the post, and remains uncleared, Natwest can cancel the cheque and reissue it.

Any delay between Natwest issuing the cheque, and A&L clearing it, is down to you unless you can prove that A&L actually received it and lost it internally. Royal Mail delays/losses cannot fairly be attributed to either Natwest or A&L.

A&L in Woking won't have a clue. You need to talk to A&L's Investment Team in Leicester (unless that's changed since the Santander acquisition).