Transfer Cash ISAs Discussion Area

loulou2702

Thanks for helping me clear that up in my head. I understand the rate is lower than a new ISA but its better than where they have been stuck since I opened them years ago. I will look again and see where will be the best place for them. Thanks so much

rgajria

wackojackouk wrote: »

This is exactly what I have just done. Opened the Flexible 3.5% A&L one with this years allowance £3600 and then opened the First Direct one and will be transferring in from previous years allowances.

Checked with HMRC and they said as long as I haven't put any funds into one this year already I could do that.

Will then decide where to put next years allowance after April 6th.

HTH

WJUK

Thanks for the information, I am hoping to transfer my previous years' ISAs to the First Direct 2.75% and then open an Alliance & Leicester 3.5%, for this year's.
I applied online for the first direct one, and they have sent me an application form, which has a checkbox to request yet another form for transferring ISAs. Sorry if this is a silly question, but do I just tick that and leave the rest of the form alone? -The form doesn't clearly indicate transferring without opening a new ISA
thanks

KingL

rgajria wrote: »

they have sent me an application form, which has a checkbox to request yet another form for transferring ISAs. Sorry if this is a silly question, but do I just tick that and leave the rest of the form alone?

I wouldn't have thought so - what does the rest of the form say ?

Baldur

rgajria wrote: »

Thanks for the information, I am hoping to transfer my previous years' ISAs to the First Direct 2.75% and then open an Alliance & Leicester 3.5%, for this year's.
I applied online for the first direct one, and they have sent me an application form, which has a checkbox to request yet another form for transferring ISAs. Sorry if this is a silly question, but do I just tick that and leave the rest of the form alone? -The form doesn't clearly indicate transferring without opening a new ISA

You need to complete the full form in order to open the account into which your transferred ISA funds will be transferred (this is not 'opening a new ISA', which HMRC define as subscribing new money to an ISA account) AND tick the box requesting an ISA transfer form, which will require you to complete details of your current ISA.

Megatron

Hi - I'm sorry if this has already been asked.

I currently have an Abbey cash ISA with £3600 - I think that it's paying out 3% over the base rate for the next year, so in which case I'll keep it there.

However, if I find out it isn't (I'm a bit confused by the many products etc) then I'll probably transfer my ISA to First Direct for 2.75%.

Silly qustion most probably but what happens to my interest I've earned for 09/10 if I transfer it to First Direct? Do I lose it? Will it be included in the transfer/closure?

Any help is appreciated! Thanks!

Baldur

Megatron wrote: »

Hi - I'm sorry if this has already been asked.

I currently have an Abbey cash ISA with £3600 - I think that it's paying out 3% over the base rate for the next year, so in which case I'll keep it there.

However, if I find out it isn't (I'm a bit confused by the many products etc) then I'll probably transfer my ISA to First Direct for 2.75%.

Silly qustion most probably but what happens to my interest I've earned for 09/10 if I transfer it to First Direct? Do I lose it? Will it be included in the transfer/closure

Any interest accrued is paid until closure of the account on transfer to the new provider - the full balance is then transferred to the new provider.

rgajria

thank you, I think its clear now:)

chrisoftoday

Can someone answer this question for me please:

I opened a Standard Life ISA in January this year but also have an old Nationwide ISA. I have used up my ISA allowance for Standard Life but am I still able to transfer my Nationwide ISA to make use of the better interest rate offered by SL?

The SL website says "For all accounts opened on or after 1 March 2010 no transfers in from another ISA account (with us or anyone else) are permitted." but I'm not sure if this is included in the ISA allowance for the year?

Baldur

Cash ISA transfers can be carried out at any time and have no effect on the annual allowance, which only relates to new money subscribed to an ISA. Simply complete SL's ISA transfer form and they must arrange the transfer.

thepoundster

Thanks for your replies guys. That's cleared things up for me and stopped my head hurting!