Transfer Cash ISAs Discussion Area

babedia

My husband applied for a First Direct ISA yesterday so he could transfer some old ISAs into it. I've now tried to do the same and it says that you can only apply if you're a 1st Account customer. I'm sure that wasn't there in the application yesterday. Have they just suddenly changed the rules? Has anyone else noticed this or am I going mad?

Baldur

babedia wrote: »

My husband applied for a First Direct ISA yesterday so he could transfer some old ISAs into it. I've now tried to do the same and it says that you can only apply if you're a 1st Account customer. I'm sure that wasn't there in the application yesterday. Have they just suddenly changed the rules? Has anyone else noticed this or am I going mad?

Yes, the restriction was put in place on 5th March - https://www.emoneyfacts.co.uk/news/savings-news.aspx?newsarticleid=193672

I seem to recall that they did the same thing last year, for a period leading up to the new tax year.

rb10

babedia wrote: »

My husband applied for a First Direct ISA yesterday so he could transfer some old ISAs into it. I've now tried to do the same and it says that you can only apply if you're a 1st Account customer. I'm sure that wasn't there in the application yesterday. Have they just suddenly changed the rules? Has anyone else noticed this or am I going mad?

Try the Nationwide e-ISA - very similar account (although without the rate guarantee), allows transfers in, pays 2.75%, instant access.

little_alex_2

I have a couple of ISAs that I'm thinking of either transferring or cashing in. If I transfer them, I will probably get only about 3%. If I cash them in, I will put them on my mortgage (I'm currently fixed at 6%).
Should I cash them in and get my mortgage payments down or should I transfer them to another provider? I'm thinking interest rates will jump up soon and having cash in the form of an ISA might be good if I need some money later. So what's better, cash 'em in or transfer???

shymanuk

hi ive about 11,000 to transfer and this coming yrs amount 5,100....... wheres best to put it for max gain its in a natwest isa at the mom,

Baldur

shymanuk wrote: »

hi ive about 11,000 to transfer and this coming yrs amount 5,100....... wheres best to put it for max gain its in a natwest isa at the mom,

Have a read through this post, which shows current Cash ISA 'best buys', including those that accept transfers.

babedia

rb10 wrote: »

Try the Nationwide e-ISA - very similar account (although without the rate guarantee), allows transfers in, pays 2.75%, instant access.

It looks like this is for their account holders only, like the First Direct one.

monsaver1

I have a Nationwide Fixed Term ISA Bond due to mature on 3rd April 2010.
Am I correct in saying that reinvesting the maturity funds does not count against another ISA allowance as it is not "new" money?

Baldur

monsaver1 wrote: »

I have a Nationwide Fixed Term ISA Bond due to mature on 3rd April 2010.
Am I correct in saying that reinvesting the maturity funds does not count against another ISA allowance as it is not "new" money?

Yes, as long as you follow the correct ISA transfer procedure.

Select a new provider that accepts ISA transfers, complete their ISA transfer form and let them arrange the transfer with your old provider.

monsaver1

Baldur wrote: »

Yes, as long as you follow the correct ISA transfer procedure.

Select a new provider that accepts ISA transfers, complete their ISA transfer form and let them arrange the transfer with your old provider.

Thanks Baldur,
What had me confused was that this Fixed Term ISA Bond matures and so presumably ends?
The Santander Flexible ISA (3.5%) is similar?