Transfer Cash ISAs Discussion Area

Baldur

monsaver1 wrote: »

Thanks Baldur,
What had me confused was that this Fixed Term ISA Bond matures and so presumably ends?

Never presume anything where financial products are concerned. Read the Ts & Cs for that specific account. Most providers transfer the proceeds of fixed-rate/fixed-term Cash ISA accounts into variable rate easy access ISA products, usually offering a paltry rate.

The Santander Flexible ISA (3.5%) is similar?

No, it;s a variable-rate account but with a guaranteed rate for the specified period of time, after which it reverts back to the standard (again, usually paltry) rate for that account. Note that it doesn't accept ISA transfers - new money only.

jonpress

I have a West Bromwich fixed rate ISA that matures at the end of tax year. Currently, they're only offering the option of withdrawing the money or investing into further fixed rate products.

I'd like the money to go into an instant access ISA so I can then transfer it to a provider with better rates, but despite telephoning them, they don't seem able to do this. Surely they can't insist I withdraw the money (and lose the ISA wrapper) or reinvest only with them?

Baldur

jonpress wrote: »

I have a West Bromwich fixed rate ISA that matures at the end of tax year. Currently, they're only offering the option of withdrawing the money or investing into further fixed rate products.

I'd like the money to go into an instant access ISA so I can then transfer it to a provider with better rates, but despite telephoning them, they don't seem able to do this. Surely they can't insist I withdraw the money (and lose the ISA wrapper) or reinvest only with them?

What do the Terms & Conditions of the account say about maturity?

What they are currently offering is possibly different from the Ts & Cs which you contracted with them when you took out the account.

jonpress

Actually, there seems already to have been some discussion on this.

http://forums.moneysavingexpert.com/showthread.html?t=2315987

I'd be interested to know if this had actually been successful. The T&Cs say simply that the society will contact you with "details of reinvestment opportunities" prior to maturity.

boobbby

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?

You may do what ever you like with money invested in 2008/09. You can even transfer it to another ISA if their T & C allow transfers

KStephenson

I have several which have matured recently. The companies seem to give a standard response, transfer to their new Isa, withdraw the money or leave it with them in an ordinary ISa account with a low interest rate. What they do not seem to want to say is that you can transfer it to another provider. They do not want to lose your moeny. Read carefully and I am fairly confident that it does not say the options they give you are the ONLY ones.
Hope that helps.

keith_45

Hi, I have an ISA account with Natwest giving me 2.5% pa. On 10th April every year I max out my ISA for the year, so I have 2 x annual limit in my account + £5100 ready to invest on 10th April. So I have reached my limit for this year already.
Can I still take advantage of an offer out there now an dopen an account all ready for April, or do I have to wait until the beginning of the new tax year?
What's a good deal at the mo that is fixed for a year or so? Can I take advantage of this deal or must I wait? Will the deals still be around in April?

Baldur

keith_45 wrote: »

Hi, I have an ISA account with Natwest giving me 2.5% pa. On 10th April every year I max out my ISA for the year, so I have 2 x annual limit in my account + £5100 ready to invest on 10th April. So I have reached my limit for this year already.
Can I still take advantage of an offer out there now an dopen an account all ready for April, or do I have to wait until the beginning of the new tax year?
What's a good deal at the mo that is fixed for a year or so? Can I take advantage of this deal or must I wait? Will the deals still be around in April?

See my answer to your other identical post.

DexyG

Hi

I have an old Bradford and Bingley "ISA Easy Saver" that I had converted into a Santander one yesterday. This account was set up for me when I was young so I have only recently got my hands on it, and I don't know much about it, so I am looking into transferring it somewhere I have full control. The problem is, I haven't put any money into it since 2008, so it is "deactivated".

My question is, do I need to fill in a reactivation form for Santander to reactivate the ISA before I am able to transfer it, or would I be able to open a new ISA and transfer my Santander one to it with no problems?

Baldur

Reactivation would be necessary if you wanted to subscribe to the Santander ISA but the HMRC guidance does not mention it in relation to transfers, from a quick scan.