Transfer Cash ISAs Discussion Area

Baldur

paulo13 wrote: »

I have an existing Cash ISA, that I'm looking to transfer (I suppose to the First Direct one), but the new ISA says that you need to pay in at least £1 to start it. Am I right in thinking that I can't open this until the new tax year, as I'm not allowed to pay in £1, as I've already paid in to my existing Cash ISA this year. I wasn't sure about this last year, and so I waited until the new tax year before I started a new one.

Your transferred funds will, presumably, exceed £1, so you do not need (and, indeed, can't during the current tax year) pay anything more into the account, simply complete the application form and transfer form which they will subsequently send you. There were lots of posts about this last year, of you search the forums.

Secondly, I was with Abbey (now Santander) the previous tax year, and am currently with Natwest. If I transfer back to Santander am I treated as a new customer, and therefore able to get their new rate? Or am I still an old customer, therefore no nice new rates for me? Or maybe I need to actively cancel my old Abbey account first (not sure if it will automatically have already been cancelled seeing as I had transferred all the money from it last April)?

It will have been closed when the original transfer took place. I assume that you mean the Direct ISA, as this accepts transfers? If so, it's not restricted to new customers anyway, as far as I can see, from a brief look.

paulo13

I guessed I probably wasn't the first person to ask this question, but there's oddles of pages to look through! So thanks for answering (again)!

I previously opened my current ISA first, and then transferred the money in afterwards (which took quite a while). It just seems strange transferring over money from one ISA to another one which isn't active yet until it receives the cash from the first ISA (which, from past experience, would take a few weeks).

and yes to your second point- the Direct ISA one. ta!

Baldur

paulo13 wrote: »

I previously opened my current ISA first, and then transferred the money in afterwards (which took quite a while). It just seems strange transferring over money from one ISA to another one which isn't active yet

You are basically just transferring previous years'/year's Cash ISA funds from one provider to another, not from one ISA to another.

samsach

Hello All,

I have already invested into my Cash ISA for this year with HSBC and would like to register with All & Lec for next year...
Can I apply for next year Cash ISA now or do I have wait till 6th April 2010.

Also, I have some money into my previous year+this year cash ISA.... can I I transfer that to all & Leicester (2.75%) now or even this I will have to do after 5th April 2010

Thanks

Samsach

Baldur

samsach wrote: »

I have already invested into my Cash ISA for this year with HSBC and would like to register with All & Lec for next year...
Can I apply for next year Cash ISA now or do I have wait till 6th April 2010.

As it can't be an ISA until April 6th, there's not much point applying before then - A&L wouldn't be obliged to honour the rate for an advance application made in the wrong tax year.

Also, I have some money into my previous year+this year cash ISA.... can I I transfer that to all & Leicester (2.75%) now or even this I will have to do after 5th April 2010

You can {subject to any Terms & Conditions of your present account(s)} transfer ISAs at any time you choose.

samsach

Hi Baldur,

uote:
Also, I have some money into my previous year+this year cash ISA.... can I I transfer that to all & Leicester (2.75%) now or even this I will have to do after 5th April 2010
You can {subject to any Terms & Conditions of your present account(s)} transfer ISAs at any time you choose.

I have opened all lec Direct ISA Issue 6 today but I will be able to transfer my money (>9000) after this tax year...
my query...will I be still given the price of 2.75% as I am opening the account now...

Masomnia

I'm a bit unclear on the rules regarding transfers.

I have used up my Cash ISA allowance for this year. I know you can't subscribe to more than one cash ISA in a tax year, but next tax year can I:

1. Transfer my existing ISA to another provider that accepts transfers in, but not pay any more into it,

and

2. Open another new cash ISA to pay new money into this year?

The best ISA that accepts transfers in pays 2.75%, whilst the best that doesn't pays 3.5%. So obviously I'm better off if I can have one of each.

So are you just limited to opening one per year? Or can I open more as long as I only subscribe new money into one of them?

Hope that's clear. Thanks!

boobbby

Masomnia wrote: »

I'm a bit unclear on the rules regarding transfers.

I have used up my Cash ISA allowance for this year. I know you can't subscribe to more than one cash ISA in a tax year, but next tax year can I:

1. Transfer my existing ISA to another provider that accepts transfers in, but not pay any more into it,

and

2. Open another new cash ISA to pay new money into this year?

The best ISA that accepts transfers in pays 2.75%, whilst the best that doesn't pays 3.5%. So obviously I'm better off if I can have one of each.

So are you just limited to opening one per year? Or can I open more as long as I only subscribe new money into one of them?

Hope that's clear. Thanks!

Yes!! although had to read your message twice because when you refered to this year in (2) you meant next year !

Masomnia

boobbby wrote: »

Yes!! although had to read your message twice because when you refered to this year in (2) you meant next year !

Ooops sorry yes I did mean next year. Thanks for clearing that up!

Baldur

samsach wrote: »

...will I be still given the price of 2.75% as I am opening the account now...

Past experience suggests that A&L honour the rate for ISA transfers to a specific Direct ISA Issue but only they could give you a definitive answer to this.

Don't forget that both the underlying and bonus rates are variable, so will not necessarily remain at 2.75%

EARN 2.75% GROSS P.A./AER (variable) on balances over £9,000. Rate includes a variable bonus of 2.25% payable until 1 April 2011.