Transfer Cash ISAs Discussion Area

margaretlouise

So, I can subscribe GBP 5100 into a new Cash ISA for 2009/1010 now, transfer my two existing Cash ISA's taken out 2008 into Nationwide now and then subscribe to a new Cash Isa for next tax year 2010/1011.
Sorry to be so dense but I don't have much money but I might as well do the best I can with it.

Baldur

margaretlouise wrote: »

So, I can subscribe GBP 5100 into a new Cash ISA for 2009/1010 now

Yes as long as you have not subscribed to a Cash ISA since 06/04/2009 and you subscribe your allowance by 05/04/2010.

transfer my two existing Cash ISA's taken out 2008 into Nationwide now

Yes, ISA transfers can take place at any time, subject to any restrictions in Ts & Cs.

and then subscribe to a new Cash Isa for next tax year 2010/1011.

Yes, or just add your 2010/11 allowance to whichever account that you open in point 1 above, if you choose a Cash ISA that permits additional subscriptions in future tax years - for example the A&L/Santander Flexible ISA currently pays 3.5% AER variable, with a 12 month guarantee of BoE base rate plus 3% and says "If you use your Flexible ISA for your 2009/2010 Cash ISA allowance you can use the same account for your 2010/2011 Cash ISA allowance."

engworldcup2018

I have a fixed rate isa which matures on the 9th April I have seen a couple of good rate isa’s which are fixed for a certain term.
What I want to know is what should I do?
Can I go to the provider and tell them I wish to open an x% rate isa and fill out a form to instruct my current provider that upon maturity I wish to transfer my funds and interest to this isa?
Will they allow this or will the rate I get be dependant on the rate when they receive my funds? Will they give you the rate at the moment on the back of the statement of intent that you want to transfer your funds on maturity?
Or do I have to wait until the new tax year open an isa hoping the rate stays good then transfer my mature isa funds into this new isa?
I am a bit confused and any help greatly appreciated.

Baldur

engworldcup2018 wrote: »

Can I go to the provider and tell them I wish to open an x% rate isa and fill out a form to instruct my current provider that upon maturity I wish to transfer my funds and interest to this isa?

Yes, that's what I have done with two of my maturing FRISAs. You also instruct the old provider, via the transfer form, that the transfer is to take place 'ON MATURITY'.

Will they allow this or will the rate I get be dependant on the rate when they receive my funds? Will they give you the rate at the moment on the back of the statement of intent that you want to transfer your funds on maturity?

That depends on the new provider. Some will honour the rate at the time that you apply, some will not.

Or do I have to wait until the new tax year open an isa hoping the rate stays good then transfer my mature isa funds into this new isa?

ISA transfers have nothing to do with the start/end dates of the tax year, they can be carried out at any time.

engworldcup2018

Thanks
So if i go to the bank on say monday next week they would let me know if they will honour the rate or can this be hit and miss? Or could i call for this information?

Baldur

engworldcup2018 wrote: »

Thanks
So if i go to the bank on say monday next week they would let me know if they will honour the rate or can this be hit and miss? Or could i call for this information?

It can be hit & miss, some will tell you, others will prevaricate.

engworldcup2018

So if you get a yes from them can you trust it? I was thinking of the Yorkshire Bank.

Baldur

engworldcup2018 wrote: »

So if you get a yes from them can you trust it? I was thinking of the Yorkshire Bank.

Don't know, I've never dealt with them.

engworldcup2018

Could i ask if you were in my situation can you recommend a fixed term isa I can transfer into which will honour the rate when I apply?.

Baldur

engworldcup2018 wrote: »

Could i ask if you were in my situation can you recommend a fixed term isa I can transfer into which will honour the rate when I apply?.

I wouldn't recommend anything as I have no way of guaranteeing that your application would be honoured.

I will tell you that I am transferring the bulk of my FRISA funds to the M&S 3-year FRISA, which has a £100 early 'buy out' facility.