Transfer Cash ISAs Discussion Area

pennyshahin_2

Hi can I transfer £3,600 from my alliance and leicester ISA into a m&s 3 year plan -which would give me £8,700 and if I bought it out after a year for £100 would it still be worth it, thanks? or should I put my £5,100 into my A&L ISA what's the better plan.?

Baldur

pennyshahin wrote: »

Hi can I transfer £3,600 from my alliance and leicester ISA into a m&s 3 year plan -which would give me £8,700 and if I bought it out after a year for £100 would it still be worth it, thanks? or should I put my £5,100 into my A&L ISA what's the better plan.?

From other posts on the forum, additional transfers/deposits would be treated separately by M&S, so unless you transferred the full £8,700 in a single transaction, you'd end up with two accounts, each having a £100 'buy out' fee.

£8,700 would only generate £348 interest over a full 12 months, so by the time that you subtract £100 or £200 fees, it is almost certainly not worthwhile.

You would receive around £239.25 interest on £8,700 in an easy access ISA @ 2.75% over the same period.

agrinnall

I rationalised my ISAs in 2009 and now have a M&S Advantage ISA with around £31K from my old ISAs and a Barclays Golden ISA with £7200 (£3600 each from 2008/9 and 2009/10).

Can you advise if it's possible to do all of the following :

1) Top up Barclays with another £1500 before April 5th (I'm over 50)

2) Open a Nationwide e-ISA and transfer in from Barclays - I have to keep my Nationwide ISA amounts below about £20K as I have other accounts and don't want to go over £50K. Can I do this either before or after the year end?

3) Open a Santander Flexible Cash ISA for 2010/11 after April 5th and deposit £5100.

4) At some point between now and July open a Santander Direct ISA and transfer from M&S.

Thanks in advance.

Baldur

agrinnall wrote: »

1) Top up Barclays with another £1500 before April 5th (I'm over 50)

Yes, as long as Barclays will accept the 'top-up'.

2) Open a Nationwide e-ISA and transfer in from Barclays - I have to keep my Nationwide ISA amounts below about £20K as I have other accounts and don't want to go over £50K. Can I do this either before or after the year end?

Yes, ISA transfers can take place at any time.

3) Open a Santander Flexible Cash ISA for 2010/11 after April 5th and deposit £5100.

Yes.

4) At some point between now and July open a Santander Direct ISA and transfer from M&S.

As per answer to 2) above

help

Hi I have £6,900.00 in my ISA plus my £3,600 to invest for this year, please can anyone help as I am not very good with money.

Please advise on my best options for transferring my money to a better rate and future investment.

Baldur

help wrote: »

Hi I have £6,900.00 in my ISA plus my £3,600 to invest for this year, please can anyone help as I am not very good with money.

Please advise on my best options for transferring my money to a better rate and future investment.

Read through this post for the current Cash ISA 'best buys', including those that accept ISA transfers.

Lifeisabeach_2

Santander, or A&L, 2.75% AER ISA
Your main site states that there is a bonus of 2.25%. Stating that after a year this will drop to a variable rate of 0.5%.

On the A&L site the rate and bonus are both variable. Whats to stop them reducing the bonus next week. I Dont trust em!

petitechick

I have 2 ISA ,1 with Alliance and Leicester for about £700 which i haven't touched for 2 years and 1 with egg which i pay £100 a month into which has now reached £3,436.
Do put them together into another account as Egg account is only 1.55%.
But if i do this will it mean i can't then save the £100 a month again as i have filled my ISA quota.
Also some of the top paying ISA for transfers i.e Birminham and Midshire, i believe don't alow monthly payments.
As you probably can tell i'm a newbie to this so if you can help that would be great.

Baldur

petitechick wrote: »

I have 2 ISA ,1 with Alliance and Leicester for about £700 which i haven't touched for 2 years and 1 with egg which i pay £100 a month into which has now reached £3,436.
Do put them together into another account as Egg account is only 1.55%.
But if i do this will it mean i can't then save the £100 a month again as i have filled my ISA quota.

It sounds as though you are confused about the annual Cash ISA allowance, as if you are only paying £100 per month into your current Egg ISA, the most that you would deposit over 12 months is £1,200 out of your allowance of £3,600 per tax year (will be £5,100 for all age groups from 06/04/2010) - so it's difficult to see how you could have "filled your ISA quota".

Also some of the top paying ISA for transfers i.e Birminham and Midshire, i believe don't alow monthly payments.

Nationwide, Halifax and First Direct are among those that accept transfers and permit additional deposits - see http://forums.moneysavingexpert.com/showpost.html?p=4603369&postcount=1

petitechick

thank you Baldur was getting a bit confussed, great link will go for suggestion