Transfer Cash ISAs Discussion Area

sarerb18

Oxyd wrote: »

Hi,
I am in the same situation (opened with NS&I in September 07) and I'd like to know if it's better to transfer now or wait until September 08?

Many thanks in advance,
Oxyd

Ditto would greatly appreciate some advice on this too as I opened a cash ISA with NS&I in 07 but remember the advice was to transfer out when April came but I'm a complete novice and not sure what to do.
Thanks Sarer

Crabman

sarerb18 wrote: »

Ditto would greatly appreciate some advice on this too as I opened a cash ISA with NS&I in 07 but remember the advice was to transfer out when April came but I'm a complete novice and not sure what to do.
Thanks Sarer

You're in the same situation as me - last week I opened an Alliance & Leicester Direct ISA online. Once I'd been sent the account details & transfer form by post, I filled it in and posted it to NS&I.

That's all you need to do!

Hopefully in the next couple of weeks the ISA will be transferred into the new Alliance & Leicester account.

bristolleedsfan

sarerb18 wrote: »

Ditto would greatly appreciate some advice on this too as I opened a cash ISA with NS&I in 07 but remember the advice was to transfer out when April came but I'm a complete novice and not sure what to do.
Thanks Sarer

As long as u transfer to a higher paying ISA where the provider ensures that their is no loss of interest during the transfer in process. i.e Nationwide BS or Abbey as examples then u are in a "win win " situation.

http://www.moneyfacts.co.uk/savings/bestbuys/fixed-rates-isa.aspx

http://www.abbey-products.com/product/direct-isa-squirrel/

sarerb18

bristolleedsfan wrote: »

As long as u transfer to a higher paying ISA where the provider ensures that their is no loss of interest during the transfer in process. i.e Nationwide BS or Abbey as examples then u are in a "win win " situation.

http://www.moneyfacts.co.uk/savings/bestbuys/fixed-rates-isa.aspx

http://www.abbey-products.com/product/direct-isa-squirrel/

Thanks for this and your reply Crabman. So just checking, I can transfer into an existing ISA which I will open after the first of April? is that right or am I being dumb. Sarer

Crabman

sarerb18 wrote: »

Thanks for this and your reply Crabman. So just checking, I can transfer into an existing ISA which I will open after the first of April? is that right or am I being dumb. Sarer

It doesn't matter when you open the new account and send the ISA transfer form to NS&I - transfers of existing ISAs have absolutely no effect on your current tax year allowance

ChrisS

My wife and I are both transferring mini cash ISAs to IceSave from HSBC (First Direct). It's not been quick and today we BOTH received a letter from HSBC to say that the signature on the instruction differs from the one that they hold and we have to provide a new sample at a branch within 14 days or they won't proceed with the request.

Not too many months ago I wrote a First Direct personal cheque for many thousands of pounds to Barclays. This cleared without issue over my signature. Neither my wife's nor my signature has changed at all in many a year.

Cynics among us might suggest that this is sharp practice from HSBC attempting to reduce transfers out!

zoebel

I am transfering my isa from Bradford and Bingley to Icesave. The money left Bradford and Bingley over a week ago but has not been credited to Icesave yet. I try calling at different times each day but can't get through to them. I send emails, they don't respond. What is happening to my money in this time. Do i just lose interest or will they backdate the interest from the day they got the cheque that they are obviously too busy to process?

Also the process has taken way more than 30 days. Am I eligible for compensation for them breaking the ISA transfer rules?

bigbobber

I have a question, as I'm pretty new to ISA and saving in general. I have had my money in an ISA now since september but the rate has gone down a lot.

When do I get the interest earned on that ISA? If I transfer my money to another one, will I lose that interest? Someone said i wouldn't if i transfer it. If I dont then do I get it at the end of the tax year and if so where does the money go, is it into my current ISA or my old ISA account?

Sorry for all the questions.

jamesd

The transfer is happening by cheque and with the bank holiday weekend it'll still be in the post and/or being processed, depending on just when B&B sent it.

bristolleedsfan

bigbobber wrote: »

I have a question, as I'm pretty new to ISA and saving in general. I have had my money in an ISA now since september but the rate has gone down a lot.

When do I get the interest earned on that ISA? If I transfer my money to another one, will I lose that interest? Someone said i wouldn't if i transfer it. If I dont then do I get it at the end of the tax year and if so where does the money go, is it into my current ISA or my old ISA account?

Sorry for all the questions.

If u transfer your ISA out interest will be paid on the day your current ISA provider transacts the transfer out, unless u have given instructions to the contrary the interest will be added to the cheque that gets posted to your new chosen ISA provider.

If u pick a new ISA provider whom fully "backdates" interest u will lose no interest during the period that the transfer cheque is in transit and being banked.

( Examples of whom backdates interest on ISA transfer in(s) are Nationwide BS, Abbey PLC, Halifax PLC,Saffron BS, Leek BS with LloydsTSB having been reported to backdate interest from customers experiences, the others ive quoted are fact based on my research)

Icesave and A+L have been reported by MSE poster (s) to not backdate interest to date of outgoing transfer cheque.