Transfer Cash ISAs Discussion Area

engworldcup2018

Ok I I have a FRISA due to mature 10th April I have seen a fixed rate I like the only problem is do I go to the bank fill out the transfer and hope the rate stays the same or do I wait until the new ISA year and then when the ISA has matured transfer into the new account? I have been told that if the rate changes if I transfer early that they will write to confirm any changes but will this make things complicated?
I worry they may mess up the instructions close my fixed rate early and incur me a penalty.
Does anyone know if it would be easier and faster to transfer a maturing FRISA than if I were to wait until it matured change it to an easy access and then transfer?

Baldur

I've always transferred my maturing FRISAs on maturity by applying about a month before the maturity date, writing 'ON MATURITY' in large letters in the relevant section of the transfer application and transfer instruction to the old provider. This has also been backed up by a letter to the old provider reinforcing my instruction to transfer the FRISA on maturity. To date, this has always happened with no problem.

Moley_RUFC

Hi,

My wife currently has an ISA built up to £20,500 with Nationwide at the drastic 0.05% rate. We both have full ISA's with Natwest for the 09/10 year and we both plan to start a £5,100 ISA with Santander in April 2010.

We would like to transfer the £20,500 to a joint ISA account somewhere then add our 2 x £5,100 into it each year and then move the bulk sum around yearly to the best interest payer.

Can a single ISA account be transferred into a joint ISA account elsewhere and then have the £10,200 paid into it each each? And also can we then transfer our current year £7,200 Natwest into this bulk joint account?

Thank you

boobbby

Moley_RUFC wrote: »

Hi,

My wife currently has an ISA built up to £20,500 with Nationwide at the drastic 0.05% rate. We both have full ISA's with Natwest for the 09/10 year and we both plan to start a £5,100 ISA with Santander in April 2010.

We would like to transfer the £20,500 to a joint ISA account somewhere then add our 2 x £5,100 into it each year and then move the bulk sum around yearly to the best interest payer.

Can a single ISA account be transferred into a joint ISA account elsewhere and then have the £10,200 paid into it each each? And also can we then transfer our current year £7,200 Natwest into this bulk joint account?

Thank you

There is no such thing as a joint ISA !!

Moley_RUFC

The shame.....................

Oh well these are the questions I wasn't sure of but now I know!:beer:

Kalouh

Hi, I've been reading about ISAs on here and I'm a little confused. I have recently transferred my £10,000 isa from Halifax (on 0.05%) to Santandar (on 3%). When it trasferred over on 10th March, Halifax paid my interest that I had earned with them so far this year. Is this correct? I was under the impression that I should receive interest from Santander in April and not receive anything from Halifax?

boobbby

Kalouh wrote: »

Hi, I've been reading about ISAs on here and I'm a little confused. I have recently transferred my £10,000 isa from Halifax (on 0.05%) to Santandar (on 3%). When it trasferred over on 10th March, Halifax paid my interest that I had earned with them so far this year. Is this correct? I was under the impression that I should receive interest from Santander in April and not receive anything from Halifax?

Interest is calculated daily so when you close or transfer, the interest is also added. You new provider will also calculate the daily interest and usually add it once a year or when you close of transfer your ISA.

Kalouh

boobbby wrote: »

Interest is calculated daily so when you close or transfer, the interest is also added. You new provider will also calculate the daily interest and usually add it once a year or when you close of transfer your ISA.

Many thanks for clearing that up for me boobbby :T

gunmaker

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.

You aren't going to earn much interest by investing your £3,600 in this financial year. However, it's most important to invest it before this tax year ends as the most you can pay into your ISA next year is £5,100. If you get the £3,600 in this year then you can have upto an extra £8,700 in the ISA next year earning tax free interest.

Get the £3,600 deposited pronto and then switch afterwards. DO NOT draw the money out of your existing ISA provider. Open the new one and ask the new provider to transfer the funds for you.

Best flexible ISA at present is with A&L(Santander).
http://www.alliance-leicester.co.uk/savings/flexible-isa.aspx

Dustykitten

A bit of good news. I had an ISA maturing at Nationwide on the 14th March. When I received the letter asking about reinvesting I wrote on it that I wanted it transferred to my NatWest ISA and put the details on the form (there was not an option for this I just wrote it on). I also filled in a NatWest form and posted that off to Natwest with a copy going with the Nationwide form.

Money has appeared in my Natwest account on the 22nd so my cash was only in the system for 8 days - amazing!