Transfer Cash ISAs Discussion Area

DUS

Hi,

I currently have a Halifax ISA from the 09/10 tax year. Can I open the 2.6% ISA account offered by Halifax and fund it with the 09/10 account via their website or do I have to open the account online and then send them the print out of the transfer form like I do for transfering ISAs from other 3rd party providers?

I checked their website and couldn´t find this option. Maybe this is because it´s not there or maybe it is just to late and I should have gone to bed already. ;-)

Cheers and best,
DUS

Lokolo_2

DUS wrote: »

Hi,

I currently have a Halifax ISA from the 09/10 tax year. Can I open the 2.6% ISA account offered by Halifax and fund it with the 09/10 account via their website or do I have to open the account online and then send them the print out of the transfer form like I do for transfering ISAs from other 3rd party providers?

I checked their website and couldn´t find this option. Maybe this is because it´s not there or maybe it is just to late and I should have gone to bed already. ;-)

Cheers and best,
DUS

Well if the Halifax ISA which you want to apply for, accepts transfers in, then you need to unfortunately fill in the transfer form and send it to them if they do not have an online transfer option!

I know its not what you wanted to hear, but maybe you should sleep on it :T

gunmaker

DUS wrote: »

Hi,

I currently have a Halifax ISA from the 09/10 tax year. Can I open the 2.6% ISA account offered by Halifax and fund it with the 09/10 account via their website or do I have to open the account online and then send them the print out of the transfer form like I do for transfering ISAs from other 3rd party providers?

I checked their website and couldn´t find this option. Maybe this is because it´s not there or maybe it is just to late and I should have gone to bed already. ;-)

Cheers and best,
DUS

You can transfer your existing Halifax ISA to the Halifax ISA paying 2.6% simply by phoning the Halifax on 08457 203040 and asking them to do it for you. My wife did exactly this a couple of weeks ago.

Pmarmalade

I don't understand how the inability to transfer balance to a new ISA from an old one is ever a problem. Surely you can just transfer the money from the existing/old ISA to your current account then transfer it to the new ISA? :huh:

P.S. This isn't in response to the above posts, this is a new question of my own!

hornsea2002

I was just going to post a similar question. The advice is always to transfer rather than withdraw. However, what are the disadvantages to just leaving a balance of £1 and transferring the the rest to a new ISA via a current account. Currently I have two ISAs (not full entitlement in either of them) that have just dropped to derisory interest rates

KTF

Why would you want to leave it with a £1 balance? Just move them both to the highest paying account that accepts transfers in.

DUS

Pmarmalade wrote: »

Surely you can just transfer the money from the existing/old ISA to your current account then transfer it to the new ISA? :huh:

You can, indeed. No prob! Mind you, taking the money out (to your current account and paying it into another ISA) you lose your allowance for the current tax year. So never withdraw your money, just have it transfered out by your ISA provider.

DUS

Pmarmalade

Does that only apply if your existing/old account is less than a year old?

I have a BOS ISA that I opened last year in late March. There's £1500 in there. Because there's £1500 in there already this year left over from last, does this mean I am only able to put £3600 in a new account this year unless I transfer that balance?

PhylPho

headrush wrote: »

Hi, I currently have a First Direct ISA opened last year and containing older years allowance. The interest is going to drop to 0.2% at the end of the month so obviously I want to transfer.
>
My question is this: can I open a First Direct ISA to pay into this tax year. Open another ISA with another provider and transfer my existing ISA to this. Then transfer my money back to the First Direct ISA that I open this year.

I understand that this would tie up my money for about 60 days but with an interest rate so low its not an issue!

Thanks

I don't believe the "maximum" 30 days transfer in period is written in stone. (Because I don't under estimate the venality of banks, especially when, as frequently happens, it combines with incompetence.)

We're first direct e-cash ISA holders like you. Also like you, we're in the same position of being banned from transferring our entire first direct ISA holding for 2009-2010 into first direct's 2010-2011.

first direct isn't offering a uniquely high interest rate for 2010-2011, so the only reason for messing around with it would be where an ISA cumulative holding, taken together with the full 2010-2011 allowance, doesn't reach a combined total in excess of £9,000, this being the balance required by A&L Issue 6 to pay 2.75% interest.

DUS

Pmarmalade wrote: »

I have a BOS ISA that I opened last year in late March. There's £1500 in there. Because there's £1500 in there already this year left over from last, does this mean I am only able to put £3600 in a new account this year unless I transfer that balance?

The £1500 in your BOS ISA was for the 2008/09 tax year which is now history. You can now pay £ 5.100 in any cash ISA you want to for the new 2010/11 tax year. What you do with the BOS ISA is up to you. You can leave the money in it for as long as you want to. But, obviously, it makes sense to transfer it out to an account paying a high(er) interest rate. This might be the new one you are going to open for the 2010/11 tax year (if this one allows transfer ins; not all do) or another one that allows you to transfer in money from other ISA accounts.

DUS