Transfer Cash ISAs Discussion Area

chrispaz

I opened an Egg Cash ISA in July 2007 and I have about £1700 in it. I'd like to transfer it (ideally to Scarbrough BS), but I'd like to know if I should do this when the new tax year starts in April, or wait until July. And is the transfer straightforward?

suelees1

I'd always transfer if there's another with a higher rate. Why leave it somewhere where it earns less interest for you? Check to see you won't be penalised though. Others on this site will probably know the ins and outs of Egg ISAs and whether there are penalties.

In my experience with transfers yes it's straightforward - all you is complete a form from your new provider and the rest is done for you.

slppee

for 2007-2008 i have an isa with barclays, for 2006-2007 my isa is with natwest, can i transfer my 2006-2007 isa to abbey now? and can i at the same time transfer my 2007-2008 isa to allience & leicester? can i open a new isa with barclays after 5 April 2008? thanks.

bristolleedsfan

slppee wrote: »

for 2007-2008 i have an isa with barclays, for 2006-2007 my isa is with natwest, can i transfer my 2006-2007 isa to abbey now? and can i at the same time transfer my 2007-2008 isa to allience & leicester? can i open a new isa with barclays after 5 April 2008? thanks.

Yes to all the points u ask about.

bristolleedsfan

chrispaz wrote: »

I opened an Egg Cash ISA in July 2007 and I have about £1700 in it. I'd like to transfer it (ideally to Scarbrough BS), but I'd like to know if I should do this when the new tax year starts in April, or wait until July. And is the transfer straightforward?

Scarborough BS dont tend to stay at the top of the best buy tables for very long.

Heres the terms and conditions :

http://www.scarboroughbs.co.uk/savingsandinvestments/products/notice_isa.html?utm_source=homepage&utm_medium=banner&utm_campaign=notice-isa#terms

If u do decide to transfer to Scarborough BS perhaps u could ask them when they start paying interest on transfer IN deposits and post back the answer please.

slppee

bristolleedsfan wrote: »

Yes to all the points u ask about.

thx a lot!!!!!!!!!!!

xtinemk

I got a Barclays Tax Beater Isa just before the April deadline in 2007 - so I presume this is a 2006-2007 ISA? I put the full £3000 in and haven't touched it since.

As the interest rate is about to drop I intend to open an Abbey ISA and transfer it to that. If I do this before 5th April this presumably will be a 2007-2008 ISA

However, as I also have a further £3000 to invest now (before 5th April) so can I also open a NEW Barclays ISA and make a £3000 contribution to that (I would then hold 2 ISAs opened in 2007-2008) or for the minimal difference in interest and hassle factor would it be better just to put the £3000 into the Abbey ISA.

I then have a further £3600 I can invest into a 2008-2009 ISA after April 5th, which presumably I can't open till after April 5th but which would be best to be a Barclays ISA or again for simplicity stick with Abbey?

Then this time next year if I've got this right I will have:

£3000 2006-2007 allowance in Abbey (transferred from Barclays)
£3000 2007-2008 allowance in either the Abbey or Barclays
£3600 2008-2009 allowance in Abbey or Barclays

All of these accounts will be dropping their interest rates so I may need to transfer the entire lot to somewhere else which (and this is where I am really confused!) am I right in thinking I could either open a new 2008-2009 ISA before 5th April 2009 as long as I don't put any money in and only do a transfer? or I would need to wait till after April 5th because I would have put the £3600 into the Barclays 2008-2009 one so I wouldn't be allowed another?

Help! Need to do something fairly soon, but would like to know whether I should be opening 1 or 2 ISAs before 5th April. The Barclays one was a pain to open last year, but presumably now as an existing customer it would be much easier.


Thanks in advance to anyone who has the patience to wade through my waffle


Christine

slppee

bristolleedsfan wrote: »

Yes to all the points u ask about.

hi
for the isa (tax year 2006-2007), can i now transfer £1000 into abbey, and £1000 into allience and leicester, and £1000 into ICE SAVE?
is that possible?
thanks

10_66

As long as your 2006/2007 provider (Natwest) permit you to make partial transfers out from their product, you can make partilal transfers from previous years' ISA's. You'll also need to make sure that the providers you want to transfer to will accept transfers into their products. Not all providers do.

bristolleedsfan

slppee wrote: »

hi
for the isa (tax year 2006-2007), can i now transfer £1000 into abbey, and £1000 into allience and leicester, and £1000 into ICE SAVE?
is that possible?
thanks

In addition to first response :

Whilst all 3 providers u mention do allow transfers into their products. ( two of which u "may" lose interest while transfer cheques are in transit and/or being banked ) you would need to check that they allow "partial" transfers in as some ISA providers that allow transfers in dont allow partial transfers in.