Transfer Cash ISAs Discussion Area

catriona79

julesaver wrote: »

Ive just noticed on ING Direct website they'll pay 3% on isa transfers for accounts opened up to 30th april provided you open a direct savings account with them too, hope this hasnt been mentioned already i couldnt see it featured on page where birmingham midshires is mentioned. Ive saved my max allowance for 2009/10 and want to transfer it to somewhere else as am only getting 1.98% interest! Just wondering what others think if this deal before I commit myself

Thanks Jule,

I have just had a look at the same, following your post. Seems like a good rate and transfers in are allowed!
The savings acc you need to open looks ok too.

This is from their website:

Do you accept Cash ISA transfer in from other providers?
We are able to accept Cash ISA transfers in from other providers for previous tax year subscriptions only. This offer is available to existing savings customers only and a minimum transfer balance of £1,000 applies.

(http://www.ingdirect.co.uk/home/faqs/savings_cashisa.asp?section=savings)

Looks good - thanks for the tip!

DUS

Bri1 wrote: »

Whats the current best transfer in rate ISA with no strings/long term attached?

http://forums.moneysavingexpert.com/showthread.html?t=401374

MarkyMarkD

calcotti wrote: »

Thanks for the reply. I understand the logic of what you are saying in respect of HMRC but the terms and conditions (Alliance & Leicetster in this case) say

"I apply to transfer my existing Cash ISA to Alliance & Leicester plc AND to subscribe to this Cash ISA for the tax year 2009/10 and each subsequent year until further notice" so it appears to be a commitment to do both, OR

Does the act of putting new money into a different ISA act as "the further notice" referred to?

The wording you have quoted is standard HMRC wording, not A&L's personal choice. If they don't include this wording, you can't subscribe any money to the A&L account.

Even if you only intend to transfer previous years' ISAs, it is better for the provider to get you to sign the standard declaration up front, so that any subsequent subscriptions are covered. And if you do NOT subscribe, with them, you are free to subscribe elsewhere.

The HMRC wording is silly. In fact, the whole ISA legislation is silly - given that HMRC check up after the fact whether you have subscribed to more than one ISA, there isn't really any need for all the up front palaver and daft rules about what happens if you subscribe then miss a year then subscribe again ...

2512mbcat

Tip: If you opened a Natwest E ISA before 14 May 2009, it may be worth moving any ISAs you have with other providers to this account. Of course check your rates first!

Explanation: Last year, for my 2009/2010 ISA, I opened a Barclays Golden ISA, which was the best-buy ISA at the time, paying 3.6%. At the same time I was looking for the best ISA which accepted transfers from old ISAs, and so I opened a Natwest E ISA and moved all my pre 2009/2010 ISAs into it.

This week, I was again looking at which were the best ISAs which accepted transfers. After consulting the MSE website, I was about to move my Barclays and Natwest ISAs to Cheshire, which is paying 3%. However, a closer look at the interest rates showed that while my Barclays ISA rate has dropped to 2.55%, the Natwest ISA is still paying 3.01%. So instead of going to Cheshire, I am moving my Barclays ISA to the Natwest E-ISA as it's evidently less hassle.

Table copied & pasted from the natwest website:

Interest rates for customers who opened an e-ISA account on or before 14 May 2009


BalanceAER
(variable)Gross RateNet Rate£30,000+3.26%3.21%N/A£10,000 - £29,9993.01%2.97%N/A£0 - £9,9992.75%2.72%N/A

Note: Internet based account only
Last updated on: 11 Dec 2009.

2512mbcat

I've re-posted the table:

Interest rates for customers who opened a Natwest e-ISA account on or before 14 May 2009

Balance AER (variable) Gross Rate

£30,000+ 3.26% 3.21%
£10,000 - £29,999 3.01% 2.97%
£0 - £9,999 2.75% 2.72%

Note: Internet based account only
Last updated on: 11 Dec 2009.

lazysaver_2

I was just about to make a very similar post 2512mbcat!

I did exactly the same thing as you last year - and will be doing the same again. I think savers (well, me) can often be attracted by the new products and automatically think they are better than the existing deals, but not necessarily so.

I am surprised Natwest (for example) haven't emailed their customers to remind of the decent rates they have as I was all ready to switch to Nationwide (I have under 10k so their transfer rate was the best I could find) until I called Nawest to double check the rate and they matched it.

And the convenience of transferring online is a bonus.

vseviour

I have Barclays Cash ISAs from the previous few years, but have moved to the Isle of Man, where they don't seem to exist. As the old ISAs are on poor rates of interest, I'd like to transfer them to a better paying deal, but I can't find any companies that will accept an application from an Isle of Man address, any suggestions? Last year I was still registered with Barclays at my parents address and opened another ISA, but now all my correspondance shows that I'm not there.

Than you for any advice!

JanetAS

DUS wrote: »

Yes, the wording defined by HMRC regularly confuses people.

You are absolutely fine transfering the old M&S ISA to A&L and open the Barclay´s account for new money for the 2010/11 tax year. In the terms of HMRC/the banks, you are not subscribing to the A&L ISA this year, only to the Barclay´s one. Transfers do not constitute subscribing to a new ISA.

DUS

Can you please absolutely clarify my own position? I have been saving into a cash ISA with Halifax which currently pays a pittance. Today, with the proceeds of a matured GEB, I opened a Protected Equity Bond with Nationwide, with £5,100/-. I asked the officer who helped me if they were accepting transfers in and he said yes, they were.

I then went into the Halifax, updated the book with interest (yes, a pittance :mad:) and asked if I could transfer into a different account with them. Went into a room and the lady nominated to help me couldn't have been more bored or laid back. I mentioned several times that I had opened a Protected Equity Bond that morning, and that I thought it was a cash one.

She then went away for a minute or so, came back and said because of that I couldn't 'open a new account' with them! But I COULD continue to pay into that poor paying ISA.

I came away very confused. It wasn't a new account, surely. It is a transfer. Had I asked Nationwide to transfer in, that wouldn't be a 'new' account, would it? Would it?

Was I subject to mis-information? I am now very unsure about my situation. Your comments and advice would be most welcome. Thanks in advance.

bluegrey

catriona79 wrote: »

Thanks Jule,

I have just had a look at the same, following your post. Seems like a good rate and transfers in are allowed!
The savings acc you need to open looks ok too.

This is from their website:

Do you accept Cash ISA transfer in from other providers?
We are able to accept Cash ISA transfers in from other providers for previous tax year subscriptions only. This offer is available to existing savings customers only and a minimum transfer balance of £1,000 applies.

(http://www.ingdirect.co.uk/home/faqs/savings_cashisa.asp?section=savings)

Looks good - thanks for the tip!

julesaver wrote: »

Ive just noticed on ING Direct website they'll pay 3% on isa transfers for accounts opened up to 30th april provided you open a direct savings account with them too, hope this hasnt been mentioned already i couldnt see it featured on page where birmingham midshires is mentioned. Ive saved my max allowance for 2009/10 and want to transfer it to somewhere else as am only getting 1.98% interest! Just wondering what others think if this deal before I commit myself

Rate for transferring in is previous years' ISA's is 2.5%, not 3%. If you call ING they will confirm this

scattysmum_2

Has anybody any thoughts on the Post Office ISA for transfers in?.. It shows 3% fixed for 12 months & once in you have to leave it alone ... Also its provided by Bank of Ireland, so are there any guarantee issues?..