Transfer Cash ISAs Discussion Area

10_66

scattysmum wrote: »

... Also its provided by Bank of Ireland, so are there any guarantee issues?..

Have a look at Martin's section on "Are your savings safe?" HERE.

System

achan891 wrote: »

I have accidentally ended up depositing £300 into my 2009-10 firstdirect ISA account past the end of the tax year... I had a standing order set up to pay into the account on the 3rd of each month, but the bank holidays over Easter messed this up and resulted in the payment only going in on 6 April (despite assurances from the bank on the phone on 5th April that this wouldn't happen - very annoying!!).

I think this means that I missed out on £300 of my 2009-10 allowance (grrrrr!) and that this £300 payment on 6 April counts towards my new allowance for 2010-11 - yes?

I really don't want to stick with this account for the rest of the tax year if possible, because the rate is going to drop at the end of the month. But presumably the accidental deposit means that I can't take advantage of any 'new money' offers but only 'transfers allowed' accounts.

So my question is this: Am I allowed to close this account and transfer all of it (i.e., all of my 2009-10 deposits, plus the £300 that I have already deposited in the current tax year) to another provider next month? Or does this one accidental deposit on 6 April mean that I have to wait until April 2012 (and suffer the low interest rate in the meantime) before I can transfer it?

Thanks in advance for your help!

Same here, standing order on the 5th landed on 6th, BUT I notice there is a panel showing how much you have contributed this year, its showing as 0. I'm transferring it anyway as soon as it matures - in my case on 5th May.

HardSpend

can i transfer when I have already paid my 09/10 allowance to my 08/09 ISA provider?

10_66

HardSpend wrote: »

can i transfer when I have already paid my 09/10 allowance to my 08/09 ISA provider?

Yes.......

Spiggle

JanetAS wrote: »

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.

Could it be that Halifax will not allow transfers between their own products? As for paying into the poor paying one, surely if the Nationwide PEB has been set up using your 2010-2011 cash ISA allowance then you don't have any allowance left to invest, I don't think. Probably you need to absolutely clarify with Nationwide if subscribing to the PEB has been done using your cash ISA allowance and how it affects your options for further investment?

It is probably better for you to look for the best paying account that allows transfers in and move the matured amounts out of Halifax as quickly as you can. Or transfer into your PEB but that may tie it up for some time.

Sorry I can't absolutely clarify your position but someone may be along soon who can.

all the best,
Spigs

rb10

JanetAS wrote: »

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.

Halifax definitely do allow you to switch between their own different ISAs. The process is very quick and simple, you keep the same account number, and they just change the product type.

The simplest way to do it is to phone up (or get them to phone you - here) and they'll do it over the phone. The whole process shouldn't take longer than about one minute.

You'll then start getting the new interest rate immediately, and the new account name will change on internet banking overnight.

JanetAS

Thank you rb10! I'll try another branch of Halifax and see if they can help. Preferably with a member of staff who actually wants to work!

john_boyuk

Hi there... I have last years isa allowance (£3600 + interest) and the rate has dropped substantially for this year! I have already opened an Isa for this current tax year with Alliance & Leicester's Flexible Isa at 3.2% but this does not allow transfers in. Can i open another Isa this tax year just to transfer last years money to get a better rate? I was looking at the Yorkshire bank option fixed at 3% for 12 months.

gunmaker

john_boyuk wrote: »

Hi there... I have last years isa allowance (£3600 + interest) and the rate has dropped substantially for this year! I have already opened an Isa for this current tax year with Alliance & Leicester's Flexible Isa at 3.2% but this does not allow transfers in. Can i open another Isa this tax year just to transfer last years money to get a better rate? I was looking at the Yorkshire bank option fixed at 3% for 12 months.

Yes you can, providing they accept transfers in. Open the new ISA then ask the new provider to transfer the ISA for you. Don't close the old ISA as you can only pay into one ISA a year.

MarkyMarkD

vseviour wrote: »

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!

ISAs are only available to UK tax residents. If you are not a UK tax resident, you are not subject to UK tax, so there's no reason to have an ISA. Why don't you simply withdraw the funds and invest them as an IOM resident, subject to IOM taxation?