Transfer Cash ISAs Discussion Area

Mickygg

rubbish_money_saver wrote: »

Hi i am looking for a bit of help with plans to save to go travelling. I have an old ISA currently with Barclays with just over £1000 in and i have just found out the interest is a measly 0.53% i have around another £1000 to deposit however i need an account with more interest and that allows transfers in and i like to be able to view balances and transfer money online. Any help or advice appreciated

Depends if you will have enough to save to keep in your ISA. First port of call would be to put into A&L 3.2% instant access ISA. This is good if you will not have excess funds to save anymore than £5,100 this tax year. This does not accept transfers in though.......so you could use this just for 2010/2011 money only.

So maybe Nationwide - they have instant access e-ISA at 2.75% at the moment that allows transfers in. This though does only have a 1% guaranteed element up to June 2011.

alahol2

sharkalos wrote: »

Moneysupermarket doesnt seem to catch all cash ISAs so I'm here to ask the question - where will i earn the best returns based on the following:

• £14k worth of ISA currently in natwest ISA account

• plus additional £5,200 awaiting for this years allowance

• looking for a competitive rate that allow transfers in

Also, can someone help clarify my situation - Ive just applied for a Newcastle Builder ISA account and since discovered it may not be so competitive. Am i able to apply for other accounts or am i stuck? What if i have already made a deposit in my new ISA this tax year?

All input much appreciated :beer:

Hi there...
The Newcastle BS Balance Builder is currently the best rate you can get on transfers in... if you play it right... 3.4%.
What you do is pay £4100 into your OLD ISA. Then open a Balance Builder and ask to transfer in all your old AND current ISA monies.
Then set up 10 payments of £100 per month into the Balance Builder (this is necessary to get the bonus that brings the rate up to 3.4%).
That way you are getting 3.4% on all your old ISA money AND on most of this years money for the whole 12 months.
Make sure you make the 10 payments and leave it there for the whole 12 months, swap it after 12 months into something that will pay more.

Hope that all made sense...

BigCat9101

Just thought I would bring this to everyones attention particulary those whose are considering transferring existing isa into either the Newcastle Reward ISA (at 3% interest (inc 1% business for 1 year) but with 120 days notice) or santander/Nationwide (at 2.75% but with no notice). From my research these are currently the top variable accounts

I have just spoken to someone at Newcastle Bank who assures me that the 120 days notice (without specifying a beneficiary i.e. another Bank, person or ISA account) can be given in the first year meaning in theory the account can achieve 3% interest in the first year if the account holder contacts the Bank on say 6th Dec 2010 (roughly 120 days from the new isa allowance) and can then move the balance into 2011's top isa account without resulting in any penalty. I know the 0.25% difference in interest doesn't sound much but it can add up if you have a large balance (say £10k) to transfer and don't want to tie your money up for a year if are like me and think interest rates are bound to go up to by at least 0.25 to 0.75% in the next 12 to 15 months (making the current top rate fixed rates of 3% potentially less 'profitable' than current variable accounts).

Hope what I have put makes sense and can help someone Out!

lazysaver_2

rubbish_money_saver wrote: »

Hi i am looking for a bit of help with plans to save to go travelling. I have an old ISA currently with Barclays with just over £1000 in and i have just found out the interest is a measly 0.53% i have around another £1000 to deposit however i need an account with more interest and that allows transfers in and i like to be able to view balances and transfer money online. Any help or advice appreciated

I also have an old ISA of £1500 that I was going to transfer but I have decided to withdraw the money from Barclays and treat as new money and put into my Alliance and Leicester because I know there is no way I will save £5100 new money - only did half of that last year.

Obviously it depends on your savings plan, but for smaller amounts of money I am not sure a transfer is always the best idea. Also if you do think you'll fill up the ISA, Barclays are doing a new Monthly Saver that is 3.2% after tax, still better than most of the transfer rates around.

Just my thoughts.

savenet

Hi, I've already added this year's full allowance (£5100) to my existing isa with first direct. But after May 2010 I drop down to the paltry variable rate (0.2% or 1.2% depending on who you talk to at FD).
Can't take advantage of the excellent Newcastle BS builder deal.

Any ideas what my best options are for transfer? Is Santander at 2.75% as good as it gets?
The total pot now stands at 19.5k.

Don't want to tie up cash for longer than 1 year....makes me nervous!

alahol2

savenet wrote: »

Hi, I've already added this year's full allowance (£5100) to my existing isa with first direct. But after May 2010 I drop down to the paltry variable rate (0.2% or 1.2% depending on who you talk to at FD).
Can't take advantage of the excellent Newcastle BS builder deal.

Any ideas what my best options are for transfer? Is Santander at 2.75% as good as it gets?
The total pot now stands at 19.5k.

Don't want to tie up cash for longer than 1 year....makes me nervous!

According to Martin you could get 3% with Cheshire/Yorkshire/Clydesdale on a 1 year fix. They are postal which is a bit of a pain but then you normally have to post a transfer request anyway.

savenet

Thank you!! I'll look into them.

rubbish_money_saver

Thanks mickygg and lazysaver i think i am in the same boat as you lazysaver and doubt i will use my full £5,100 allowance so will withdraw the money from Barclays and put into A&L and then save save save and if i am very good and need to, will open a savings account. Thanks again for your help

lazysaver wrote: »

I also have an old ISA of £1500 that I was going to transfer but I have decided to withdraw the money from Barclays and treat as new money and put into my Alliance and Leicester because I know there is no way I will save £5100 new money - only did half of that last year.

Obviously it depends on your savings plan, but for smaller amounts of money I am not sure a transfer is always the best idea. Also if you do think you'll fill up the ISA, Barclays are doing a new Monthly Saver that is 3.2% after tax, still better than most of the transfer rates around.

Just my thoughts.

G_M

Stafford Railway BS: 3% if you transfer in £40K+. No notice.

dervish99

when combining Isas from other banks to a new isa can i combine my isa's with my wifes, so bringing all our isa's into one either in a single or joint name?

cheers

Russ