Transfer Cash ISAs Discussion Area

Spiggle

dervish99 wrote: »

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

No. They are Individual Savings Accounts so each individual may have an account. Sorry.

Spigs

jpn_2

Hi,

I am in a quandry as to what to do....I have a large sum,nearly £30,000 in a "Northern Rock" isa which is currently fixed at 3% until july 15th 2010. I cant add this years allowance of £5,000 to it. What would you suggest I do, open a separate one with another bank now with the £5,100 , or, wait until July until the £30,000 is unlocked and open another one with£5,100 and transfer £30,000 into new isa with whoever is offering the best rate.

Spiggle

jpn wrote: »

Hi,

I am in a quandry as to what to do....I have a large sum,nearly £30,000 in a "Northern Rock" isa which is currently fixed at 3% until july 15th 2010. I cant add this years allowance of £5,000 to it. What would you suggest I do, open a separate one with another bank now with the £5,100 , or, wait until July until the £30,000 is unlocked and open another one with£5,100 and transfer £30,000 into new isa with whoever is offering the best rate.

Hi there,

If you have the cash available to you, subscribe it to the best paying easy access now. Then when your matured account is available you can decide whether to leave the easy access account where it is (if the rate is good enough and especially if guaranteed not to drop) or transfer it along with the mature money into your preferred choice of transfer account.

Hope that helps,
Spigs

davcas_2

I expect this has already been asked and replied to but I cannot find the answer. I have opened a new 2010/2011 ISA with Barclays, but cannot transfer in. Can I open an isa elsewhere just to transfer in my exisiting isa's from other companies without starting a new one as I already have done so?

10_66

davcas wrote: »

I expect this has already been asked and replied to but I cannot find the answer. I have opened a new 2010/2011 ISA with Barclays, but cannot transfer in. Can I open an isa elsewhere just to transfer in my exisiting isa's from other companies without starting a new one as I already have done so?

Yes, you can open another ISA to transfer previous year/s allowances. You just can't pay this year's allowance into two different ISAs, this year's allowance must stay in one account.

davcas_2

10_66 wrote: »

Yes, you can open another ISA to transfer previous year/s allowances. You just can't pay this year's allowance into two different ISAs, this year's allowance must stay in one account.

Great, just need to find one that pays well and allows transfers?

10_66

davcas wrote: »

Great, just need to find one that pays well and allows transfers?

If you haven't already found the thread, have a look at it HERE, it's a list of best rates currently available.

mancdaz

I'm sorry if this has already been covered but this is a massive thread!!

I have a cash ISA with virgin money, and have had for 3 years. I've also paid some into it this year.

Is it possible for me to transfer out 'old' years money, leaving this years with virgin for now? I want to transfer into Halifax's 3 yr fixed rate at 3.75, but they don't accept subsequent payments so I only want all my 'old' years to go there and keep my current year with Virgin so I can continue to pay into it.

I guess my confusion comes from not being sure if my entire Virgin cash ISA is one account that all has to move together, or if each individual year (even though inside the same 'parent account') is viewed as a separate cash ISA that can be transferred about separately.

Many thanks
Daz

boobbby

mancdaz wrote: »

I'm sorry if this has already been covered but this is a massive thread!!

I have a cash ISA with virgin money, and have had for 3 years. I've also paid some into it this year.

Is it possible for me to transfer out 'old' years money, leaving this years with virgin for now? I want to transfer into Halifax's 3 yr fixed rate at 3.75, but they don't accept subsequent payments so I only want all my 'old' years to go there and keep my current year with Virgin so I can continue to pay into it.

I guess my confusion comes from not being sure if my entire Virgin cash ISA is one account that all has to move together, or if each individual year (even though inside the same 'parent account') is viewed as a separate cash ISA that can be transferred about separately.

Many thanks
Daz

Why leave any money in a Virgin ISA as they dont pay any interest. I assume it is because you want instant access but many high street providers at least give some interest. So I would first move this years money then the remainder to that FR Halifax account. You could even use the Halifax direct reward ISa for this years money and get 2.6%.

mancdaz

Perfect! So I AM allowed to transfer just this year into one ISA, and the rest of my 'old' years into a different one?

if so, I guess this clears up for me the fact that each years ISA is an independently transferrable unit even though they sit in the same parent account. So you could view it as though each year on 1st April, your parent account provider opens a new ISA for you and makes any new payments go into it, while locking out the old ones.