Transfer Cash ISAs Discussion Area

Lieutenant_Thrift

I have a 3% halifax cash ISA that matured earlier this month, earning me the *outstanding* sum of £105 on the £3600 I deposited in it on 14 April last year. I now want to transfer this money to something better than the 0.5% it is now earning.

Was thinking of possibly turning some of it into shares as part of a shares ISA but I'm new to shares and don't have much of a clue. I've looked at the provincial building societies recommended on here but I'd much rather administer all my financial accounts in the 21st century, i.e. over the internet and not by post.

I'd really like to keep as close to the 3% rate I had over the past year as possible.

Anyone got any suggestions?

Many thanks,

LT

MarkyMarkD

You can't administer an ISA on the internet, or pretty much cannot.

There are normally only two transactions - opening and transferring out. Opening is down to the institution you're moving to now, so you might have to apply by post. But that applies to many of the online based accounts too.

Transferring out is down to the institution you move to at the end, so it's irrelevant if the institution you move to NOW offers online facilities.

In conclusion, online facilities are pretty irrelevant to ISAs if you just intend to:

(a) move all your money in
(b) add some new money at the same time
(c) transfer it all out again

And that's what most people do!

dasim

I've had an ING ISA for which the interest rate has now dropped to 1% on the expiry of the first year (the usual ING trick of dropping rates after hooking an investor, but then I was aware of it). I've already subscribed elsewhere for this year but the account does not allow transfers in so I need to look elsewhere.
Cheltenham & Gloucester are included in the list of providers who allow transfers in but on phoning them they say you must subscribe at least £1 to an ISA for this year before they will allow transfers.
No good to me. I'm inclined to just withdraw it and put the money into a stocks and shares ISA (I haven't subscribed for this year) where I can get around 5% from bonds or shares like Shell, admittedly with more risk but also possible capital gains as well.

HOD_3

I've started a Barclays ISA for this year I wanna put my excisting Natwest allowance in they said I can only put 5.1k is there some rule where I will lose interest if I do that ?

boobbby

MarkyMarkD wrote: »

You can't administer an ISA on the internet, or pretty much cannot.

There are normally only two transactions - opening and transferring out. Opening is down to the institution you're moving to now, so you might have to apply by post. But that applies to many of the online based accounts too.

Transferring out is down to the institution you move to at the end, so it's irrelevant if the institution you move to NOW offers online facilities.

In conclusion, online facilities are pretty irrelevant to ISAs if you just intend to:

(a) move all your money in
(b) add some new money at the same time
(c) transfer it all out again

And that's what most people do!

I recently opened 2 ISA accounts with A&L over the internet.
Recieved the account numbers over the Internet
Downloaded the transfer forms to move money from old A&L's ISA's using the Internet into one of the new accounts
I am using my current account to to filter money into this years ISA account.
Keep a track of all these movements using the Internet

10_66

HOD wrote: »

I've started a Barclays ISA for this year I wanna put my excisting Natwest allowance in they said I can only put 5.1k is there some rule where I will lose interest if I do that ?

You can't transfer previous year/s ISAs into Barclays Golden ISA issue 2, it'll only accept current year's subscription. If you want to transfer your previous year/s NatWest ISA elsewhere, you'll have to find a provider that will permit transfers in.

maypole

kamzy wrote: »

I know everyone says that you can open a new isa and transfer previous years isa's to a different provider. The problem i'm having is, this year 2010/11 I have subscribed to Barclays Golden Isa Issue 2 and filled it with the maximum allowance. Now I have the Barclays Tax Haven Isa and Golden Isa with previous years allowances which are now paying very little interest. So I wanted to transfer both of them to Lloyds Tsb (I know its not the best paying, but I bank with them so its easy to keep track).

However when I called them up to open it, the lady on the phone said I had to put money in as the minimum balance was £1. Obviously I cant do this!!

Any suggestions on what I can do?

Can you go into a branch? I do this to transfer ISAs into lloyds tsb, they fill in the form and send it off, you just have to give them details of the ISA accounts you wish to transfer in. I never take the first answer I am given from the call centre people, sometimes you get misinformation. Better check though.

Another thing I learned also is, if I want to transfer my LLoyds tsb one year fix from last year into it's new 2 year fix,for this year, I can't do it online as it would be like making a withdrawal and I would lose the tax free status. I have to go to the bank and it has to be done like a transfer to another provider even though it is still with lloyds tsb.

MarkyMarkD

boobbby wrote: »

I recently opened 2 ISA accounts with A&L over the internet.
Recieved the account numbers over the Internet
Downloaded the transfer forms to move money from old A&L's ISA's using the Internet into one of the new accounts
I am using my current account to to filter money into this years ISA account.
Keep a track of all these movements using the Internet

OK, but you were an existing A&L customer. This doesn't apply to most people opening new ISAs who DO have to fill in paperwork at some stage. You yourself had to download, print and send a transfer form to them!

boobbby

MarkyMarkD wrote: »

OK, but you were an existing A&L customer. This doesn't apply to most people opening new ISAs who DO have to fill in paperwork at some stage. You yourself had to download, print and send a transfer form to them!

This is true!! although they also sent me a transfer form after accepting my application for the Direct Isa issue 6. (2.75%) The day after they received my transfer form the money was in my new account. I have nothing to do with Santanter and it is a pain each year to have to keep opening new accounts so I can get their best rates but so far all the transactions have gone through very quickly. Last year I also took out their Reward ISA with the bonus paid on May 1st after which the account will drop to a small interest rate. I will transfer that Reward ISA account into the new ISA on the 2nd May! (They have also wrote to remind that the interest was going to reduce after the 1st May)

brave_2

I have transfered an ISA from Santander to CO OP on 2nd April 2010, today I recieved a letter stating that I should contact Santander as they have not recieved anything from them and I should contact them to find out what is happening.
I phoned Santander, and was informed that the FSO gives then 30 days to respond, and they will do this.
So why should we be ripped off by Financial institutions, who use this "Law" ?
Should we start petitioning for this time to be reduced?