Transfer Cash ISAs Discussion Area

konamauri

I think it is summed up by the fact that the provider I last saw when I stood my ground on this subject said that if it was obvious you could transfer and not subscribe then everyone would be doing it.

We deserve better.

It could be better.

It should be better.

MarkyMarkD

It's not the providers' fault if people don't bother to understand the HMRC rules. Nor are providers obliged to accept transfers without new subscriptions: if you want to save with them, you accept their conditions.

lybrand

MarkyMarkD wrote: »

Answer: there is no "your interest" from 6 May to 14 May. This is a cost to you of choosing to transfer betweeen providers.

The old provider will have had the funds until their cheque cleared. But they won't have earned "your interest" rate until then - they'll have had the money ready for clearing the cheque and earned little on it.

I'm worried you make this sound so acceptable. I just transferred out of First Direct to Birmingham Midshires (2 separate ISA accounts). They closed my accounts instantly on receiving the transfer form (so no more interest for me from First Direct) but sent two cheques to Birmingham Midshires one two weeks later the other over a month later.
To lose a whole month's interest simply because the bank takes a month to send out a cheque is a very high cost - particularly as I could have got a better rate in the first place if I'd had an account with a withdrawal rate of 30 days interest!

MarkyMarkD

8 days is "so acceptable". One month is not. There is no justification for your old provider failing to post the cheque on the day they close your account, and so anything over a week or so is wrong.

You should be asking BM to inform you of the date that FD sent the cheques - both the date on the cheque, and the date on any covering correspondence. And if those dates do not match the closure date, you should be pursuing FD for the loss of interest.

Pound

In December 2009 my 1yr Fixed Northern Rock ISA Matured and I was given the option to transfer it to another 1yr Fixed ISA which I accepted. In May 2010 I opened another ISA with A&L.

My Northern Rock ISA will mature in December of this year. When this happens what are my options? Will I be allowed to transfer this money into another ISA or will I prevented from doing this because I opened an ISA at A&L within that tax year?

boobbby

Pound wrote: »

In December 2009 my 1yr Fixed Northern Rock ISA Matured and I was given the option to transfer it to another 1yr Fixed ISA which I accepted. In May 2010 I opened another ISA with A&L.

My Northern Rock ISA will mature in December of this year. When this happens what are my options? Will I be allowed to transfer this money into another ISA or will I prevented from doing this because I opened an ISA at A&L within that tax year?

You can always transfer previous tax years ISA's in full or partial as often as you wish as long as the new provider accepts transfers. You can also transfer this years ISA but it must be for the full amount saved and then add to it up to the limit of this years allowance. (£5100)

Nessie23

Pound wrote: »

In December 2009 my 1yr Fixed Northern Rock ISA Matured and I was given the option to transfer it to another 1yr Fixed ISA which I accepted. In May 2010 I opened another ISA with A&L.

My Northern Rock ISA will mature in December of this year. When this happens what are my options? Will I be allowed to transfer this money into another ISA or will I prevented from doing this because I opened an ISA at A&L within that tax year?

Once your ISA matures in December you can transfer it over to another provider if you so wish.

If you have subscribed to an ISA on the current tax year, this does not affect your ability to transfer ISAs for previous tax years.

leew

Hi guys,

I'm having trouble transferring my old Instant access ISA with Nationwide to their eISA, filled a transfer form in sent it off but havent heard a thing

It's been over a month now, anyone know the proper process - i feel i must have messed up somewhere.

Lokolo_2

leew wrote: »

Hi guys,

I'm having trouble transferring my old Instant access ISA with Nationwide to their eISA, filled a transfer form in sent it off but havent heard a thing

It's been over a month now, anyone know the proper process - i feel i must have messed up somewhere.

You should give Nationwide a call to chase the application, see what is going on! The whole process shouldn't take over 30 days otherwise you have grounds for complaint. If you had messed up they probably would have contacted you!

Do you have online banking? If so maybe the e-ISA will show up online if you look there, just an idea :j

leew

aaronmanz wrote: »

You should give Nationwide a call to chase the application, see what is going on! The whole process shouldn't take over 30 days otherwise you have grounds for complaint. If you had messed up they probably would have contacted you!

Do you have online banking? If so maybe the e-ISA will show up online if you look there, just an idea :j

Hi, yeah i do but it's still showing my old Instant Access ISA :mad: I don't understand why i've not had any contact back as i filled out the form with all the details needed correctly.

Looks like i'll have to give them a ring.