Transfer Cash ISAs Discussion Area

mich786

My husband and I have £10k and £15k in two fixed rate cash ISAs with our local building society, the Cheshire. These expire early July and we would like to transfer them to another provider, if their account permits. We have repeatedly invested in these 12 months ISAs and have not been able to use our yearly allowances due to the fixed rate nature of them.

Our question is that if we transfer these to a new provider can we then open new ISAs to use our allowances for this year. We were told in the past that as long as we were not paying in to the ISA we oculd open separate ones for saving our allowances.

10_66

mich786 wrote: »

My husband and I have £10k and £15k in two fixed rate cash ISAs with our local building society, the Cheshire. These expire early July and we would like to transfer them to another provider, if their account permits. We have repeatedly invested in these 12 months ISAs and have not been able to use our yearly allowances due to the fixed rate nature of them.

Our question is that if we transfer these to a new provider can we then open new ISAs to use our allowances for this year. We were told in the past that as long as we were not paying in to the ISA we oculd open separate ones for saving our allowances.

You can transfer previous years' ISAs, and open a different ISA for this year's subscription as well. You must keep this year's ISA subscription in one "pot". You can transfer this year's ISA too (as long as the terms and conditions permit), as long as it's kept in one place.

The_Only_Homer_Simpson_UK

jamesd wrote: »

SuperMum2010, yes, you can do that split, just be sure that you specify it's a partial transfer since some transfer forms might not make it easy to do that.

The Only Homer Simpson UK, you can have an unlimited number of ISAs with money from past years so if you want 100 of them just get transfer forms from 100 ISA providers and ask to transfer £400 each from your existing ISA. A couple is easy by comparison. The one of each type rule (cash and S&S) applies only to the ones holding new money paid in during the current tax year. Some ISA providers may have individual rules that only allow transferring all of the money out from past years.

Me thinks i've got it JamesD
so...what you are describing is along the lines of being able to ......take the existing pot ( 40k) split it between probably 2 new accounts say 35k into a high interest account that allows transfers in and then add to that one with this years allowance (5100), meanwhile take the remaining 10k and put into next best account that allows you to do transfers in without having to put a deposit down ?

if i have this right then do i get half a gold star award??...:)
look forward to my mark from any teacher out there :rotfl:

Dustykitten

Sorry wrong thread.

ameedog

i went into a Nationwide branch on 27th April and filled out application for a champion ISA. i was transfering a barclays isa and an existing nationwide isa into the new one. i finally got my passbook this saturday (19th june) and the payment was credited to the account on 18th june. this seems like a very long time.
I was wondering if i may have lost out on some interest as it took so long

MarkyMarkD

Probably, although others have said that Nationwide backdate some ISA transactions (e.g. processing of maturities). Quite likely 18 June is when they received the money from Barclays ... but probably part of that delay is them failing to ask for the money for a good while.

juicyjude

You may have filled in the app form on the 27th April in the foolish assumption that it would be dealt with around that date!!! I completed my app form on the 7th April, and as of todays date still have not had my transfer completed from Santander as the form did not go off until about the 27th April!!!!! Yes three weeks sitting on someones desk!

ameedog

just spoke to nationwide and the money was credited to the new isa on 24th may, the book was printed on 18th june so interest will start from 24th may, so not quite so bad.
:beer:

Bandido

I've also arranged for ISAs to be transferred into Nationwide. I was told around 6 weeks as they're dealing with a huge volume of applications.

I have a question about Northern Rock's 30 Day ISA. I was told that i'd need to give them 30 days notice about transferring my ISA but i'm not sure how I am supposed to give them notice if I have no idea of the exact date that my new Nationwide ISA will be opened (Nationwide can't give me a date themselves). Has anyone transferred from a 30 Day Northern Rock ISA before? How did you go about this?

Thanks.

MarkyMarkD

You tell Nationwide to transfer the money after the notice period. They write to Northern Rock - giving the notice - and Northern Rock transfer the money 30 days later. Simples.