Transfer Cash ISAs Discussion Area

luckyno13

Hi All,

I've been lucky to collect over 50K in my ISA which is currently with Northern Rock.
As they're no longer 100% safe, I'm looking to split it as it's all previous year money.
However NRock does not allow partial transfers so does anyone know which providers do this so that I can transfer then split it at some future date?
Thanks for all the other great advice in this thread.

MarkyMarkD

Almost all providers allow partial transfers out. Just select a best buy - flexible - ISA (which probably means a variable rate), and then check the Ts & Cs.

juicyjude

Hmmmm in theory it may be quite "simples" but I had a horrendous time like a lot of other people in transferring 2 ISAs into a FRIS with Nationwide, still not completely sorted after 3 months. Sorry but it will probably take quite a long time, Nationwide are really inefficient in my experience, however you may be lucky, I hope so.

Davegeo

Hi all - apologies if this is yet another similar sounding question, but I trawled through as many of the 88 pages in this thread and couldn't quite find the answer so here goes!

I opened a First Direct regular saver cash ISA last June, paying in 12 monthly payments of £300. Therefore I have paid in £600 this financial year.
This ISA has now matured, paid the year's worth of interest at 7% and the interest is now a pitiful rate and I'd like to move it elsewhere.
I figured that I could transfer the ISA I currently have to First Direct's 2.65% cash ISA, but they tell me that because I have already got an ISA with them I can't have any other ISA.

I've tried in vain to understand the rules with regards to limits on ISA subscriptions - can anyone tell me if I have paid money into an ISA account this financial year am I allowed to transfer the savings in that account to another ISA account this financial year, or am I stuck with what I have (If that is the case does anyone know what the reason for this ludicrous restriction is?)

- Davegeo

boobbby

Davegeo wrote: »

Hi all - apologies if this is yet another similar sounding question, but I trawled through as many of the 88 pages in this thread and couldn't quite find the answer so here goes!

I opened a First Direct regular saver cash ISA last June, paying in 12 monthly payments of £300. Therefore I have paid in £600 this financial year.
This ISA has now matured, paid the year's worth of interest at 7% and the interest is now a pitiful rate and I'd like to move it elsewhere.
I figured that I could transfer the ISA I currently have to First Direct's 2.65% cash ISA, but they tell me that because I have already got an ISA with them I can't have any other ISA.



I've tried in vain to understand the rules with regards to limits on ISA subscriptions - can anyone tell me if I have paid money into an ISA account this financial year am I allowed to transfer the savings in that account to another ISA account this financial year, or am I stuck with what I have (If that is the case does anyone know what the reason for this ludicrous restriction is?)

- Davegeo

You have to seperate this financial years and previous years ISA's as differant rules apply.
You can transfer all or part of ISA's from previous years if the new provider allows transfers in. You can even add it to this years ISA if the terms and condions allow.
For this years ISA you must always transfer all the payments to your new provider after which you can normally add to it up to this years allowance of £5100. You are only allowed to pay into one NEW ISA each tax year which must be with only one provider.

Davegeo

Thanks for the reply, but I'm still not quite there:

Firstly how do I go about separating out a single account - is it just a case of transferring the £3000 from last year's contributions out to another ISA, leaving £600 from this year's contributions where they are?

Also, on the one hand you say

boobbby wrote: »

For this years ISA you must always transfer all the payments to your new provider after which you can normally add to it up to this years allowance of £5100

which implies I can transfer this year's payments from First Direct to another provider, but then you say

boobbby wrote: »

You are only allowed to pay into one NEW ISA each tax year which must be with only one provider.

which implies I can't!

I've never had these problems before, and I've changed ISAs in the middle of the year with contributions at various parts of the year - the only difference is I've asked First Direct if I can move it to another one of their offerings instead of moving to another provider!

- Davegeo

MarkyMarkD

Once you've transferred all your current year ISA subs to a new provider, you can fund the new account for the current year.

You can't fund two current year ISAs simultaneously - all the current year money must be moved into the new one, before you can add money to the new one.

Davegeo

So when First Direct say that I can't move to another ISA (closing the old one in the process) with them because I've already got one they're talking rubbish?

murphydavid

Davegeo wrote: »

So when First Direct say that I can't move to another ISA (closing the old one in the process) with them because I've already got one they're talking rubbish?

Some savings accounts (including ISAs) are fixed term. They usually have an incentive to get you to tie your money up. You would have been asked to read the terms before you opened it. If you didn’t or can’t remember them then they will still be available. Usually on the web site or you can phone and ask them to send you a copy. Also the account title will include the word “fixed”. If it is fixed then you can’t move it till the end of the term. If not you can. Nothing to do with the ISA rules just to do with what you agreed when you opened the account. What is the account title / name? Then someone may know to save you looking it up.
To move money within an ISA it is nearly always the case that the company to which you are moving it have to (will be glad to) move it for you.

(So although misleading (as is this statement) they are technically correct. You probably cant move it but you can instruct another financial institution to do it for you which is the same thing as you doing it)

boobbby

Davegeo wrote: »

So when First Direct say that I can't move to another ISA (closing the old one in the process) with them because I've already got one they're talking rubbish?

Some ISA providers like First Direct will not let you carry out an internal transfer (usually for a better rate) meaning you have to transfer out to another provider and back again to their new ISA.

see their T&C


you can transfer any ISA balances to us, held with other providers, from previous or current tax years. (Transfers from existing first direct ISAs are not permitted).