Transfer Cash ISAs Discussion Area

brookhaven

Greetings,

Last year I went to my bank (NatWest) to transfer a couple of old ISAs to my NatWest ISA account. I filled in the form that NatWest gave me, and all transfers were completed OK, pulling the old money over as it were.

Last week I went into the same NatWest bank to do the same thing, and transfer another old ISA, but was told the system had changed and that I had to get a form from my old provider and get them to "push" the money over.

Was this information correct?

Anyone else had similar advice?

Thanks.

boobbby

brookhaven wrote: »

Greetings,

Last year I went to my bank (NatWest) to transfer a couple of old ISAs to my NatWest ISA account. I filled in the form that NatWest gave me, and all transfers were completed OK, pulling the old money over as it were.

Last week I went into the same NatWest bank to do the same thing, and transfer another old ISA, but was told the system had changed and that I had to get a form from my old provider and get them to "push" the money over.

Was this information correct?

Anyone else had similar advice?

Thanks.

This form can be downloaded from the Nat West site so it does look as if you was given duff gen !

Transfer other ISAs

If you wish to transfer funds from another provider and have already subscribed your yearly ISA allowance, you will be unable to make an initial deposit to your e-ISA. Enter an initial deposit amount on the application form and select to pay it by cheque/cash. If no further action is taken, your account will still be opened effectively.

If you want to transfer another cash ISA to us, once your e-ISA is open, complete the ISA Transfer form, print it, and send it to: Central Tax Unit, 9th Floor, 1 Hardman Boulevard, Manchester, M3 3AQ and we’ll arrange for the transfer to be completed.

Please Note: Your existing ISA provider has a maximum of 30 days, or to the end of any required notice period, after receiving your transfer request to send your ISA monies to us. This period is specified within the ISA Regulations and Her Majesty's Revenue & Customs (HMRC) ISA Guidance Notes for ISA Managers

brookhaven

Thanks boobbby.

I went into the branch this morning and the manager was on 'front of house' duty, and he gave me the correct forms and said it had to be 'pulled' across.

So yes, duff gen from the other bank employee.

rd6821

Is anyone else thinking of transferring cash ISAs into S&S ISAs because of the pitiful rates. I have 3 cash ISAs and 3 S&S ISAs and wondering whether it's worth keeping this balance in my S&I portfolio?

boobbby

rd6821 wrote: »

Is anyone else thinking of transferring cash ISAs into S&S ISAs because of the pitiful rates. I have 3 cash ISAs and 3 S&S ISAs and wondering whether it's worth keeping this balance in my S&I portfolio?

Keep both as they are !!

About 18 months ago the bank finacial advisor suggested I should move my cash ISA to a S & S ISA. A few months later and the big stocks and shares crash means I would have lost 35% of my fund although the Finacial Advisor would have had a nice piece of commission. You also can't change back !

SuperOwl86

Hi guys looking for some advice in what to do, last June i moved my Cash ISA from HSBC to Halifax reward account which was fixed for 12 months. Now that 12 months has been and gone just wondering what is best to do with my money now? amount is is around £16k.

Lokolo_2

SuperOwl86 wrote: »

Hi guys looking for some advice in what to do, last June i moved my Cash ISA from HSBC to Halifax reward account which was fixed for 12 months. Now that 12 months has been and gone just wondering what is best to do with my money now? amount is is around £16k.

Find another provider which accepts transfers in, to transfer your ISA to! As HSBC has most likely cut the rate on your ISA now, you should check what rate you are getting now, if it's still reasonable you could leave it untouched until the rate drops.

I'd recommend you have a look through this post. Kazza's list is quite definitive and always updated so there's plenty of choices as to who you could transfer your ISA to :j:j

SuperOwl86

Thanks for your reply just to say its not in hsbc its with halifax and i think the rate will have dropped way down.

Am I right in thinking if i sign upto the following

Santander Direct ISA (issue 6) - 2.75%
Rate guarantee? No. Rate effective from: 11/02/2010.
Minimum deposit: £9,000 (to qualify for the higher rate). Operated via: Internet, Post or Telephone.
Notes: 2.00% paid for balances totalling £1 - £8,999.
Important: 2.75% tier includes a bonus of 2.25% and 2.00% tier includes a bonus of 1.50% for 12 months.

I could move to another isa provider with a better later say 3 months down the line?

10_66

SuperOwl86 wrote: »

...Am I right in thinking if i sign upto the following

Santander Direct ISA (issue 6) - 2.75%
Rate guarantee? No. Rate effective from: 11/02/2010.
Minimum deposit: £9,000 (to qualify for the higher rate). Operated via: Internet, Post or Telephone.
Notes: 2.00% paid for balances totalling £1 - £8,999.
Important: 2.75% tier includes a bonus of 2.25% and 2.00% tier includes a bonus of 1.50% for 12 months.

I could move to another isa provider with a better later say 3 months down the line?

As long as there are no penalties within the terms and conditions (and there usually aren't with instant access ISAs), you can transfer your ISA whenever you like. If you choose to go with Santander and to transfer out later on, be prepared for a looooooong and drawn out transfer process, they have a terrible reputation for this (and I speak from experience).

derrick

Just thought I would post my experience with my latest transfer re time taken.

1st July, (Thursday), filled in form at Nationwide branch for transfer to them from Lloyds.

9th July,(Friday), called Nationwide for progress, they tell me transfer request sent 8th July, (why it took a week I do not know), by post.

19th July, (Monday), I call Lloyds, they tell me cheque was sent,(with others), by 2 day courier post,(turns out this is how Lloyds send ISA transfer now), on 16th July,(this was a Friday).

23rd July, (Friday), I call Nationwide and am informed the cheque arrived on 21st July and that is when interest will be paid from.

So from start to finish it took 20 days which is probably not to bad and I "only lost" 5 days interest as Lloyds paid it until the closure date which was the 16th July.

There where a few more phone calls in addition to the ones mentioned when I was checking progress, but all in all not to bad.



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