Transfer Cash ISAs Discussion Area

MarkyMarkD

Most providers mean "£1 minimum or a transfer in" - i.e. you don't normally need to add any new cash. You can't split your £5,100 during the current tax year, and you can't subscribe £1 to Principality as you've already subscribed this tax year with Barclays. (You COULD subscribe to Principality post-transfer, if you hadn't already used up your full £5,100 allowance with Barclays).

bibi_neko

Thank you MarkyMarkD, so I can open the Principality e-ISA Issue2 (suggested my MSE ) and just move the whole balance over? Do i need to notify Barclays beforehand? or can i just apply for the e-ISA now and then send the forms over to Barclays about the transfer?

sorry for the simple questions, i've never done this before and i'm just worried i'm getting myself into something I can't get out of once the 14 day period has passed.

KingL

From the Principality e-ISA page.

Please note: if you intend to transfer your ISA from another provider to the e-ISA Issue 2, information on how to do this can be found at the end of the application process....

So they'll tell you what to do. They will be a form to fill in which you will send to one or the other of them.

I can open the Principality e-ISA Issue2 and just move the whole balance over

Yes, unless there is something specific in the Barclays terms and conditions forbidding it.

MarkyMarkD

bibi_neko wrote: »

Do i need to notify Barclays beforehand? or can i just apply for the e-ISA now and then send the forms over to Barclays about the transfer?

Neither. Apply for the e-ISA, and then send the transfer form to Principality. They will send it to Barclays. You don't need to tell Barclays anything.

bibi_neko

ahh thank you again MarkyMarkD, I've finished the application and will send the forms off tomorrow.

Thank you too KingL, I was afraid it would be a hassle to find out AFTER the application that there was something that I didn't like and then have to go through the process of cancelling it.

Thank you for the help!

thriftysixty

I transfered 2 ISA's into a new Halifax ISA. I couldn't afford to put in any funds for this current year at the time. Halifax told me that as I had requested a fixed rate ISA I couldn't add to it - OK I get that. They also told me that as I had opened a new ISA I couldn't open another with them or anyone else even though it was with previouse years money. So in effect I couldn't use up this years funds. I couldn't see how this could be so and I queried it again with the Halifax and was told the same. I asked in Barclays and they thought it could be so but couldn't tell me for sure. I contacted the Inland Revenue and they said I could open another ISA as I hadn't used this years allowance. So Halifax please make sure the information your staff give out with such conviction is acurate. Barclays - get more clued up please. These people are supposed to be the experts! :mad:

MarkyMarkD

That's a very easy question to ask an ISA provider. It's amazing that Halifax gave the wrong answer and Barclays didn't know! :dunce:

Time_to_save

MarkyMarkD wrote: »

That's a very easy question to ask an ISA provider. It's amazing that Halifax gave the wrong answer and Barclays didn't know! :dunce:

I've had the same problem and am here to check my facts.
I opened a Halifax ISA and transfered in an ISA from a previous tax year. Now I've applied to open an ISA for this tax year and have been turned down! I think they're wrong but . . .

boobbby

Time_to_save wrote: »

I've had the same problem and am here to check my facts.
I opened a Halifax ISA and transfered in an ISA from a previous tax year. Now I've applied to open an ISA for this tax year and have been turned down! I think they're wrong but . . .

The simple answer is that you may open as many Isa's as you want ( even in 1 year) but you can only pay into one of them this years allowance.

vicky79

Time_to_save wrote: »

I've had the same problem and am here to check my facts.
I opened a Halifax ISA and transfered in an ISA from a previous tax year. Now I've applied to open an ISA for this tax year and have been turned down! I think they're wrong but . . .

I'm having the same problem with Halifax (and i also think they are wrong!). I have already put this years ISA allowance into an account i opened in april (with a different provider)
This week, I tried to open a Halifax isa to transfer an old Natwest isa into as the interest had dropped to almost zero. They've told me that i'm not allowed: this is what they stated in their email.

In regards to your query, by law only one ISA product can be opened per year with any UK bank. Therefore, if another ISA has already been opened since 5th April 2010 we are not authorised to accept an account application until the next tax year.

Maybe i should email them back and tell them to read MSE!! I think i'll look elsewhere to transfer my old ISA though.