Transfer Cash ISAs Discussion Area

10_66

Jimbob98 wrote: »

HI
I think i know the answer already but just wanted to double check pls...
If im looking to open an isa with intention to transfer in from an old isa (current yr ive already started to add money in), i know to put in 0 'new money' and fill transfer form. However new isa provider say min amount is $1, can this pound can be made up from my transfer as i wont be adding any money in?
thanks

If you're transferring in, you don't have to pay anything into the new ISA to open it, as the min balance will be met when the funds are transferred in.

KingL

...although some providers ask you to fill in £1 on their online form if you are doing a transfer only, as their systems won't accept a blank or zero. But you won't end up paying-in this new money - it will all come from your transfer.

Jimbob98

great-thanks guys,appreciated

Lieutenant_Thrift

I have an isa with Dunfermline Building Society from last year that I am proposing to transfer to Santander's super flexible isa that gives you 5.5 per cent on cash if you invest by the same amount in shares. I'm just not sure whether to invest my entire fund into shares or bonds or both. I'm also concerned about the fees they propose to charge ranging from 1.3 per cent for bonds to 1.8 per cent for shares.

Does anyone have this product and what is your experience of it. I have never used at shares isa before and it will be the first time that I have had an investment other than cash or premium bonds. Any advice would be much appreciated.

Thanks, LT

Baldur

As with most things that appear to be too good to be true, you'll doubtlessly discover that the 'Super Flexible ISA' is something to be avoided.

The high interest rate offered on the Cash ISA is 'a sprat to catch a mackerel', enticing you to put funds into a pretty dire investment product. It's a ploy that Abbey/Alliance & Leicester and Santander have employed for several years - a search on these forums will bring up several similar threads, from memory.

In general, banks are not considered to be anywhere near the best providers of investment products, due to their high charges and limited product range.

david6622

I have around £51,000 in a Lloyds cah Isa and when the current bonus rate comes to an end I would like to put the balance in 2 new best rate cash Isa's to be protected against any bank collapses.
I understand I can only open one cash Isa per year but this would mean to go over the £50,000 protection limit.
Leaving part of the balance in the existing account and open only one additional accounts is not convenient as usually once the bonus perios is over the rate goes down to almost zero.

Any suggestions wolud be very appreciated.

Kind regards

Optimist

david6622 wrote: »

I have around £51,000 in a Lloyds cah Isa and when the current bonus rate comes to an end I would like to put the balance in 2 new best rate cash Isa's to be protected against any bank collapses.
I understand I can only open one cash Isa per year but this would mean to go over the £50,000 protection limit.
Leaving part of the balance in the existing account and open only one additional accounts is not convenient as usually once the bonus perios is over the rate goes down to almost zero.

Any suggestions wolud be very appreciated.

Kind regards

The protection is due to increase to £85000 on 31st December which might alleviate your worries

Baldur

david6622 wrote: »

I have around £51,000 in a Lloyds cah Isa and when the current bonus rate comes to an end I would like to put the balance in 2 new best rate cash Isa's to be protected against any bank collapses.
I understand I can only open one cash Isa per year but this would mean to go over the £50,000 protection limit.
Leaving part of the balance in the existing account and open only one additional accounts is not convenient as usually once the bonus perios is over the rate goes down to almost zero.

Any suggestions wolud be very appreciated.

Previous tax year's/years' Cash ISA funds can be partially transferred but current tax year's funds must be transferred whole.

In your scenario, I would choose two new ISA accounts/providers that accept partial ISA transfers and transfer, for example, £45k to one and £6k to the other - or whatever amounts suit you/the minimum deposit required by the new account(s).

Remember that you will need to specify which tranche of funds contains your current tax year's funds.

ISA transfers do not constitute 'opening' an ISA, you are merely transferring existing ISA funds to a different account/provider.

MarkyMarkD

As the FSCS limit is increasing to £85k in less than 3 months, I'd suggest that splitting a £51k balance is more than a bit paranoid. Just leave the money together.

Smudge's_Lot

I apologise straight away as I am sure this has been answered before but 92 pages is a lot to trawl through looking for the right answer!
I thought I was pretty financially astute but ISAs leave me throughly confused!

I have cash ISAs with Barclays for years 2009-10 and also 2010-11.
Previous years have been transferred to Standard Life(which within weeks morphed into Barclays!)

I know that I can transfer the Standard Life and the 2009/10 from Barclays to the Halifax offer of 2.8%.
Can i move the present year ie 2010-11 cash ISA from Barclays to Halifax as well? and then continue paying into the cash ISA when it has moved to Halifax?

Thanks for the replies!