Transfer Cash ISAs Discussion Area

Gemacachehomi

I have £24,000 in an ISA with Santander and the bonus ends in November, down to 0.1%, they have offered me a new superflexi ISA which I am very nervous about and after reading some posts on this site I feel justified at being wary.
I would feel ok about some of the capital going in a fixed rate but because there are penalties and waiting times I do not want to put all of the savings in. I think from what I've read I can transfer some 'old' ISA money to an acoount eg Saga fixed 3 year rate of 3.3% and this years ISA to a cash accessible ISA eg Halifax 2.8% Is this thinking correct and do I have to wait until after the date the bonus ends before applying?
Also, your site refers to the Halifax ISA as 'not for Santander customers', does this also apply if my current account is with Halifax and if so, why?
Thank you, in anticipation of your considering my plea and repyling.

Baldur

Smudge's_Lot wrote: »

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?

Yes.

The only restriction relating to current tax year's ISA funds is that they must be transferred whole (i.e. if you have contributed £2,000, you couldn't transfer just £1,000 of it - the whole balance has to be transferred).

Baldur

Gemacachehomi wrote: »

...I think from what I've read I can transfer some 'old' ISA money to an acoount eg Saga fixed 3 year rate of 3.3% and this years ISA to a cash accessible ISA eg Halifax 2.8% Is this thinking correct and do I have to wait until after the date the bonus ends before applying?

Yes, previous tax years' ISA funds can be partially transferred, while the current tax year's funds must be transferred whole - and you can select to transfer those tranches of funds to different providers.

There's no need to wait until the bonus drops off, simply complete your chosen providers' ISA transfer forms, specifying the date (presumably the date when the bonus ceases/day after that date) as the date when you wish the tranfer(s) to take place.

Also, your site refers to the Halifax ISA as 'not for Santander customers', does this also apply if my current account is with Halifax and if so, why?

You seem to be misinterpreting what the main site says. What it actually says is "For non A&L/Santander customers, the highest paying instant access rate is Halifax's* ISA Direct Reward, at 2.8% AER", and purely says that because the Santander Flexible ISA offers 3% for its own customers.

The Halifax ISA Direct Reward offers 3% to its own customers under the following circumstances:

• Pay £1,000 or more into your current account each month OR
• Hold an Ultimate Reward Current Account OR
• Switch your current account to us using our dedicated Switching Service and pay in £1,000 or more each month or open an Ultimate Reward Current Account

Gemacachehomi

Thank you Baldur!!! Gem

dekkard

Hi,

During the ISA transfer process, do banks tell one another how much money has already been paid into a current year cash ISA?

I'm now on my third cash ISA provider for this tax year and, because the ISA contains past and current year money, I can't easily tell how much I've already paid in for this year.

Baldur

dekkard wrote: »

During the ISA transfer process, do banks tell one another how much money has already been paid into a current year cash ISA?

Where current tax year funds are being transferred, the old ISA manager is required to do the following on the paperwork which accompanies any ISA transfer:

a) Indicate that current year subscriptions are being transferred

AND

b) Enter the total amount subscribed to the ISA in the current tax year

harrythehound

I'm planning on transferring my barclays golden ISA (issue 1) to M&S, does anyone have any experience of transferring from barclays? Do you know how long they normally take?

Any information would be gratefully received!

10_66

harrythehound wrote: »

I'm planning on transferring my barclays golden ISA (issue 1) to M&S, does anyone have any experience of transferring from barclays? Do you know how long they normally take?

Any information would be gratefully received!

Have had varying experiences with them on different occasions. Once they messed up big time, and on another occasion it went through ok.

Nessie23

harrythehound wrote: »

I'm planning on transferring my barclays golden ISA (issue 1) to M&S, does anyone have any experience of transferring from barclays? Do you know how long they normally take?

Any information would be gratefully received!

I have transferred out an ISA from Barclays before and I think it took about 3/4 weeks, not fantastic, but not very different from other banks. New rules regarding faster isa transfers are coming in at the end of the year from MSE's news

Providers must also complete transfers between accounts within 15 working days rather than the current 23 working day maximum. This will come into effect from 31 December 2010

http://www.moneysavingexpert.com/news/banking/2010/06/oft-announces-crackdown-on-cash-isa-rates-and-transfers

Personally if you have found a better account I would move the money, what I tend to do is ring the new provider after say two/three weeks and ask how they are getting on with the transfer. If it is being held back by Barclays you can then call barclays and give them a 'friendly' nudge reminding them you would like your ISA transferred.

jamesw1

Baldur wrote: »

Yes.

The only restriction relating to current tax year's ISA funds is that they must be transferred whole (i.e. if you have contributed £2,000, you couldn't transfer just £1,000 of it - the whole balance has to be transferred).

I'm looking to transfer my ISA to Halifax but am confused by the following question asked when applying:

Do you already have a cash ISA with us or any other provider and have funded it in this tax year?

I have funded my ISA this year (which is the same ISA I've had for the past two years), so I say Yes and it says that I cannot apply if I already have created or funded an exisiting ISA this year.

This seems to be the case with a lot of the ISAs I've looked at. Am I missing something? From the quotes above, it seems that this should be allowed?

Thanks