Transfer Cash ISAs Discussion Area

Nessie23

ericpode wrote: »

The Halifax ISA looks my best option as I will be able to get the 3% rate. I know it accepts transfers-in, but do they also require that you subscribe for the current year - that is, pay in new money for the current year as well as the the transfered money ?

I know that some ISA providers have this in their terms which prevents you from opening an ISA to take transferred money only.

Hi,
You can transfer in previous years' ISAs without subscribing to a current year ISA with Halifax.

For speed of transferring your ISA I would recommend doing the transfer at one of their branches, service tends to be more efficient and knowledgeable than over the phone.

Nessie

english_bass

I set up a 3% Halifax ISA yesterday along with their reward account. Am trading in my ISAs from the previous two tax years today. Signed up in the branch with no problems

mikeglad

english_bass wrote: »

I set up a 3% Halifax ISA yesterday along with their reward account. Am trading in my ISAs from the previous two tax years today. Signed up in the branch with no problems

Guys can you help me with a query (sorry if this has been answered before) - I have the 2.6% issue of the Halifax Direct Reward ISA which I opened before the end of the tax year in April 2010. I now have a Reward Current Account so wondering whether I should transfer to the 3% issue now or wait. Transferring now would increase my interest rate by 0.4% but I'm not sure what would happen to the interest on the savings I have currently.
Should I transfer now or wait until the anniversary of the account?
Any advice would be gratefully received.
Thanks MG

10_66

mikeglad wrote: »

...Should I transfer now or wait until the anniversary of the account?
Any advice would be gratefully received.
Thanks MG

If it means opening a new ISA into which the previous ISA is transferred, any intererst already earned will be transferred to the new ISA.

rb10

mikeglad wrote: »

Should I transfer now or wait until the anniversary of the account?
Any advice would be gratefully received.
Thanks MG

Definitely transfer now.

All the interest earnt but not paid will be paid on your next interest payment date (so they'll pay the interest up to today at 2.6% and from today onwards at 3%).

Easiest way to transfer is to call them. It'll take about 5 minutes.

purplestar133

I'm thinking of transferring to the Northern Rock 1 year FRISA when my current FRISA matures, later this month. Just had a quick glance at the summary box and it says on maturity the FRISA will change to a 30 day cash isa at a variable rate. I can't see a 30 day cash ISA on offer on their website at the moment. Does anyone know if this is an account that requires notice to be given? The '30 day' part of it's name does suggest it...

Does anyone have any experience of transferring out of Northern Rock after a FRISA has matured? Are you usually required to give notice?

Zeusiblue

Hi just after some advice rearding isas please. I have an isa with first direct which will mature in april 2011. In previous years , when my isa has matured, i have taken the money and interset out and reopened another isa for the next tax year with whoever offers the best rate.Reading more into this thread i wonder if i have been going about things the wrong way.
Should i have left the money in an isa and not taken it out? just transfering it to another isa? if i tranfer 2010 isa into another isa can i also open up another isa with the same company or can i add to it for the next tax year 2011 ?
It's all very confusing and i would be glad of any advice. Thank you

boobbby

purplestar133 wrote: »

I'm thinking of transferring to the Northern Rock 1 year FRISA when my current FRISA matures, later this month. Just had a quick glance at the summary box and it says on maturity the FRISA will change to a 30 day cash isa at a variable rate. I can't see a 30 day cash ISA on offer on their website at the moment. Does anyone know if this is an account that requires notice to be given? The '30 day' part of it's name does suggest it...

Does anyone have any experience of transferring out of Northern Rock after a FRISA has matured? Are you usually required to give notice?

Mine matured on the 15 December ...about 3 weeks before this date I had a letter from Northern Rock with loads of options. I could have been paid the money on maturity. Transfered to another provider or taken out one of their new offers (This is the option I selected as it was for 3.05% and was only for 1 year) I could have also done nothing and it would have been converted to a 30 day cash ISA although during the first 30 days only I could transfer or withdraw the cash without notice. After the first 30 days you need to give 30 day notice or suffer a penalty. Hope that helps !

boobbby

Zeusiblue wrote: »

Hi just after some advice rearding isas please. I have an isa with first direct which will mature in april 2011. In previous years , when my isa has matured, i have taken the money and interset out and reopened another isa for the next tax year with whoever offers the best rate.Reading more into this thread i wonder if i have been going about things the wrong way.
Should i have left the money in an isa and not taken it out? just transfering it to another isa? if i tranfer 2010 isa into another isa can i also open up another isa with the same company or can i add to it for the next tax year 2011 ?
It's all very confusing and i would be glad of any advice. Thank you

You are correct when you say you should only transfer at the ISA's maturity so you have both the capital and interest in a tax free fund. You could transfer to another ISA with your present provider or to another provider you can also normally add another years allowance from the 6th April each year to this new ISA or start another ISA. Never take the money out unless you really need it !!

Zeusiblue

So if i had an isa every year does that mean at the end of each tax year i need to find a home for everyone of the isas? Or could i transfer them all into one isa? Would i need to transfer the isa before the 5 April so i can start a new one on the 6th?