Transfer Cash ISAs Discussion Area

loweshillgraham

To be clear 'Mark' (and cheers for your reply :beer:), it was supposed to be a transfer between two institutions (barclays and Nationwide), an dby insisted, i mean they requested they she walk across the street, take the money out and open the ISA.
We had already clarified over the phone that they would take transfers before doing so.
So back to what has been 'lost' as a result of this. About 9k was transferred/moved an I need to know what sort of loss may have happened before i go back to them.

simplykdc

Hi all,

My current ISA bonus rate has come to an end and I need to move all my funds to another provider.
The problem I'm having is that all of the best rate providers (and even some of the lower rate providers) say that I cannot transfer my ISA to them if I have subscribed to my existing ISA in this tax year.

The problem is that nearly all of the providers require you to open the new account with a minimum deposit of £1, which effectively means that I would be paying in to more than one cash ISA in a single tax year - not allowed I know.

In previous years I have simply opened a new ISA using the transfer as the initial deposit.

Can anyone help? Does anyone know of a provider that doesn't require a minimum initial deposit at account set-up?

Any help would be very much welcome - I'm feel stuck with my current v-poor rate of about 0.25% until April.

WhiteSpace

simplykdc wrote: »

... I cannot transfer my ISA to them if I have subscribed to my existing ISA in this tax year. ...

I've not checked this out, but... this would be silly (IMO) as it would exclude pretty much everyone - especially this late in the tax year!? I would have thought that you can either transfer your existing ISA or you can't? (Or they don't want any new accounts?!) Often the best rate ISAs are only available to new accounts and don't allow transfers in - stingy banks!

simplykdc wrote: »

... nearly all of the providers require you to open the new account with a minimum deposit of £1, which effectively means that I would be paying in to more than one cash ISA in a single tax year - not allowed I know.

This is often simply a fault of the transfer request form (which is surprisingly common it seems!?). If you are transferring an existing ISA, then you shouldn't have to make a deposit as well. When I signed up with NatWest ages ago, I had to specify £1 just to be able to proceed with the online form - but no deposit was actually made. I would check this with the bank however.

simplykdc

Thanks whitespace.
I contacted Halifax, Bank of Scotland and Principality (the 3 top rate suppliers). Principality were the only one that have set-up their application system to allow account set-up using the transfer as the initial deopsit, so my question is now resolved :j

It seems that some banks don't want our money!

rb10

simplykdc wrote: »

Thanks whitespace.
I contacted Halifax, Bank of Scotland and Principality (the 3 top rate suppliers). Principality were the only one that have set-up their application system to allow account set-up using the transfer as the initial deopsit, so my question is now resolved :j

It seems that some banks don't want our money!

Nope, with Halifax and Bank of Scotland you can open the account with a zero balance.

For Halifax/BOS:

As long as the transfer is completed within 60 days, they'll hold the rate for you.

With fixed rate ISAs, you'll get the highest out of the rate on the date that you applied and the rate on the day when your transfer arrives.

They will always pay you interest from the day they receive your ISA transfer form.

simplykdc

rb10: Seems to be a case of Halifax / BoS call centre staff not knowing their own products as that is what they told me.
No bother in the end as Principality pay the same 2.8% rate anyway.

rb10

simplykdc wrote: »

rb10: Seems to be a case of Halifax / BoS call centre staff not knowing their own products as that is what they told me.

True - they were wrong.

simplykdc wrote: »

No bother in the end as Principality pay the same 2.8% rate anyway.

Only that you miss out on the extra 0.2% (if you have/open a Halifax current account). And you also lose interest being paid while the transfer is going through as Principality don't pay interest until they receive the funds.

satsu

rb10 wrote: »

True - they were wrong.

There is a question on the Halifax application page covering this:
"Do you already have a cash ISA with us or any other provider and have funded it in this tax year?"

Answering yes to this question prevents me from proceeding with a message of "You cannot apply if you already have created or funded an exisiting ISA this year"

I'd like to take advantage of the Halifax promise but don't see how I can do this. Any suggestions or shall I just go with Principality?

Thanks

rb10

satsu wrote: »

There is a question on the Halifax application page covering this:
"Do you already have a cash ISA with us or any other provider and have funded it in this tax year?"

Answering yes to this question prevents me from proceeding with a message of "You cannot apply if you already have created or funded an exisiting ISA this year"

I'd like to take advantage of the Halifax promise but don't see how I can do this. Any suggestions or shall I just go with Principality?

Thanks

You can answer 'No' to the online application. Since you will not be funding the Halifax ISA with new money this tax year, this question is irrelevant so there is no problem with putting No.

But if you don't feel happy doing this just on the say-so of what a random person on an internet forum has said, then give them a ring and they'll open it over the phone. Or go to a branch.

James_Brandon

How do i transfer a cash ISA from WBBS (WestBrom BS) to Coventry Building Society? Cov. has a branch in my town, but BBBS has closed their branch and non near by.