Transfer Cash ISAs Discussion Area

murphydavid

James_Brandon wrote: »

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.

The normal proceedure (and I think only proceedure) is to get a transfer form or fill in an on-line transfer form (if they have one) from the Coventry Building Society. Give or send it to the Coventry Building Society (You can do it in the branch if its not a soley on line account) but you will need all your old account details + proof of ID + National Insurance Number and they do the rest. At some point you may get asked by WBBS to confirm that you want to transfer to which you need to reply.

James_Brandon

murphydavid wrote: »

The normal proceedure (and I think only proceedure) is to get a transfer form or fill in an on-line transfer form (if they have one) from the Coventry Building Society.

Thanks for the reply. After looking online, the Coventry are offering a rubbish rate of 1.2%. So i think i will open a new Northern Rock (branch) ISA for this year (2.5%) and that accepts transfers in, so move the money from Cov. and BBBS into that :j

leaphaze

Wheely_Wonderful wrote: »

Can you tell me if you can transfer shares ISAs from one provider to another as per cash ISAs?
Do the same rules apply re transferring not cashing them in and taking out another?
Can shares ISAs br transferred to cash ISAs without losing some interest?
Many Thanks

I suggest you repost this question on another thread. This thread is for cash ISAs.

However, I do have a Stocks & Shares ISA and this is my understanding of how they work (I suggest you confirm my ramblings elsewhere).

Firstly, the money in a Stocks & Shares ISA is invested in shares or funds or similar, and these cannot be transferred directly between providers. To transfer, the investments have to sold and the cash value is then transferred to other provider and used to buy investments. Remember that any costs in selling/buying the investiments will reduce the value of your ISA. If you're unhappy about performance or risk, moving to another provider will not change this; changing your investments might.

Secondly, you cannot transfer a Stocks & Shares ISA to a Cash ISA, although some providers will let you transfer a Cash ISA into a Stocks & Shares ISA, the cash being used to buy investments. Cash can be held for a while in a Stocks & Shares ISA, however HMRC rules strickly forbid using this to increase your Cash ISA limit.

AceT

I have over 10k in an existing CASH ISA made up of previous allowances but none used this year. Can I transfer it all to the Halifax Direct ISA Reward as I know there is a cap on new money but not sure if there is a cap on exisiting money ?

Soliton

Yes, you can.

The cap only applies to new money. Just make sure you 'transfer' and don't try and withdraw and open a new account.

robgriz

Soliton wrote: »

Yes, you can.

The cap only applies to new money. Just make sure you 'transfer' and don't try and withdraw and open a new account.

Upon applying for the same account as above, it states "The maximum balance is £5,100 this tax year." Does this mean I can only transfer that amount over, or can I transfer over the full amount from my Nationwide ISA (around £5200)? Apologies for being a bit slow

leaphaze

robgriz wrote: »

Upon applying for the same account as above, it states "The maximum balance is £5,100 this tax year." Does this mean I can only transfer that amount over, or can I transfer over the full amount from my Nationwide ISA (around £5200)? Apologies for being a bit slow

The £5,100 is this tax year's contribution. Since you have £5200 in an existing ISA, some of it must relate to previous tax years. Therefore you can transfer the full amount.

WhiteSpace

robgriz wrote: »

Upon applying for the same account as above, it states "The maximum balance is £5,100 this tax year."

If by "same account" you are referring to the "Halifax Direct ISA Reward", then their website states:

- Unlimited number of deposits of up to £5,100 this tax year
- [...] you can transfer your ISA to us now

NB: A deposit and transfer are two separate things.

Halifax's other accounts ("Fixed Rate ISA Saver" and "Variable Rate ISA Saver") state:

- Maximum balance: Up to £5,100 this tax year, as well as the option to transfer in any previous years cash ISAs that you have with another provider

IMO, "Maximum balance" in this case should read "Maximum deposit" and is an error on the website. If you are able to transfer an ISA from another provider then the balance is more than likely going to be more than £5,100.

raysouthern42

Hi

I need some help in regards to ISA transfers as I'm really confused. I have used my full 2010/2011 allowance and I want to transfer it to a better rate I am planning on transferring when the new tax year opens.

If I transfer my full 2010/2011 allowance into a fixed isa, can I still put money away in my 2011/2012 allowance?

Any help would be appriciated.

Thanks

boobbby

raysouthern42 wrote: »

Hi

I need some help in regards to ISA transfers as I'm really confused. I have used my full 2010/2011 allowance and I want to transfer it to a better rate I am planning on transferring when the new tax year opens.

If I transfer my full 2010/2011 allowance into a fixed isa, can I still put money away in my 2011/2012 allowance?

Any help would be appriciated.

Thanks

You can transfer your 2010/11allowance now or at any other time. You can then add the 2011/12 to it in the new tax year or start another ISA.