Transfer Cash ISAs Discussion Area

LilithsBrother

After discovering Santander's new LOYALTY ISA doesn't actually reward your loyalty (i am unable to tranfer in my Direct ISA i6) i have decided to go with the Halifax ISA...i have the transfer form but i'm stuck on the form....just below the full or part transfer section it has ALSO...Where a period of notice is required for closure/part transfer of the existing cash isa,i give my consent to either:
Serve the full notice period before this instruction can be processed
OR
Proceed imimediately with the transfer and bearing any consequential penalty which may be applied.

I'm not sure which one i should be ticking?...i have paid in the full ammount for this year...i'm guessing one of these choice's is not good?, i also have no idea if Santander insist on a full notice period or not....any help with this would be appreciated,if i transfer now is this a good time or should i wait until the interest from this past year has been put in to the account?,many thanks.

JohnMontgomery

I have an ISA which I opened in June last year as I took too long deciding what to do. I am thinking of when to change it. Should I wait until the year is up and the interest rate is changing or should I do so now in case rates reduce after April. What do people think or is it something which cannot be foreseen?

Lokolo

JohnMontgomery wrote: »

I have an ISA which I opened in June last year as I took too long deciding what to do. I am thinking of when to change it. Should I wait until the year is up and the interest rate is changing or should I do so now in case rates reduce after April. What do people think or is it something which cannot be foreseen?

You can transfer it whenever you want. Just keep an eye on the interest rate, and when it gets low, transfer it to a better one.

Lokolo

LilithsBrother wrote: »

After discovering Santander's new LOYALTY ISA doesn't actually reward your loyalty (i am unable to tranfer in my Direct ISA i6) i have decided to go with the Halifax ISA...i have the transfer form but i'm stuck on the form....just below the full or part transfer section it has ALSO...Where a period of notice is required for closure/part transfer of the existing cash isa,i give my consent to either:
Serve the full notice period before this instruction can be processed
OR
Proceed imimediately with the transfer and bearing any consequential penalty which may be applied.

I'm not sure which one i should be ticking?...i have paid in the full ammount for this year...i'm guessing one of these choice's is not good?, i also have no idea if Santander insist on a full notice period or not....any help with this would be appreciated,if i transfer now is this a good time or should i wait until the interest from this past year has been put in to the account?,many thanks.

The options are for when the money is tied up either due to it being a fixed term product, or a notice account.

If the ISA is instant access, this means you don't have to serve any notice period, so can transfer immediately.

Any interest not yet paid on the account will be paid when transferring.

LilithsBrother

Thank you Lokolo...i'm going to get down to the Halifax this coming weekend.
LilithsBrother

home_alone

leaphaze wrote: »

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.

Shake me if I am wrong but the limit for 2011 cash isa is £5340.

murphydavid

home_alone wrote: »

Shake me if I am wrong but the limit for 2011 cash isa is £5340.

Me too but in ISA terms (this being feb) isn't 2011 next year?

Lokolo

murphydavid wrote: »

Me too but in ISA terms (this being feb) isn't 2011 next year?

Correct. The tax year 2011 starts April 6th

baribil

The recently raised Halifax offer of 3% (+0.2% for Current Acc. customers) is open to those of us who already have one at 2.8% + 0.2%. I have an appointment today to convert an Oct 2010 transfer to the new rate giving me a new full year before the rate drops. This really is loyalty to customers instead of restricting new rate to new transfers from elsewhere.

murphydavid

baribil wrote: »

The recently raised Halifax offer of 3% (+0.2% for Current Acc. customers) is open to those of us who already have one at 2.8% + 0.2%. I have an appointment today to convert an Oct 2010 transfer to the new rate giving me a new full year before the rate drops. This really is loyalty to customers instead of restricting new rate to new transfers from elsewhere.

Sorry to be negative, but I can't see it. Real loyalty is to give it to you without you having to do anything. ie put the rate up for an existing account. What you say amounts to 0.2% (thats £50 on £25,000 for a year (less if you pay tax)) at a cost of putting on an appointment and having to visit them?