Transfer Cash ISAs Discussion Area

Marksy

When would be the best time to transfer to a new provider?

I'm on yearly interest with a Birmingham Midshires ISA - which at the moment is 2.70%. Despite the nominal difference in interest, if I wanted to go to an account offering 3% (assuming no new deals would come out in the new tax year) is it better to wait until the 6th of April to do this (again, assuming that I'll recieve the interest on the time I had it in there, if I took it out earlier), or say do it now? I know roughly a months interest at 0.3% is a small amount but it's still a night/meal out!

Thanks.

spikyone

I have an ISA with A&L which they have just paid the interest on so I am guessing my rate has finished

Check when you opened the account - the fact they've paid the interest doesn't mean the rate has dropped yet, it was a standard interest payment date for everyone who took out that account. The rate applied for one year from when you opened it.

p00

I opened a santandar ISA a few months ago on the 14 months at 3% offer. What is the best thing to do this April as I have some money to fill a new ISA somewhere else but then wont be able to transfer in later will I?

xxp00

rb10

Marksy wrote: »

When would be the best time to transfer to a new provider?

I'm on yearly interest with a Birmingham Midshires ISA - which at the moment is 2.70%. Despite the nominal difference in interest, if I wanted to go to an account offering 3% (assuming no new deals would come out in the new tax year) is it better to wait until the 6th of April to do this (again, assuming that I'll recieve the interest on the time I had it in there, if I took it out earlier), or say do it now? I know roughly a months interest at 0.3% is a small amount but it's still a night/meal out!

Thanks.

Transfer at any time.

Unless the T&Cs of the account that you hold with BM specifically state otherwise, you'll be paid interest on closure, up until the closure date. So you don't lose out anything by transferring now.

In your situation, I'd start the transfer straight away. The sooner you can get the transfer started, the sooner you'll be earning 3% or 3.2% rather than 2.7%.

p00 wrote: »

I opened a santandar ISA a few months ago on the 14 months at 3% offer. What is the best thing to do this April as I have some money to fill a new ISA somewhere else but then wont be able to transfer in later will I?

xxp00

Assuming that there are no penalties/restrictions on withdrawing from/adding to your Santander ISA, then your options are:
(i) Add (up to) £5340 into the Santander ISA, and get 3% on your entire ISA balance; or
(ii) Open a new ISA (see here for the best) and pay your £5340 into here, leaving the existing account as it is; or
(iii) Open a new ISA that accepts transfers in (see here), pay your £5340 allowance into this one, and transfer the existing Santander ISA to it as well.

boobbby

p00 wrote: »

I opened a santandar ISA a few months ago on the 14 months at 3% offer. What is the best thing to do this April as I have some money to fill a new ISA somewhere else but then wont be able to transfer in later will I?

xxp00

You can always transfer an ISA if the new provider allows transfers. The difference between older ISA's is that you only need to make a partial transfer. With the present tax years ISA you will need transfer all the money in the ISA to the new provider although you can normally add to it up to the present ISA allowance. Where you have to be careful is that there may be a penalty and loss of interest if you transfer a fixed rate ISA before it completes the term agreed when you took it out.
RB10 explanation and links above message is a better explanation than mine. In fact I just decided to transfer to the nationwide eISA but had to open a flexi account first which took about 10 minutes.

Marksy

rb10 wrote: »

Transfer at any time.

Unless the T&Cs of the account that you hold with BM specifically state otherwise, you'll be paid interest on closure, up until the closure date. So you don't lose out anything by transferring now.

In your situation, I'd start the transfer straight away. The sooner you can get the transfer started, the sooner you'll be earning 3% or 3.2% rather than 2.7%.
.

Thank you for your reply.. that's what I'm thinking too.. although tempted to hold off to see what they'll come up with come the new year/end of this one!

Nessie23

Marksy wrote: »

Thank you for your reply.. that's what I'm thinking too.. although tempted to hold off to see what they'll come up with come the new year/end of this one!

Just remember that many of the best rates will get pulled by the end of the tax year, so don't leave it too long or you might miss out.
Plus if you do go for instant access you can always switch if something better comes along.

**woody123**

Hi,

I have just a couple of questions about the transfer of my Cheltenham & Gloucester Isa to Halifax.

When you complete the transfer form are you asked for an amount you wish to transfer in the process? I would only be able to give an approx figure if you were. When i transferred before a member of staff in the branch filled the form out for me.

I have paid up fully into my 2010/11 allowance. Can i pay my £5340 into Halifax in July?- i know there is a time limit on some.

Lokolo_2

**woody123** wrote: »

Hi,

I have just a couple of questions about the transfer of my Cheltenham & Gloucester Isa to Halifax.

When you complete the transfer form are you asked for an amount you wish to transfer in the process? I would only be able to give an approx figure if you were. When i transferred before a member of staff in the branch filled the form out for me.

I have paid up fully into my 2010/11 allowance. Can i pay my £5340 into Halifax in July?- i know there is a time limit on some.

Someone feel free to correct me on this, but I believe you can just write in the box "full amount" or something along that line as it is difficult to make a guess as you wouldn't want to leave just a few pounds behind!

As for the Halifax ISA, yes I believe there aren't any restrictions on deposits into it so you should be able to do that, just that the rate may change by then and/or it might be withdrawn from the market!

**woody123**

Thanks for the reply. I was hoping for the "full amount" option.. I never knew the exact amount to transfer last time and i just told the member of staff a rough amount.