Transfer Cash ISAs Discussion Area

Munro_Bagger

Lokolo_2 wrote: »

The Santander ISA can be opened without making a deposit according to what others have said on this forum, so you can open one now and then deposit once we hit the new tax year. :j

Fab - I'll do it now! Thanks to you and everyone else on the forum - I've finally got it! Hurray!!!!! :rotfl:

wackojackouk

Hi guys

Bit of quick advice please.

I have 2 ISA's at the moment from previous years:

Santander Flexible ISA (will revert to 2.5% for 2011/12)

First Direct ISA (opened last year as a transfer only) - not sure of the rate now.

Was thinking of opening a new 11/12 ISA at Santander/Barclays and then wanted to know if I can transfer BOTH my existing Santander AND my First Direct ISA to perhaps a better paying ISA which accepts transfers (Halifax maybe).

Can I do this or should I open 2 new ISA's for transfer in purposes in addition to a 2011/12 cash one?

Cheers

WJUK

Lokolo_2

wackojackouk wrote: »

Hi guys

Bit of quick advice please.

I have 2 ISA's at the moment from previous years:

Santander Flexible ISA (will revert to 2.5% for 2011/12)

First Direct ISA (opened last year as a transfer only) - not sure of the rate now.

Was thinking of opening a new 11/12 ISA at Santander/Barclays and then wanted to know if I can transfer BOTH my existing Santander AND my First Direct ISA to perhaps a better paying ISA which accepts transfers (Halifax maybe).

Can I do this or should I open 2 new ISA's for transfer in purposes in addition to a 2011/12 cash one?

Cheers

WJUK

Yes, normally you can transfer more than one existing ISA into a new ISA which accepts transfers in, however it will depend from provider to provider so it's best to check the terms and conditions of the ISA you are considering. Halifax AFAIK do accept transfers in from multiple ISA's so you should be fine.

Then on top of this you can open a new ISA for 2011/12 and deposit up to £5340 when we hit the new tax year :j

dn852k4

Please help, I'm a complete novice when it comes to ISAs.

I'm wanting to transfer my funds from my current halifax isa "ISA DIRECT REWARD 2" to their new isa "Halifax ISA Direct Reward" which pays 3%

When I get to the transfer page there's the following message:
"I confirm my instructions to transfer the total balance, including interest, in the above numbered account to a Halifax ISA Direct Reward. If I am closing a fixed rate Halifax ISA Saver I understand that I will lose an amount equal to 180 days' interest, calculated on the rate at which interest is paid on my account"

If all funds are to be transferred from my existing isa would this be considered as 'closing' the account and I would therefore lose 180 days interest?

Am I best to wait until interest has been credited (5th April?) before initiating the transfer.

10_66

dn852k4 wrote: »

...I'm wanting to transfer my funds from my current halifax isa "ISA DIRECT REWARD 2" to their new isa "Halifax ISA Direct Reward" which pays 3%

When I get to the transfer page there's the following message:
"I confirm my instructions to transfer the total balance, including interest, in the above numbered account to a Halifax ISA Direct Reward. If I am closing a fixed rate Halifax ISA Saver I understand that I will lose an amount equal to 180 days' interest, calculated on the rate at which interest is paid on my account"

If all funds are to be transferred from my existing isa would this be considered as 'closing' the account and I would therefore lose 180 days interest?...

If your Halifax Direct Reward 2 isn't a fixed rate ISA, you won't lose interest. From what others have said on THIS thread, if they want to transfer an existing Direct Reward ISA to the new Direct Reward 4, they've had to 'phone Halifax to do so. However, on post #310 of the thread that I gave a link to above, it would appear that you can now initiate the transfer online.



....

savingforaraindyday

Further to Wackojackuk and Lokolo 2 - a warning / or any advice?

Last year I opened a new (higher-interest) ISA with Birmingham Midshires BS (part of HBOS, I believe) and noted in my application form I was transferring in 2 cash ISAs from 2 separate years - Kent Reliance BS and Barclays. The transfer from the 2 banks were received 2 days apart. Birmingham Midshires treated the first transfer as a transfer, but the second, from Barclays, as a new deposit and so reduced the amount I was allowed to add in within the current financial year.

I wonder if this is just a Birmingham Midshires policy, or if other banks/BS pull the same trick. There doesn't seem any way of preventing this, as when the transfers are received into the new account lies entirely in the hands of the banks and their automated processing. Has anyone else experienced this problem? Any advice?

Thanks.

pigeonpie

I get very confused too. Does it matter if I miss the 1 April deadline if I am only transferring an existing cash ISA, not adding any new money?
I was thinking about the Halifax but haven't read the small print on their ISA

rb10

savingforaraindyday wrote: »

Further to Wackojackuk and Lokolo 2 - a warning / or any advice?

Last year I opened a new (higher-interest) ISA with Birmingham Midshires BS (part of HBOS, I believe) and noted in my application form I was transferring in 2 cash ISAs from 2 separate years - Kent Reliance BS and Barclays. The transfer from the 2 banks were received 2 days apart. Birmingham Midshires treated the first transfer as a transfer, but the second, from Barclays, as a new deposit and so reduced the amount I was allowed to add in within the current financial year.

I wonder if this is just a Birmingham Midshires policy, or if other banks/BS pull the same trick. There doesn't seem any way of preventing this, as when the transfers are received into the new account lies entirely in the hands of the banks and their automated processing. Has anyone else experienced this problem? Any advice?

Thanks.

The second transfer does not count towards part of your annual allowance.

You can still pay in up to £5100 on or before 5th April 2011.

pigeonpie wrote: »

I get very confused too. Does it matter if I miss the 1 April deadline if I am only transferring an existing cash ISA, not adding any new money?
I was thinking about the Halifax but haven't read the small print on their ISA

No, you can transfer at any time, and this is not dependent on the start of the new tax year (which is 6th April).

leaphaze

savingforaraindyday wrote: »

Birmingham Midshires treated the first transfer as a transfer, but the second, from Barclays, as a new deposit and so reduced the amount I was allowed to add in within the current financial year.

I think Birmingham Midshires have made a big mistake here. You need to complain and get this sorted out. Let us know what happens.

leaphaze

adonis10 wrote: »

- Person has £2,800 in Halifax ISA at 0.1%, nothing paid in this year so can still deposit £5,100.
- He would like to upgrade it to the isa they offer at 3%. If this is possible, it will stay as it is.
- He also wants to open a 2010/11 isa with barclays and deposit £5,100 for this year. He will then want to put £5,340 into the barclays one after 6th April.

Unfortunate wording but just to claify: this is OK as long as you DONT desposit £5,100 with Halifax.