Transfer Cash ISAs Discussion Area

brick

Hi.

I had been intending to TRANSFER a poorly performing Nationwide cash ISA product dating from 07/08 into Nationwide's better perfroming e-ISA product. However, Nationwide have said this is NOT possible given that I have already subscribed 10/11 funds to a 10/11 ISA with another provider.

Is that really the way things are? - clearly understand that I would NOT have been putting any new 10/11 cash into the proposed 10/11 Nationwide e-ISA, just a transfer (and an internal transfer at that, if internal is even considered a transfer).

And are Nationwide in effect locking me in to their badly performing 07/08 product if I wish to keep the cash with them - at least until next tax year.

It is worth mentioning that the advice seems to vary (substantially) depending on what Nationwide agent I speak, and indeed write, to. Indeed I have seemingly contradictory advice in writing.

Thank you.

Lokolo_2

brick wrote: »

Hi.

I had been intending to TRANSFER a poorly performing Nationwide cash ISA product dating from 07/08 into Nationwide's better perfroming e-ISA product. However, Nationwide have said this is NOT possible given that I have already subscribed 10/11 funds to a 10/11 ISA with another provider.

Is that really the way things are? - clearly understand that I would NOT have been putting any new 10/11 cash into the proposed 10/11 Nationwide e-ISA, just a transfer (and an internal transfer at that, if internal is even considered a transfer).

And are Nationwide in effect locking me in to their badly performing 07/08 product if I wish to keep the cash with them - at least until next tax year.

It is worth mentioning that the advice seems to vary (substantially) depending on what Nationwide agent I speak, and indeed write, to. Indeed I have seemingly contradictory advice in writing.

Thank you.

Hmm well I've just looked at the Nationwide website and their 3.1% ISA DOES accept transfers in, so you should be able to move your 07/08 ISA to this one.

ISA transfers do NOT count towards your annual ISA allowance, so you can transfer as many times as you like to take advantage of better rates. If Nationwide still refuse to accept a transfer, why not have a look at Halifax's offering of a 3% ISA which accepts transfers in? :j

brick

Lokolo_2 wrote: »

Hmm well I've just looked at the Nationwide website and their 3.1% ISA DOES accept transfers in, so you should be able to move your 07/08 ISA to this one.

Yes, agree, it does suggest that.

ISA transfers do NOT count towards your annual ISA allowance, so you can transfer as many times as you like to take advantage of better rates.

That's exactly what I thought. Suspect I am experiencing (very?) poorly trained Nationwide agents, else something really quirky about Nationwide's own rules - nothing to do with HMRC.

If Nationwide still refuse to accept a transfer, why not have a look at Halifax's offering of a 3% ISA which accepts transfers in?

That's what will likely happen if Nationwide don't want to keep my cash - but it would be simpler for me to stay with them, so I'll try one more time to get a consistent answer from them. Thanks.

morello_2

Hi there
A little confused- would be great if someone could let me know what's what!

I have a cash ISA with Barclays ( Golden ISA Issue 2) which I opened March 2010 with £3,600.

I would like to top up this years ISA and open a new one in the Halifax (where all my other accounts are and is offering a good rate).

Do I top up the ISA with Barclays first and then arrange transfer after 5 th April to ensure that I get interest from Barclays, or could I tranfer it now to the Halifax and get their rate of interest?

As for opening the new ISA with the Halifax - can I do this now, or do I have to wait until After 5th April.

Thanks ever so- think I have got myself muddled!

boobbby

morello wrote: »

Hi there
A little confused- would be great if someone could let me know what's what!

I have a cash ISA with Barclays ( Golden ISA Issue 2) which I opened March 2010 with £3,600.

I would like to top up this years ISA and open a new one in the Halifax (where all my other accounts are and is offering a good rate).

Do I top up the ISA with Barclays first and then arrange transfer after 5 th April to ensure that I get interest from Barclays, or could I tranfer it now to the Halifax and get their rate of interest?

As for opening the new ISA with the Halifax - can I do this now, or do I have to wait until After 5th April.

Thanks ever so- think I have got myself muddled!

Take it step by step...with regards the ISA you opened in March 2010 You can add this years allowance up to 5th April 2011 or open a new ISA with any provider before the 6th April 2011, then if the new ISA allows from a new provider you can transfer your old ISA into it at anytime. From the 6th April you should also be able to add the 2011/12 allowance.

bill86

Hi, I'm a bit confused!

I currently have approx £11,500 in one Santander ISA (the whole of 2010-2011 allowance + 'old' money I transferred in).

I can't find any of the top rates that will allow me to transfer in my 'old' money, so I'm thinking the best thing to do is to open the Santander flexible ISA issue 3 (3.3%) for my 2011-2012 new money and also open a second ISA which will allow me to transfer my old money. At the moment, the best one seems to be the HBOS ISA Direct Reward Issue 4 (3%), but it says the minimum deposit is £1.

Does the minimum deposit include my 'old' money or would I need to make a £1 deposit of new money?

murphydavid

morello wrote: »

Hi there
A little confused- would be great if someone could let me know what's what!

I have a cash ISA with Barclays ( Golden ISA Issue 2) which I opened March 2010 with £3,600.

I would like to top up this years ISA and open a new one in the Halifax (where all my other accounts are and is offering a good rate).

Do I top up the ISA with Barclays first and then arrange transfer after 5 th April to ensure that I get interest from Barclays, or could I tranfer it now to the Halifax and get their rate of interest?

As for opening the new ISA with the Halifax - can I do this now, or do I have to wait until After 5th April.

Thanks ever so- think I have got myself muddled!

The payment in March 2010 is out of 2009/2010 allowance we are now in 2010/2011
As it is now so close to the 5th april it may be difficult to predict if you open a new account weather it would be open before 5th april or not. So if it was me I would like to use my 2010/2011 allowance and to be sure of that I would add to (not top up as such) your Barclays ISA with £5100 before the 5th thats 2010/2011 allowance.
Then deal with 2011/2012's allowance after 5th april and do the transfer from Barclays once I was sure my allownce for this year has been banked.

morello_2

Thank you David for such a clear reply, really helps me.

nakiwala123

boobbby wrote: »

Absolutely right !!

Im a bit slow but this just explained ISAs really well. Many thanks!:)

Lokolo_2

bill86 wrote: »

Hi, I'm a bit confused!

I currently have approx £11,500 in one Santander ISA (the whole of 2010-2011 allowance + 'old' money I transferred in).

I can't find any of the top rates that will allow me to transfer in my 'old' money, so I'm thinking the best thing to do is to open the Santander flexible ISA issue 3 (3.3%) for my 2011-2012 new money and also open a second ISA which will allow me to transfer my old money. At the moment, the best one seems to be the HBOS ISA Direct Reward Issue 4 (3%), but it says the minimum deposit is £1.

Does the minimum deposit include my 'old' money or would I need to make a £1 deposit of new money?

You can transfer your existing Santander ISA to Halifax, the transfer will count towards the £1+ deposit requirements so you do NOT need to add new money to that ISA.

It certainly is a good idea to open a new ISA next tax year with Santander's 3.3% or Barclays 3.25% as you will then earn more interest overall than if you put it all into Halifax's 3% ISA.