Transfer Cash ISAs Discussion Area

hostertlady

I do have an ISA ( just one) it is with santander and all i ever seem to do is keep the money with them- i just go in and change it from one issue to another issue.. i could be losing out on a fair bit of interest because of my misunderstanding of how to do things..

i cant put the full allowance in every year as we have other stuff to pay for but i like to throw some money in when i have some spare,,

at the moment the issue number is 6, how do i find out the rates fir this one now as it was about 3% when i did it last year ( if i remember correctly)

thank you

Lokolo_2

hostertlady wrote: »

I do have an ISA ( just one) it is with santander and all i ever seem to do is keep the money with them- i just go in and change it from one issue to another issue.. i could be losing out on a fair bit of interest because of my misunderstanding of how to do things..

i cant put the full allowance in every year as we have other stuff to pay for but i like to throw some money in when i have some spare,,

at the moment the issue number is 6, how do i find out the rates fir this one now as it was about 3% when i did it last year ( if i remember correctly)

thank you

It sounds to me as if you are withdrawing the money from your cash ISA every year and putting it into another issue, as most of the Santander ones don't accept transfers in. Since you say you can never deposit the full allowance, I can see why you might not bother transfering your ISA, as the ISA's which do accept transfers in often have lower rates than those for "new" money!

However, when your money grows and you eventually have more than the ISA allowance, it will be worth transfering your ISA to another provider as this does NOT count towards your annual ISA allowance, then you can also contribute further further new money (hope this makes sense!)

To find out the interest rate on your current ISA, you'd be best off giving Santander a call unless someone else on here can remember what the rate was.

Lokolo

hostertlady wrote: »

I do have an ISA ( just one) it is with santander and all i ever seem to do is keep the money with them- i just go in and change it from one issue to another issue.. i could be losing out on a fair bit of interest because of my misunderstanding of how to do things..

i cant put the full allowance in every year as we have other stuff to pay for but i like to throw some money in when i have some spare,,

at the moment the issue number is 6, how do i find out the rates fir this one now as it was about 3% when i did it last year ( if i remember correctly)

thank you

http://www.santander.co.uk/csgs/StaticBS?blobcol=urldata&blobheader=application%2Fpdf&blobkey=id&blobtable=MungoBlobs&blobwhere=1223411537602&cachecontrol=immediate&ssbinary=true&maxage=3600

As of 2nd March.

Depending on on amount:

£14k+ - 2.75% - 2.5%
£9k+ - 2.75% - 0.5%
£1+ - 2% - 0.5%

The first rate is the bonus rate applied to the first 12 months. Second rate after 12 months.

hostertlady

Lokolo_2 wrote: »

It sounds to me as if you are withdrawing the money from your cash ISA every year and putting it into another issue, as most of the Santander ones don't accept transfers in. Since you say you can never deposit the full allowance, I can see why you might not bother transfering your ISA, as the ISA's which do accept transfers in often have lower rates than those for "new" money!

However, when your money grows and you eventually have more than the ISA allowance, it will be worth transfering your ISA to another provider as this does NOT count towards your annual ISA allowance, then you can also contribute further further new money (hope this makes sense!)

To find out the interest rate on your current ISA, you'd be best off giving Santander a call unless someone else on here can remember what the rate was.

i dont think i am 'withdrawing' it as such i just go into the branch and ask them to transfer it over... i hope i am not getting penalised for transferring it....
so just say i can have some spare cash.. i just put it into my existing ISA..... do the people that open all these new accounts have their full allowance to save each year and can only puy so much into one ISA and that is why they open another?
someone on here( i think) said they open two ISA's a year... blimey that's a lot of accounts..

hostertlady

Lokolo wrote: »

http://www.santander.co.uk/csgs/StaticBS?blobcol=urldata&blobheader=application%2Fpdf&blobkey=id&blobtable=MungoBlobs&blobwhere=1223411537602&cachecontrol=immediate&ssbinary=true&maxage=3600

As of 2nd March.

Depending on on amount:



The first rate is the bonus rate applied to the first 12 months. Second rate after 12 months.

i am in the middle section....

Lokolo_2

hostertlady wrote: »

i dont think i am 'withdrawing' it as such i just go into the branch and ask them to transfer it over... i hope i am not getting penalised for transferring it....
so just say i can have some spare cash.. i just put it into my existing ISA..... do the people that open all these new accounts have their full allowance to save each year and can only puy so much into one ISA and that is why they open another?
someone on here( i think) said they open two ISA's a year... blimey that's a lot of accounts..

Well you can open as many ISA's as you like in the tax year, it's "funding" them which matters in relation to ISA rules, you can only "fund" ONE cash ISA per tax year with "new money" - IE Transfers don't count.

You can also open a Stocks and Shares ISA alongside a Cash ISA and contribute up to £10200 (£5100 max in Cash ISA) this tax year, so yes you can theoretically fund two ISA's in a tax year.

With regards to transfering, I wasn't aware that Santander did internal transfers into their ISA's which don't seem to accept any form of transfers in anymore, they may have done in the past but I don't think the current Issue does at all.

Party_Animal

Some very useful info. I've been weighing up various options for 2011/2012, and the best one for me appears to be Halifax, unless anyone can recommend a better one. I want to transfer the last 3 years ISAs from 3 different societies, then pay in a regular amount each month for the next 12 months. I don't need access to it, but don't want to tie it up for more than 12 months, given the current work situation. Can anyone advise?
Thanks

Lokolo_2

Party_Animal wrote: »

Some very useful info. I've been weighing up various options for 2011/2012, and the best one for me appears to be Halifax, unless anyone can recommend a better one. I want to transfer the last 3 years ISAs from 3 different societies, then pay in a regular amount each month for the next 12 months. I don't need access to it, but don't want to tie it up for more than 12 months, given the current work situation. Can anyone advise?
Thanks

Yep that sounds very reasonable, Halifax do offer the best rate (3% for new or 3.2% for existing customers) for an instant access Cash ISA which accepts transfers in, bar the Nationwide 3.1% (you need to be a Nationwide Card customer to be eligible)

Most fixed rate ISA's won't let you deposit more once you've put down your initial deposit, so the Halifax one sounds like the best option for you :j

scott_w_2

i have £4500 in a santander isa,the rate is going to drop to 0.5%,why can i not physically remove the money,and open a new one at there 3.3% ?

boobbby

I just transfered from Lloyds to the Nationwide and the transfer happened in less than one week. Yes you do first need to open a flex card account although you dont need to fund it. You would need it to withdraw money from the ISA or want to add to their e ISA but would not need to use it to make a transfer. You dont need a card account if you go for their 3.55%/3.75% 18 month FR ISA but you cant add to it so it is important that you transfer all your old ISA's in one go when you apply and you dont need to withdraw any money during the FR term.