Transfer Cash ISAs Discussion Area

Baldur

melviamoney wrote: »

My elderly mother has some Nationwide cash ISA's which have a really low rate (.25%) and I would like to help her transfer them, but she really doesn't want the hassle of transferring every year. She doesn't want to tie her money long-term in case she needs it. Any suggestions for a sensible interest rate which doesn't involve switching at the end of each year please? She doesn't use the internet so branch/phone-based would be best.

Moneyfacts used to publish a list of the most consistent Cash ISAs over an 18 month & 36 month period but a quick search of their site hasn't revealed a recent list.

Virtually all of the Cash ISAs offering reasonable rates are due to a first year bonus, with the providers relying on customer inertia to reduce the amount of interest that they will have to pay out in subsequent years.

The Halifax ISA Direct Reward is a possibility as, at the moment anyway, it permits holders to redesignate their current ISA accounts to the latest version offering a better rate. You still need to keep an eye on the rate at least annually though, in order to take advantage of this option

melviamoney

Thanks very much - v. helpful.

awilliams

Nationwide e-ISA is one of those that give a bonus interest rate in the first year or so, then revert to base rate!
I opened one last year as the rate 2.75% was good, transferring several old ones in from other providers, so consolidating all my tessa/isa accts. The rate was due to drop this month, and I thought I'd have to transfer out to get a better rate - which is a hassle and seems to take weeks.
But I found it really easy to just open a new e-isa account for this tax year, and was able to close the old e-isa, transferring the balance to the new one all online - onto a higher rate than it had been! It only took a few minutes, and the new acct was available online in 3 days. I didn't even have to add any new money to do it, although I will be. It's a good rate 3.1%, and lasts till August 2012, when I hope to repeat the process as it was so little hassle.

boobbby

melviamoney wrote: »

My elderly mother has some Nationwide cash ISA's which have a really low rate (.25%) and I would like to help her transfer them, but she really doesn't want the hassle of transferring every year. She doesn't want to tie her money long-term in case she needs it. Any suggestions for a sensible interest rate which doesn't involve switching at the end of each year please? She doesn't use the internet so branch/phone-based would be best. Thanks

If your mother trusts you, why not get power or attorney on her behalf. That way you could make sure she gets the best rates and even stay with Nationwide as suggested by awillims in the previous post

DB75_2

I have two experiences with Nationwide,

1) With my wife who had £40k to lock away and was able to get 3.75 fixed for 18 months two weeks ago. Transfers in handled fine.
2) For me I took out the same 18 month fixed rate deal but it was reduced on 12/5/2011 to 3.40-3.65% I know because I was in the branch yesterday opening the my account!!! Timing.
Hope this helps. Note this site has the old rate advertised, I sent a message last night to the administrator for the update to be done.

I know that personal circumstances need to be evaluated before locking in to such a deal but it was right for us.

aeromint

Hi,

This morning, my hubby received a letter from Cheshire dated March 2011!
The letter was to notify him that his fixed rate isa had matured on the 26/04/11! He had already received the maturity certificate! The good news is that they are now paying 3.20%, where as a few months ago, they were only paying 3%.

I also have a cash ISA with Cheshire, and I felt that they gave me very little notice from the time, I received their letter re: maturity to the date they required the Cash ISA Maturity Instructions form from me, if I had decided to withdraw/close etc.

Luckily, I did not have to transfer our ISA's, as Cheshire BS offered a good rate this year, and accepted transfers from previous years.

I have a bond with another BS, and they gave me at least a month's notice that it was going to mature,.... why can't Cheshire do this?

In the future, I plan to keep a note of the date when the Cheshire BS Isa matures.

Baldur

aeromint wrote: »

In the future, I plan to keep a note of the date when the Cheshire BS Isa matures.

Always a good plan with any ISA provider, not just Cheshire.

richii

I've applied to transfer my previous ISA's to Halifax ISA Direct Reward 4.

Question: Must I also place this years (2011/2012) cash ISA allowance with them?

The reason I ask, is that in the application form it reads:

"I apply to subscribe to a cash ISA Saver for the year 2011/2012 and each subsequent tax year until further notice. This does not commit you to funding your Halifax ISA in future tax years. If you do not fund your Halifax ISA in future years you can with another provider without notifying us"

I presume that if I don't go ahead and give them anything for the 2011/2012 tax year, I am OK to open an ISA with another provider?

Richard.

rb10

richii wrote: »

I've applied to transfer my previous ISA's to Halifax ISA Direct Reward 4.

Question: Must I also place this years (2011/2012) cash ISA allowance with them?

The reason I ask, is that in the application form it reads:

"I apply to subscribe to a cash ISA Saver for the year 2011/2012 and each subsequent tax year until further notice. This does not commit you to funding your Halifax ISA in future tax years. If you do not fund your Halifax ISA in future years you can with another provider without notifying us"

I presume that if I don't go ahead and give them anything for the 2011/2012 tax year, I am OK to open an ISA with another provider?

Richard.

That is correct.

It is a standard declaration that all ISA providers must use. It allows you to place your 2011/12 allowance with them if you wish, but it is fine to open the account with a zero balance, and just transfer in any previous ISA(s) that you have.

rowena01

My husband has just spent a very frutrating 1 1/2 hrs speaking to Nationwides ISA department.
Mid March he applied a the nearest branch to transfer his Santander ISA to Nationwide. Subsequently he received a letter from their head office asking for more ID. He sent it immediately and on 30th March received it back and saying his application was proceeding and they had everything they needed. The lettter by the way did not give him a reference to quote
He rang again at the end of April and was told it was going through OK.
Then we get to today. He gave them all the above info, went through a security check and the NW left him on hold. Eventually they came back to him asked for the exact amount of transfer. He gave them the amount as at mid march and said it would be slightly different because there would be some additional interest when the account was finally closed. The response was" sorry, you have failed the security check. I can't speak to you anymore because of security."
This went on as I said for 1 1/2 hours and all they could say was you'll have to go back to the local branch and go through the security again. My husband pointed out that he had a letter from the head office ISA dept confirming recept of the correct ID etc and that the local branch would just tell him to get back to head office.
No joy whatsoever, so husband is now driving 15 mile to the local branch expecting to be told it's nothing to do with them.
Has anyone any advice please as how we can proceed if this is what happens?