Transfer Cash ISAs Discussion Area

Crabman

funkyhitman wrote: »

Thanks very much for the help. Yes that is the form i'm filling in. I have not received any postal correspondance from A&L yet so is the postal form you received different from online form? The A&L help pages say that the form should be sent to them, which is why I found it strange you sent your form to NS&I!

The form I filled in was sent by A&L with my account welcome details and was different to the PDF in my previous post.

If you've not yet received anything from A&L, do you know what your A&L ISA account number is? You'll need to know that before sending the transfer form off.

funkyhitman

Crabman wrote: »

The form I filled in was sent by A&L with my account welcome details and was different to the PDF in my previous post.

If you've not yet received anything from A&L, do you know what your A&L ISA account number is? You'll need to know that before sending the transfer form off.

Ah in that case I think I might wait for the welcome details. Thanks.

Yes my account number was sent to me in an email and the account is up and running on my A&L internet banking account so I have been able to subscribe this years allowance.

winebox

Crabman wrote: »

Hi winebox, welcome to MSE

You can open as many ISAs as you like. The limit of one per year only kicks in when you put new money in (subscribe) to an ISA. Transferring existing ISAs has no effect on your current allowance.

As you're looking to transfer old ISAs into the A&L Direct ISA, you'll need to open the account, then send the transfer form(s) off to previous provider(s).

I did the same recently and it looks like A&L either backdated interest to the date of transfer or were exceptionally efficient in processing the transfer documents on the day following closure of my old ISA.

Thanks & I have opened the A&L ISA online. HOWEVER!! Lloyds TSB (never my favourite) beg to differ; I went to them first as their rate is higher & is fixed, I noticed on their website you cannot OPEN their fixed rate ISA if you have already subscribed elsewhere (Different wording to A&L who say you cannot subscribe to two) so I rang them & the unfriendly lady on the phone said you cannot open 2 ISAs. I said that must be just their rule for their ISA but she insisted it was the law. Just for reassurance I rang A&L who said it was OK to open two as long as "new" money only goes to one. I am v annoyed at lloyds - it's their prerogative to say you have to subscribe to the ISA in order to also transfer but it is misleading to inform people that it is illegal!

mrsgillan_2

Hi..new to this so be patient you wiz kids.
I have 3,600 in Halifax ISA which has just had the interest added,where would I be best putting it now.Dont think I can be bothered with the icesave,too much messsing around for me I need something that I can just leave or add to when I have more money.Can you help please.

ISA_SAVER

hi all, quick question for you,

i have just opened the new barclays tax isa for this year, i have also transfered money from a different isa which i had last year into a higer paying account.

can i transfer another isa which i have into another isa???

as you can only open one isa each year, does transfering an isa from one account to a different one count as opening a new one.

thanks in advance

Baldur

ISA_SAVER wrote: »

hi all, quick question for you,

i have just opened the new barclays tax isa for this year, i have also transfered money from a different isa which i had last year into a higer paying account.

can i transfer another isa which i have into another isa???

Yes. Transfers of previous years' ISA funds do not constitute 'opening a new ISA' - it's a totally different transaction from your Barclays ISA.

winebox

Baldur wrote: »

Yes. Transfers of previous years' ISA funds do not constitute 'opening a new ISA' - it's a totally different transaction from your Barclays ISA.

Try telling that to Lloyds TSB (see above!)

Baldur

winebox wrote: »

Try telling that to Lloyds TSB (see above!)

I wouldn't bother telling them, I'd just show them the relevant section of the HMRC's Guidance Notes to ISA Managers...;)

Either LTSB or Alliance & Leicester are definitely not my favourite institution as far as transfers are concerned at the moment - see http://forums.moneysavingexpert.com/showthread.html?t=857143

juliusceasor

I would like to spread risk and open an ISA with Abbey for instance which is a variable rate currently 6.25%. I have an existing ISA with Icesave from last year. If i pay the full 3600 into Abbey and part transfer 10k from my icesave ISA into the abbey ISA if the rate drops too quickly at Abbey can I then transfer everything or bar a £1 for instance out back to ICE save?
My reason for doing this is that I have some concerns with Icelandic banks despite the payment protection offered and If I felt that it warranted it I would like the option of transferring money whilst retaining the ISA protected tax free status.

The rate offered may be higher at say lloyds for example but it is fixed and then will be closed to new money at a later stage which would preclude transfers-in later in the year?

Baldur

The only major rule as far as transfers are concerned is that the CURRENT tax year's ISA funds must be transferred whole, including any interest earned; partial transfers from previous years' funds are fine - so you'll need to indicate what funds you are transferring on the transfer form.