Transfer Cash ISAs Discussion Area

MarkyMarkD

Disappointing to see the FSA giving incorrect (or at best, misleading) information.

The BBA guidance is guidance - it is not mandatory - it says so on the first sentence of the first page of the link Ark Welder has provided.

However, the 15 day transfer period is mandatory as the ISA regulations have been amended to make it so.

oldish

I have in the past been required to put in a small amount of cash intitially open a new ISA before it receives the transfer from an existing ISA. This was to ensure the account was opened before the offer might be withdrawn. If I have already used my annual ISA allowance this would be a breach of the ISA rules even if it is only £1. Should I therefore not use my full allowance in a new ISA to have something spare to use as a deposit if required?

Lokolo

oldish wrote: »

I have in the past been required to put in a small amount of cash intitially open a new ISA before it receives the transfer from an existing ISA. This was to ensure the account was opened before the offer might be withdrawn. If I have already used my annual ISA allowance this would be a breach of the ISA rules even if it is only £1. Should I therefore not use my full allowance in a new ISA to have something spare to use as a deposit if required?

No, you shouldn't be depositing the £1. You don't need to. You just open it with £0 and fill in an ISA transfer form.

electrodent

Does anyone know which accounts have the best rates that pay monthly? The top rate transfer accounts shown on the main site pay annually.

boobbby

electrodent wrote: »

Does anyone know which accounts have the best rates that pay monthly? The top rate transfer accounts shown on the main site pay annually.

Try this thread !


https://forums.moneysavingexpert.com/discussion/3333894

System

electrodent wrote: »

Does anyone know which accounts have the best rates that pay monthly? The top rate transfer accounts shown on the main site pay annually.

Just two examples I am aware of :

Look at the Yorkshire Building Society - Monthly Reward Cash ISA (2.25%)

Check out the NatWest e-ISA (Rate starts at 2% rising to 2.5% based on balance in account)

black_taxi_2

reading the small print---the best rates often come with penalty charges for full tranfers--180 days or seperate charge ie post office isa

its a MINEFIELD out there

hwindsor

I'm not sure that I can't do what I want until next April but I wanted to check what you all thought.

The scenario is as follows. As of last March (old tax yr), I had an instant access Cask ISA with £7K in it. In the new tax yr I put £3K in it. Making it now £10K.

I now want to split it in two and put £5K in a Fixed rate cash ISA and leave £5K in the instant access one.

The question is, is that allowed in the letter of the rules on Cash ISA transfers which state it must be previous years subscriptions. The problem is that the previous years subscriptions and the current years subscriptions are mixed in together.

It's certainly within the spirit of the rules. I am wanting to transfer less than what was in there at the start of the tax year. What I've failed to find is whether it's within the letter of the rules. It's not a situation covered by the standard ISA transfer page.

Can I legitimately say on the transfer form that it's a partial transfer from my previous years subscriptions?

The values mentioned above are not the real ones. It's the principle I'm after.

Thanks in advance
Howard

AirlieBird

hwindsor wrote: »

I now want to split it in two and put £5K in a Fixed rate cash ISA and leave £5K in the instant access one.

The question is, is that allowed in the letter of the rules on Cash ISA transfers which state it must be previous years subscriptions. The problem is that the previous years subscriptions and the current years subscriptions are mixed in together.

It's certainly within the spirit of the rules. I am wanting to transfer less than what was in there at the start of the tax year. What I've failed to find is whether it's within the letter of the rules. It's not a situation covered by the standard ISA transfer page.

Can I legitimately say on the transfer form that it's a partial transfer from my previous years subscriptions?

Yes, it is allowed and covered in the ISA Guidance for Managers. Assuming that you want to contribute more to your current ISA and to avoid any confusion or problems though, I would stress to the new provider that it is previous years' contributions you are wanting to transfer.

leaphaze

AirlieBird wrote: »

Yes, it is allowed and covered in the ISA Guidance for Managers. Assuming that you want to contribute more to your current ISA and to avoid any confusion or problems though, I would stress to the new provider that it is previous years' contributions you are wanting to transfer.

This should be covered by the ISA application form. You usual get checkboxes for current year or previous year and an amount box for previous year (for current year the total balance is transfered).

I have occasionally seen forms where there is no amount box; you'd need to clarify this with the new provider.