Transfer Cash ISAs Discussion Area

kremmen

Sorry if its been covered but I noticed this note on Martins iformation about the best 1 year fixed ISA

"If you want to lock away your cash you can opt for a fix, however currently the top instant access accounts beat the one year fixed ISAs."

Does this not also apply to the top rate variable like west brom at 3.07%?

*confused*

Paul

sian.spicer

Hello All,

I apologise if this question has already been asked, I have had a read through previous responses and cannot find an answer so I hope someone can help!

Basically I have been given some money and I am now looking at what to do in regards to ISA's. I already have a cash ISA, and I have paid £50 into it this financial year. The interest is not that great so I would like to open another ISA, but I know you cannot have two active ISA's open in one financial year.

So my question is, is it possible to open a new ISA and transfer my existing ISA balance into the new ISA and cancel the old one?

Thank-you,

Sian

Lokolo

sian.spicer wrote: »

Hello All,

I apologise if this question has already been asked, I have had a read through previous responses and cannot find an answer so I hope someone can help!

Basically I have been given some money and I am now looking at what to do in regards to ISA's. I already have a cash ISA, and I have paid £50 into it this financial year. The interest is not that great so I would like to open another ISA, but I know you cannot have two active ISA's open in one financial year.

So my question is, is it possible to open a new ISA and transfer my existing ISA balance into the new ISA and cancel the old one?

Thank-you,

Sian

You can open a new ISA that allows transfers in (not all do), transfer over the old £50 ISA by using an ISA transfer form with the new ISA provider.

You can then top up using the rest of your allowance (£5290).

leaphaze

sian.spicer wrote: »

So my question is, is it possible to open a new ISA and transfer my existing ISA balance into the new ISA and cancel the old one?

The old one will be cancelled by transferring out. Make sure the transfer is complete BEFORE adding the new cash, otherwise you could have two ISAs for the current year with different providers. Alternativly you could add the new cash to the old ISA then transfer. This would work particularly well if transferring to the Halifax since they start paying interest as soon as they action the transfer request.

kevpc

question for you experts here, if you dont mind. i have just started a new fixed rate cash isa with the post office. i already have a cash isa with another provider which i haven't touched since i started it in 2009-10. i have been told that i can transfer that isa to the post office as well, but it will be as a separate isa, fixed for 1 year. my question is, if the post office collapsed, would i be covered for both isas and get all the money back, or only covered for one of them?

leaphaze

kevpc wrote: »

question for you experts here, if you dont mind. i have just started a new fixed rate cash isa with the post office. i already have a cash isa with another provider which i haven't touched since i started it in 2009-10. i have been told that i can transfer that isa to the post office as well, but it will be as a separate isa, fixed for 1 year. my question is, if the post office collapsed, would i be covered for both isas and get all the money back, or only covered for one of them?

The limit is applied on a 'per individual, per bank' basis, i.e. the compensation is per individual not per account. Currently it's £85,000 for individuals, so as long as your two accounts do not exceed that limit, they're both covered.

kevpc

many tnx for info, leaphaze. that's put my mind at rest.

wintermute01

I want to transfer two existing ISAs with Santander and Halifax to a new one I've set up at Northern Rock. They require you to fill out a transfer form for each one and post it to them.

The form asks for the address of the existing ISA Manager. Now I opened both of those original accounts online so there is no branch address.

My question is, does it matter what address you put on the form in terms of getting the money transfer process completed as quickly as possible? If you look on the websites for an appropriate address to put it often isn't apparent which is the best to use.

10_66

wintermute01 wrote: »

...My question is, does it matter what address you put on the form in terms of getting the money transfer process completed as quickly as possible? If you look on the websites for an appropriate address to put it often isn't apparent which is the best to use.

For the Halifax I'd use:

Halifax plc
PO Box 548
Leeds
LS1 1WU

Only address I've got for Santander is as follows, but that's on correspondence for a current account.

Santander UK plc
Santander House
9 Nelson Street
Bradford
BD1 5AN

wintermute01

Yes that's the one I was going to use for Halifax.

But for Santander there are about three different addresses on their website relating to account closure, ISA transfers in and adding to existing ISAs but no mention of when you want to transfer out. They don't make it obvious do they? Is this their way of dissuading people from leaving them?!