Transfer Cash ISAs Discussion Area

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wintermute01 wrote: »

...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?!

Best to give them a ring then, just to make sure. You don't need to give Santander any excuse to make a mistake :eek:.

Notyetsavingssavvy

Hi, I am new to this. I have just discovered that my ISA interest rate dropped to 0.5% in July after 12 months since opening, therefore I would like to transfer the balance. I had already transferred this years allowance into the account, is it still possible to transfer or do I have to wait until April? My current ISA is a Santander flexible, I was considering switching to the Nothern Rock Online E-ISA. Any clarification / advice would be greatly appreciated!

Mikeyorks

Notyetsavingssavvy wrote: »

I had already transferred this years allowance into the account, is it still possible to transfer or do I have to wait until April?

Provided the T&Cs of the Santander account allows it - you can transfer anytime.

The only proviso - as the account has current year subscriptions in it - is that you must at least transfer the whole of your 2011-12 contributions across. You can leave previous year subscriptions behind if you wish (and the provider concurs) - but you have to fully transfer current year.

Notyetsavingssavvy

Thanks! I am looking to transfer the whole amount so that's ok. Now the tricky bit of trying to find out whether Santander allows it! Thanks for the quick response

Mikeyorks

Notyetsavingssavvy wrote: »

Now the tricky bit of trying to find out whether Santander allows it! Thanks for the quick response

You're welcome.

With the name of 'Flexible ISA' and the rate now dipped to 0.5% ...... I don't think there will be any tie in.

But most of us use the caveat 'if the T&C's allow' ...... as there are too many products to be wholly familiar with.

Chalky77

Hi,
Could do with a bit of advice please.
I was happily paying in to a Natwest e-isa for a couple of years, but then a few months ago when I was on the Natwest website I noticed an ad for their fixed rate isa's. When I saw that the rates were much better I decided to apply for one so I could put this years allowance in to it. All went through fine, and the transfer of the previous balance went over ok. What I hadn't realised was that there was a very small window of opportunity to actually make a new deposit in to the Isa. I've just gone to make a deposit and found that I have run out of time. To compound matters, on the application form there is a box asking to make a deposit on opening the Isa. I must have ticked it and put £100. So now I can't put the remainder of this years allowance (£5240) in to that account, and I have been advised by Natwest then I can't apply for a new e-isa because I have made a deposit in this year of £100!

So, would it seem that I have wasted my chance to use my 11/12 tax free isa allowance? Would it flag up anywhere if I set up a new Isa with a different provider? I can't imagine that my £100 would be noticed, but then I don't know? Could anyone advise please. Many thanks.

System

Chalky77 wrote: »

DUPLICATED POST

See : https://forums.moneysavingexpert.com/discussion/3598729 ... For my response

INSPIRED

Okay - having read all the guides, I am still confused so hopefully someone here can put me straight in simple language.

I am transferring an old ISA to Northern Rock E-ISA. It is approx £3700.

Now, can I add this year's unused allowance of £5340 to the new ISA?

Maybe it is because I have read so many guides and T&Cs that the brain is addled!

Many thanks.

johnk

INSPIRED wrote: »

Okay - having read all the guides, I am still confused so hopefully someone here can put me straight in simple language.

I am transferring an old ISA to Northern Rock E-ISA. It is approx £3700.

Now, can I add this year's unused allowance of £5340 to the new ISA?

Maybe it is because I have read so many guides and T&Cs that the brain is addled!

Many thanks.

Yes. You can. That's exactly what I did.
In my case, I chose to open the e-ISA first, tried a nominal £10 payment into it, transfer the other ISA in, and finally paid this year's allowance.

boobbby

Chalky77 wrote: »

Hi,
Could do with a bit of advice please.
I was happily paying in to a Natwest e-isa for a couple of years, but then a few months ago when I was on the Natwest website I noticed an ad for their fixed rate isa's. When I saw that the rates were much better I decided to apply for one so I could put this years allowance in to it. All went through fine, and the transfer of the previous balance went over ok. What I hadn't realised was that there was a very small window of opportunity to actually make a new deposit in to the Isa. I've just gone to make a deposit and found that I have run out of time. To compound matters, on the application form there is a box asking to make a deposit on opening the Isa. I must have ticked it and put £100. So now I can't put the remainder of this years allowance (£5240) in to that account, and I have been advised by Natwest then I can't apply for a new e-isa because I have made a deposit in this year of £100!

So, would it seem that I have wasted my chance to use my 11/12 tax free isa allowance? Would it flag up anywhere if I set up a new Isa with a different provider? I can't imagine that my £100 would be noticed, but then I don't know? Could anyone advise please. Many thanks.

Open a new ISA with another provider and pay in the remaining allowance. As well you do not open more than one ISA on a regular basis you would normally only get a warning if it is picked up.