Transfer Cash ISAs Discussion Area

INSPIRED

johnk wrote: »

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.

Many thanks, JohnK.

MarkyMarkD

boobbby wrote: »

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.

For "on a regular basis" read "more than once in your life" as far as I understand it.

Unless it is impossible because the conditions prohibit withdrawals before maturity (and such a restriction is against ISA rules, so not very likely!), you should close/transfer the first ISA into another and then top up.

boobbby

MarkyMarkD wrote: »

For "on a regular basis" read "more than once in your life" as far as I understand it.

Unless it is impossible because the conditions prohibit withdrawals before maturity (and such a restriction is against ISA rules, so not very likely!), you should close/transfer the first ISA into another and then top up.

I would have suggested that as well but he has taken out a fixed rate ISA which includeds all his previous years savings along with the £100 from this tax year, so if he moves any part or all of the ISA, it is likely he will lose all the interest from this year

sm4rtyp4nts_2

Hello all,
Just wondering if anyone can offer a bit of advice?

I need to transfer my Dad's ISA as his fixed rate has finished and from tomorrow he'll be getting a very low interest rate. He needs some of the money from the ISA to put into his current account. He can't tie his money into a fixed rate and I'm going to transfer to the 3.05% Northern Rock ISA. I'm not sure whether I should transfer the whole amount from his existing ISA to Norhtern Rock and then take some out to put into his bank account or transfer the majority of his current ISA to Northern Rock and then close his existing ISA to obtain the remaining amount to put into his bank account. Any advice would be appreciated. Thanks

leaphaze

sm4rtyp4nts wrote: »

I need to transfer my Dad's ISA as his fixed rate has finished and from tomorrow he'll be getting a very low interest rate. He needs some of the money from the ISA to put into his current account. He can't tie his money into a fixed rate and I'm going to transfer to the 3.05% Northern Rock ISA. I'm not sure whether I should transfer the whole amount from his existing ISA to Norhtern Rock and then take some out to put into his bank account or transfer the majority of his current ISA to Northern Rock and then close his existing ISA to obtain the remaining amount to put into his bank account. Any advice would be appreciated. Thanks

Does the new low rate ISA have any withdrawl restrictions?

Is so, transfer then withdrawl from the new ISA (being aware that the transfer would take several weeks if not more).

If not, I would withdrawl the money for the bank account before transferring.

wintermute01

wintermute01 wrote: »

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.

To follow up on this, I used the following address for Santander:

ISA Customer Services,
PO Box 1112,
9 Nelson Street,
Bradford, BD1 9NR

I was very surprised at how quick they were. Three days after sending the forms to Northern Rock I had a letter from Santander confirming the transfer. And the money was in my new account a couple of days later.

It took eight days before I got a letter from Halifax. They've moved the money out of the account but it's not yet arrived at Northern Rock. Stuck in limbo for now I guess.

But it's all a lot quicker than last time I did this.

dragilex

I've just posted a question on another thread but perhaps this is the better thread for the question.

I have about £5000 in a Natwest e-ISA at 2% monthly. I've not done anything with it for so long it is now locked from any deposits without reactivation forms being filled in. This is fine life situations mean little saving is being done right now. I am interested in transferring this amount into a higher interest easy access ISA. I would like to know when is the best time to do this? Do I do this now and for instance transfer it to a Principality BS e-ISA that pays 2.8% annually. Or do I wait till March to see what's available or do I wait till April for the new tax year? Or do I transfer it now and then transfer it again come April. And how do annual interest ISA's work, do you only get the interest if you still have the account on the interest anniversary or if you transfer your ISA elsewhere does the daily worked out interest get deposited into the account before the transfer happens?

Got myself in a mental knot when trying to think about all this

Mikeyorks

If it's sitting at 2% then transferring it now is sensible. But you can get rates above 3% even as 'easy access'. An updated list is at the start of this thread :

https://forums.moneysavingexpert.com/discussion/401374

You don't need to reactivate it to move it - that's only if you wish to add extra funds. Just complete a transfer request with your new provider and they will do the rest. Interest will be added to the transfer sum at the date the ISA to be transferred is closed.

Scampy

Sorry if this is an obvious question but I'm new to transferring ISAs. I have had an ISA with Halifax for over a year now and my bonus has run out so I want to switch to a higher interest account asap; I'm just a bit confused about the rule of only opening one ISA per year. I have paid into the Halifax account in this tax year so does this mean I would have to wait until after April to transfer it all to a higher rate account, or can I do it straight away?

Carpi10

Scampy wrote: »

Sorry if this is an obvious question but I'm new to transferring ISAs. I have had an ISA with Halifax for over a year now and my bonus has run out so I want to switch to a higher interest account asap; I'm just a bit confused about the rule of only opening one ISA per year. I have paid into the Halifax account in this tax year so does this mean I would have to wait until after April to transfer it all to a higher rate account, or can I do it straight away?

As long as you transfer the ISA and you have a remaining allowance, you can keep transferring and pay into as much as you like until you have used up your years allowance.

You can't open more than one and contribute to both if that makes sense.