Transfer Cash ISAs Discussion Area

juliusceasor

Baldur wrote: »

so you'll need to indicate what funds you are transferring on the transfer form.

Thanks for the advice. That seems to allow me to do what I want. I presume they will accept that if i have £3600 +£10000(transfer in) +interest in the account then transfer out £13599 +interest that then leaves only £1, it is from the £10k not the £3600 of the current year!

jamesd

winebox, the rules on the 5% Lloyds TSB fixed rate ISA are currently correct (though with a later obsolete reference to a Maxi ISA):

"You cannot open a Fixed Rate Cash ISA where you have already opened or contributed to a Cash ISA (held either with us or another provider) in the same tax year (unless you transfer the whole account into this one)"

So open and transfer the 10 for this year from the other place and you're fine by both Lloyds and government rules.

It's possible that their higher rate cash ISA didn't accept transfers in of current year money. If so your options would have required relying on the self-transfer (once a year only!) or limit not exceeded repair provisions if you'd already subscribed elsewhere.

Baldur

juliusceasor wrote: »

I presume they will accept that if i have £3600 +£10000(transfer in) +interest in the account then transfer out £13599 +interest that then leaves only £1, it is from the £10k not the £3600 of the current year!

Never presume anything where legal documents are concerned - as I said "you'll need to indicate what funds you are transferring on the transfer form", i.e. there will be tick boxes or similar indicating whether you wish to transfer (whole) current and/or (partial) previous year ISA funds, you may need to write the amount of partial transfer to ensure that your instruction is carried out correctly - I have always done so when transferring partial funds..

juliusceasor

Baldur wrote: »

i.e. there will be tick boxes or similar indicating whether you wish to transfer (whole) current and/or (partial) previous year ISA funds,

Ok, Thank you. I will be duly diligent.

notisis

Hi

I've read the thread and as I understand it I can stop payments into my 5.25% M&S mini cash ISA (last one was 4 April 07) so nothing is added for 2008/2009 tax year. I can then transfer that ISA into a higher rate paying one (say Abbey or A&L) and make no further payments to preserve it effectively as a 2007/08 ISA. I can then open a Barclays ISA and start paying regular monthly payments into that as it pays a better rate currently.

The only fly in the ointment is to ensure no further direct debits are taken by M&S in May if the ISA isn't transferred in time otherwise I'm correct in thinking that then I've started to save for the 2008/9 tax year and can't then have the Barclays one only the transfer out.

Can you confirm this is logical! Thank you.

jamesd

notisis, you're correct and should also tell M&S that you want them to cancel the direct debit and close the account after the transfer.

notisis

Thank you James for taking the time to answer. I'll sort out opening an account with A&L or Abbey tonight and give M&S a ring as well.

mug51

hi guys,
i've got an ns&i direct isa and was going to put in this years £3,600. But, seeing that they have lowered their interest, i decided against it and looking into transfering that isa to Abbey or A&L.
Do I open an isa with either bank and fill out a transfer form afterwards, or do I need to transfer when I open my account?

Thanks

Baldur

mug51 wrote: »

Do I open an isa with either bank and fill out a transfer form afterwards, or do I need to transfer when I open my account?

You can do either.

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.

Hi Crabman, I received my welcome details and transfer form in the post this week and it is a MUCH easier, single page form than the multiple page and very different online transfer form that I attempted to fill in. Glad I waited for the postal form which offers a 'transfer all' tick box. Why the online form does not include this I don't know!

I've just realised you stated in a previous post that NS&I will accept the A&L form but I posted it to A&L...I guess my transfer will take longer! You also said that I should send the form to NS&I Glasgow but I opted for telling A&L to contact NS&I Durham because I have a Direct ISA with them and that is the address it says to use. The Glasgow address is for Cash Mini ISA which I take it is an old product?

Thanks for your help.