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Transfer Cash ISAs Discussion Area

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  • Scampy
    Scampy Posts: 57 Forumite
    Part of the Furniture Combo Breaker
    Thanks for the quick reply, I thought that was right but wanted to check before I applied.
  • Hi,
    I've just been looking at the latest Top Rate Cash ISA's and noticed the following... And I quote:

    The WestBrom* WeBSave ISA 4 pays 3.07% AER, including a bonus of 1.07% that lasts until 28 Feb 2013 - so at that point transfer to a new bank

    However, the interest is only paid annually, which is in April. Surely, if the interest is paid in April, it doesn't make sense to "transfer to a new bank" until the interest has been paid?!

    Am I right?

    ps. I'm new to ISA transfers, so by all means correct me!

    Thanks
  • boobbby
    boobbby Posts: 769 Forumite
    TeePee_10 wrote: »
    Hi,
    I've just been looking at the latest Top Rate Cash ISA's and noticed the following... And I quote:

    The WestBrom* WeBSave ISA 4 pays 3.07% AER, including a bonus of 1.07% that lasts until 28 Feb 2013 - so at that point transfer to a new bank

    However, the interest is only paid annually, which is in April. Surely, if the interest is paid in April, it doesn't make sense to "transfer to a new bank" until the interest has been paid?!

    Am I right?

    ps. I'm new to ISA transfers, so by all means correct me!

    Thanks

    It might be paid annually but is calculated on a daily basis so you dont lose if you move unless it is a fixed length of time ISA
  • murphydavid
    murphydavid Posts: 833 Forumite
    Part of the Furniture 500 Posts Name Dropper
    edited 12 January 2012 at 4:50PM
    TeePee_10 wrote: »
    Hi,
    I've just been looking at the latest Top Rate Cash ISA's and noticed the following... And I quote:

    The WestBrom* WeBSave ISA 4 pays 3.07% AER, including a bonus of 1.07% that lasts until 28 Feb 2013 - so at that point transfer to a new bank

    However, the interest is only paid annually, which is in April. Surely, if the interest is paid in April, it doesn't make sense to "transfer to a new bank" until the interest has been paid?!

    Am I right?

    ps. I'm new to ISA transfers, so by all means correct me!

    Thanks

    Yes - as said its added daily.
    Terminology is everything:
    Banks use the word "paid" in this context to indicate when they will tell you how much interest you have earned up to that point in time. So using the word "paid" in laymans terms you actually only get paid the interest when you withdraw it.
    Also they will tell you how much interest you earned and pay you it when you close or transfer the account no matter what the date (if you are allowed to close it that is). So if it is closed in February you get paid your accumulated daily interest up to that day and your capital that day (or within 3 days sometimes).
  • xtra_time
    xtra_time Posts: 212 Forumite
    Part of the Furniture 100 Posts Xmas Saver!
    Carpi10 wrote: »
    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.

    I have a Lloyds ISA which is a dismal 1% gross now so I think I need to move it. I have used all my allowance this year. Should I wait until April before moving then?
  • Lokolo
    Lokolo Posts: 20,861 Forumite
    Part of the Furniture 10,000 Posts
    xtra_time wrote: »
    I have a Lloyds ISA which is a dismal 1% gross now so I think I need to move it. I have used all my allowance this year. Should I wait until April before moving then?

    No, the sooner you move it, the sooner you get better interest.
  • Hi, I am new to transferring ISA's and I have 2 that I need to transfer in March. I will wait until closer the time to see what's around but my currentl account is with Halifax.

    What I would like to know is, can I transfer my old ISA with Halifax into a new ISA with Halifax? I am assuming not but surely they are better off keeping me as a customer at the new higher rate than losing me.....I could be competely wrong.

    Any ideas?

    Thank you.

    Sue
  • 10_66
    10_66 Posts: 3,462 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Photogenic
    ...What I would like to know is, can I transfer my old ISA with Halifax into a new ISA with Halifax? I am assuming not but surely they are better off keeping me as a customer at the new higher rate than losing me...

    You can transfer to a different Halifax account if you want to but you need to check your existing ISA's terms and conditions to make sure you won't lose out. For example, if you've got Halifax's ISA Direct Reward and if it's within its first year, you'd lose any bonus you might be eligible for if you didn't leave £1 in the account.
  • Thank you for your reply.

    It is just an online reward ISA that I have, I had it for a year, this runs out in March and I am free to move it If I want to, obviously If I leave it there I will lose money due to the subtraction of the bonus offered at the time.

    I just wondered if I could move it into another online reward account. I will take it out and put it into another account with better rates, I'd rather it be Halifax because it's more convenient and that's why I wondered if they would allow me to transfer it into another better paying ISA account, instead of losing my money.

    Thanks again.

    Sue
  • 10_66
    10_66 Posts: 3,462 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Photogenic
    Yes, you'll be able to transfer it. As I've never transferred between Halifax ISA's before, I'm not sure whether you'd need to complete a transfer form to send to them, or whether you'd only need to ring them to arrange for the transfer.
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