Transfer Cash ISAs Discussion Area

boobbby

murphydavid wrote: »

Ah. So when your local branch said they made a mistake what was the mistake? Did they make the opening date wrong by making it the start date of your previous ISA 6 account or was it that there is a rule that you should not have been allowed to have two consecutive ISA's with Santander? also What term of the ISA 7 terms do customer service quote when they say you only get 0.5%.

My suggestion is
If you want to fight it. I think you should get a print out of the terms and ask your local branch and customer services for their replies in writing so you have everything in writing and then start on Santanders written complaints procedure so that if you don't get satisfaction from them you can build up a body of written evidence to enable you to go to the ombudsman.

You can see what you need here

http://www.financial-ombudsman.org.uk/faq/answers/complaints_a1.html

Maybe i did not make it very clear .. I said "my local branch said they made a mistake" they was refering to Santander customer services and not themselves. The local branch was correct making this statement as 3 times the customer services told me by message and was adament that I would only get 0.5%. I phoned up the head office of Santander that handle ISA's and was given the following information... I would indeed get get 2.5% with a direct ISA issue 7 in fact I had not needed to make the transfer as all customer had their previous/earlier issues Direct ISA's upgraded to issue 7 and all would be geting 2.5% interest for the first 12 months providing the account had more that £14.000 saved. This would be paid into out accounts on the 1st March. Thls also indicated they would be having words with customer services for giving out incorrect information.

Adzha

I'm trying to open a Virgin ISA to transfer an old ISA in (previous tax year). However, I put money into a Barclays ISA this tax year which will stay there until April when the rate drops.

The Virgin Application includes a declaration that I've not opened another ISA this tax year - has anyone opened an account purely to transfer an old ISA in?

robgriz

Hi guys, a couple of questions surrounding the transfering of ISA's, the answers to which are probably bleedin' obvious!
First of all, on the Transfer Authority Form, the question:
"Have you subscribed to your existing Cash ISA in the current tax year?"

I've paid into my ISA this year, but set it up last tax year (March 2011). Does this mean I subscribed this year or last year? Furthermore, when asking for the amount subscribed this year, is this just money that I've invested into my ISA, eg if I've put in £3000 of my own money, or would it this £3000 plus the £5000 I put in when transfering from my old ISA, i.e. £8000?

Secondly, my current ISA is an easy access account with no charges on withdrawals, so would I need to choose:
'1. wait for the full notice period to end or wait until the maturity date (whichever is relevant) before going ahead with this transfer;
Please note fixed rate products can be withdrawn without notice and deposits may be returned.'
or
'2. depending on the terms and conditions, carry out the transfer as soon as possible – I will accept any consequential loss of interest or charges which may be applied.'

I think when I transfered last year from Nationwide to Halifax I picked option 2, not sure if this is correct, and if it meant I lost out on any potential interest?

Thanks very much.

System

robgriz wrote: »

Hi guys, a couple of questions surrounding the transfering of ISA's, the answers to which are probably bleedin' obvious!
First of all, on the Transfer Authority Form, the question:
"Have you subscribed to your existing Cash ISA in the current tax year?"

I've paid into my ISA this year, but set it up last tax year (March 2011). Does this mean I subscribed this year or last year? Furthermore, when asking for the amount subscribed this year, is this just money that I've invested into my ISA, eg if I've put in £3000 of my own money, or would it this £3000 plus the £5000 I put in when transfering from my old ISA, i.e. £8000?

Secondly, my current ISA is an easy access account with no charges on withdrawals, so would I need to choose:
'1. wait for the full notice period to end or wait until the maturity date (whichever is relevant) before going ahead with this transfer;
Please note fixed rate products can be withdrawn without notice and deposits may be returned.'
or
'2. depending on the terms and conditions, carry out the transfer as soon as possible – I will accept any consequential loss of interest or charges which may be applied.'

I think when I transfered last year from Nationwide to Halifax I picked option 2, not sure if this is correct, and if it meant I lost out on any potential interest?

Thanks very much.

Since you say you have paid money into your existing Cash ISA this year, then yes you have subscribed this year. (Assuming the money was paid in on or after 6 APR 2011)
The amount subscribed this year would include the new cash paid in between 6 APR 2011 and 5 APR 2012 and could also include an amount transfered in from another Cash ISA but only if you had also subscribed new money to that old ISA in the current year (It does not include money transfered in from previous years)

Since your old ISA is an easy access account with no charges / penalties for withdrawal, you can safely select option 2

All interest due will be calculated on the full balance being transfered, up to the date of the transfer, and that interest amount will then be included in the amount transfered to your new ISA

SueDerbyshire

murphydavid wrote: »

I take it you are aware that when transferring an ISA (even to a different bank) you don't actually have to take the money out you just fill in one form for the new account and they do the rest.

Thanks for this and yes I was aware that you need to complete the form and Halifax will do the rest, otherwise I could lose inerest etc. Thank you for checking with me though.

Sue

schultzee123

Hi

I'm sorry if I've misssed the answer to this as this discussion has been going for a while, but I have a simple (I think) question.

If my husband and I have saved £4k by the end of March 2012 in my current ISA, then transfer it into a new ISA in my name, can I still pay into that one to make it up to £5,640 (the new limit now), and then pay the rest into a new ISA (up to £4,000)?

Then my husband can open a new ISA and pay £5,640 into that as well?

So, situation would look like this:

My ISA: £4k from old ISA, £1640 new money paid in top up to new limit

plus £4,000 totally new money into a new ISA

His ISA: £5640 to be paid in

Is this allowed, and is this the best way to do it?

Thanks

Maria

ChrissyD

Hi All, I have a really simple question (i think). This year is the first time i have ever been able to save anything and i have maxed out the Santander ISA. I don;t understand how transfer works or when precisely to do it.

When will the interest Santander owe me be paid on the current ISA? I assume ihave to wait for that payment before i make a transfer?

When i transfer the ISA + the interest from this year to a new ISA can i then still pay in the maximum amount to that new ISA and is the interest compound on that amount and still un-taxable?

If i wait until the interest is paid and then transfer and it takes 15+ days will i miss out on the interest for those days on the new account or will it be back dated to when i put the transfer in (therefore should the transfer requests always be made on 5th April?)

I'm sorry if these are daft questions. I am pretty clueless! :-) thanks!

xylophone

Look at the t&cs for information about when the interest is paid.
You do not transfer the ISA yourself - you find a provider that accepts transfers and request that provider to arrange the transfer for you. Interest due in the transfer period is handled by different providers in different ways.Type in "interest on isa in transfer period' into Google.
You will be able to open a new cash ISA in the tax year beginning 6 April and contribute up to £5640.

ChrissyD

Hi Xylophone - thanks for that. So i checked the site and the interest is calc'd daily and then paid COB 1st March (which i find odd because surely then i don't get a whole years interest as i had to open the account in the current tax year?). So once the interest is paid can i immediately hand in a request for them to transfer it to a ne provider? I'm confused because surely if i open a new acct now and then transfer before April 5th they will count that as this years ISA and then give me the lower interest on next years tax year.

Why are these things so damn complicated????

BigApples84

Hi All, Apologies if I have posted this in the wrong section. I have £4100 in a Santandar eSaver account (3.12%) and my girlfriend has £12100 in a Nationwide Champion ISA (2.01%). I have no ISA. We will be using all funds in about 3 or 4 months time for a house deposit. Is it worth me opening up an ISA, and also for her to transfer to a higher interest earning ISA? Any suggestions on ways to make the most of our money for what will not be a full financial year? Thanks guys! George