Transfer Cash ISAs Discussion Area

boobbby

riko_uk wrote: »

Hi All.
Sorry if I am asking basic questions but I have only just started with ISA's and am pretty confused :S

I opened my first ISA on Feb 1st 2011 with Santander and filled it with that years allowance. So far this year I have not added anything to the account and have not opened an ISA with anyone else. The bonus rate on my account has now run out so after I get my interest for this year I would like to transfer the money.

I was looking at the virgin ISA that has an AER of 2.85% and allows transfers in but I am confused about what my options are. Can I open this account this tax year even though I still have the ISA with Santander but have not paid anything in? Or would I be best to pay in this years allowance to my current Santander ISA, wait till after the tax year ends then open an Virgin account and transfer all the money?

Thanks for any help!

Graham

I was offered a fixed one year ISA at Santander when my one year ISA ended in January.. the loyalty rate was 3.2%. They should have written to you when your bonus rate ended so you could continue without loss of interest. Probably worth a phone call to 08456000181 which is their ISA departments head office.

Mr.Boy

I want to transfer my cash ISA as the bonus is ending (my provider actually phoned up to notify me!)

I will want to add cash for this year but I don't know how much yet, and the bonus runs out very soon.

Is it very easy to transfer my ISA to a new provider and then add this year's money in a few weeks, or do they normally want my new money at the same time as doing the transfer?

bluegrey

d000hg wrote: »

I want to transfer my cash ISA as the bonus is ending (my provider actually phoned up to notify me!)

I will want to add cash for this year but I don't know how much yet, and the bonus runs out very soon.

Is it very easy to transfer my ISA to a new provider and then add this year's money in a few weeks, or do they normally want my new money at the same time as doing the transfer?

Ask the new provider and they will tell you. I asked this very same question at Nationwide the other day - they said that you can do the transfer at any point, and then add this financial year's allowance at a later date. Other ISA providers may or may not operate their specific accounts in a similar way with regard to this - just ask!

ejv

I've remitted this financial year's ISA in full(£5340) in April 2011.
I have a previous year's ISA from Westbrom, whose bonus rate ends Feb 29, 2012.I wish to put it for 3 years at Natwest for 4.2%(rate valid upto Feb 2012 only).

My question is, I do not have any ISA allowance remaining for this financial year.Would Natwest allow just a transfer in, without a single penny remitted anew?

***xyz***

I want to transfer a couple of old Barclays ISAs to my First Direct ISA. On the FD website I can find the pdf transfer form, but there is nothing on this about transferring into an existing FD ISA - ie, there is nowhere for me to imput existing account details. Am I able to do this? Thanks.

10_66

ejv wrote: »

...My question is, I do not have any ISA allowance remaining for this financial year.Would Natwest allow just a transfer in, without a single penny remitted anew?

As long as the ISA you open permits transfers in, you do not have to pay any of this year's subscrption into it. Sometimes it's a bit confusing when you open a new cash ISA as the provider will say something like open with a minimum of £1, but that doesn't apply if you're transferring into it as you will, presumably, be transferring more than £1 into it.

harrpau7

Quick question, I have just transferred my balance online from my HSBC ISA to my Halifax ISA (the Halifax ISA was set up today), total of £1,800. I have worked out for the financial year that I have put £2,700 into my HSBC ISA, does that mean now I have transferred that money I have used £4,500 of my allowance for this financial year? Also what is the allowance for 2011/2012, is it £5,340?

Thanks

10_66

harrpau7 wrote: »

...I have just transferred my balance online from my HSBC ISA to my Halifax ISA (the Halifax ISA was set up today), total of £1,800. I have worked out for the financial year that I have put £2,700 into my HSBC ISA, does that mean now I have transferred that money I have used £4,500 of my allowance for this financial year? Also what is the allowance for 2011/2012, is it £5,340?...

You haven't transferred the money yourself have you, or have you completed Halifax's transfer form for them to arrange the transfer from HSBC?

You are allowed to subscribe £5,340 for this tax year, so if any of the funds that you've transferred are from previous years' you don't need to count those.

harrpau7

10_66 wrote: »

You haven't transferred the money yourself have you, or have you completed Halifax's transfer form for them to arrange the transfer from HSBC?

You are allowed to subscribe £5,340 for this tax year, so if any of the funds that you've transferred are from previous years' you don't need to count those.

I transferred it myself online, then realised the error of my ways.

10_66

harrpau7 wrote: »

I transferred it myself online, then realised the error of my ways.

Oh dear! I wish you'd come on here first. I don't know whether you'll be able to reverse that one.