Transfer Cash ISAs Discussion Area

superstar_2

I have an old ISA with Halifax which has dropped to 0.5% now. I'm planning to open a new one with M&S, fill them up with £5340 and transfer the old ISA from Halifax too. Can someone kindly explain if I will lose interest during transfers?

ceejayblue

ING are offering me a pre-application for my 2012/13 ISA with a guaranteed rate of 3% but possibly more as they are going to give an average of the top 3 ISA rates on the high street so it could be a bit higher. Last year I did this and got a good rate but they don't accept transfers in so my current ISA with them I will need to move to a higher rate (possibly to Nationwide where I transferred all my other ISAs last year).

Most providers are offering around 3% at the moment, some guaranteed till September 2013 (like Nationwide). My question is should I take the risk again this year and take ING's offer ready for my 2012/13 savings or wait and see what other people are offering.

boobbby

ceejayblue wrote: »

ING are offering me a pre-application for my 2012/13 ISA with a guaranteed rate of 3% but possibly more as they are going to give an average of the top 3 ISA rates on the high street so it could be a bit higher. Last year I did this and got a good rate but they don't accept transfers in so my current ISA with them I will need to move to a higher rate (possibly to Nationwide where I transferred all my other ISAs last year).

Most providers are offering around 3% at the moment, some guaranteed till September 2013 (like Nationwide). My question is should I take the risk again this year and take ING's offer ready for my 2012/13 savings or wait and see what other people are offering.

Why take the average of the best offer when you could just take the best offer!! I have most of mine in Nationwide at the moment but are tempted to move part of it to LLoyds to get 3.7% fixed for 2 years and I think I can add next years allowance to this. Good idea ?

ceejayblue

I think I'll have a look at that the Lloyds one, and transfer some of mine over. I do have a lot of savings in the Post Office Savings which I am using to put into my 2012/13 ISA which I can get a better rate for.

10_66

superstar wrote: »

I have an old ISA with Halifax which has dropped to 0.5% now. I'm planning to open a new one with M&S, fill them up with £5340 and transfer the old ISA from Halifax too. Can someone kindly explain if I will lose interest during transfers?

It depends on who you're transferring to. Some (ie Halifax) have a guarantee to pay interest from the date they receive the transfer form, others don't and you will only get interest from when they receive the funds, so, yes, you'd lose interest from the date the money is out of the old account until it's paid into the new one. You'd have to check with M&S to see what they do if that's who you're transferring to.


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missangorabunny

I have an ISA which reverted to a lower interest rate recently, so I'm wanting to transfer it to another provider. However, I'm wondering whether it's worth waiting till the new ISA year in case I can get a more favourable rate. Does anyone have an inkling as to whether better products are generally launched in April (or are these generally limited to new deposits only?)

10_66

missangorabunny wrote: »

I have an ISA which reverted to a lower interest rate recently, so I'm wanting to transfer it to another provider. However, I'm wondering whether it's worth waiting till the new ISA year in case I can get a more favourable rate. Does anyone have an inkling as to whether better products are generally launched in April (or are these generally limited to new deposits only?)

Generally, the accounts that don't permit transfers in offer rates a little better than those that do. It's anyone's guess whether there will be better rates around in April, now is when they usually start to appear. Someone posted that they were told by a staff member of Santander that they were going to be offering a good rate soon, but, of course, the member of staff couldn't say what it would be (I have to say they could offer 20% and I still wouldn't put my ISA with them, having had a nightmare experience with them some time ago).

leaphaze

10_66 wrote: »

I have to say they could offer 20% and I still wouldn't put my ISA with them, having had a nightmare experience with them some time ago.

20%? That must have been a real nightmare!

I had a problem with NatWest a few years ago, but I'd be too much of a rate !!!!!! to turn down even 4% with them!:rotfl:

10_66

leaphaze wrote: »

...That must have been a real nightmare!...

It was! I still shudder when I hear their "on hold" music! I admit to opening a couple of their bank accounts to benefit from the £100 "switching" offer and the 5% interest rate (I just used an account I keep for these switching offers), but I would NEVER go near them for ISAs 'cause I wouldn't trust them with the transfer again. I've had some issues with other ISA providers in the past, it's inevitable when it's such a busy time of the year, but none compare to Santander's c*ck up.

ejv

10_66 wrote: »

Santander's c*ck up.

I do feel that Santander is below par.Last year's ISA is the only transaction I've ever done with them.

So last week I pulled out the ISA document they gave me.Amazingly, in an A4 sheet,they have just mentioned the figure I've remitted. Thats it.No mention of rate,fixed or easy access!!!.I'd forgotten all details.Went to bank and it took ages for them to find it.And they just scribbled on it with a pen.I felt it quite unprofessional.:mad:Waiting for new rates to come up and transfer this elsewhere