Transfer Cash ISAs Discussion Area

boobbby

I have had little problems with Santander in the past but this year in January I contacted them to check the interest for the ISA I had with them. Three times the customer services pointed out the rate was 0.5% even when I pointed that it should have been 2.5%. So then I complained to their complaints department about the rubbish information given out by the customer services and they gave me an instant £25 also pointing out I would be getting 2.75%. I queried this with another member of the complaints department who agreed after checking that the proper rate was 2.5% and gave me another instant £50 which he said was the difference between the 2.75% promised and the 2.5%. The second person from the complaints department promised to phone me the following day at a certain time which he did, so yes! the customer service was poor but Santander did give me the correct information in the end.

leaphaze

boobbby wrote: »

So then I complained to their complaints department about the rubbish information given out by the customer services and they gave me an instant £25 also pointing out I would be getting 2.75%. I queried this with another member of the complaints department who agreed after checking that the proper rate was 2.5% and gave me another instant £50 which he said was the difference between the 2.75% promised and the 2.5%.

Seems you can make more money out of their complaints dept than out of their accounts! No wonder they get so many complaints - there's some canny customers out there! :rotfl:

Orinoko

I have a cash ISA with West Brom and plan to move it to a better rate come the new tax year via a transfer in, my question is - my mum has some money in an old ISA account that she wants to close and give to me as a birthday present, is it best to get a cheque and deposit it into my new opened ISA or to fill in an ISA transfer form, Im not sure if its correct/legal? to transfer from one persons ISA (in their name) to one in my name?

Ive tried searching but cant seem to find anything similar, hope someone can help.

Cheers!

MoneySaverLog

You cannot do a transfer of a ISA from one individual to another. She would have to withdraw the money and then you'd be able to put it into your ISA as part of your allowance.

wallacewilliams

Hello,

I want to transfer £7000 from my Halifax cash ISA which will revert to 0.5% in April (currently paying 3%).

Last year the interest did not get paid until 25th April.

If I transfer to the M&S cash ISA and this goes through before the 25th April, will I still get the interest paid from my Halifax ISA (assuming it leaves the account after 5th April)?

If I then take all the money out from the M&S account before the end of the next tax year (for a house deposit) will I get a percentage of interest for that year or does it have to be in for the whole year?

Many thanks in advance,
Wallace

10_66

wallacewilliams wrote: »

...If I transfer to the M&S cash ISA and this goes through before the 25th April, will I still get the interest paid from my Halifax ISA (assuming it leaves the account after 5th April)?

It depends on the terms and conditions of the particular ISA. If it's the Direct Reward ISA (which paid 3% and the extra 0.20% bonus if eligible), then if you transferred out before the 12 months is up, the most you'd lose is the bonus, otherwise any interest due would be added to the account on its transfer/closure. If it's a fixed rate one, then you could have to pay an early withdrawal/closure penalty.

wallacewilliams wrote: »

If I then take all the money out from the M&S account before the end of the next tax year (for a house deposit) will I get a percentage of interest for that year or does it have to be in for the whole year?...

Again, it depends on which ISA it is. If it's easy access, then usually there aren't any penalties, so if you closed the account any interest due would be added to the account on closure. If it's a fixed rate account, then as above, you're likely to pay a penalty.

boobbby

Interest on a variable rate ISA which usually has a bonus for the first 12 months or longer is calculated on a daily basis so it makes no difference when you access it to withdraw cash or transfer to another provider. On a fixed term you would lose out if you take money out or cancel it before the end of the term.

PowerSavingMode

Just looking at the terms of the new [I'm not allowed to post links, apparently, so sorry about that] Santander Direct Isa Issue 9 -- paying 3.3%...

Can I simply transfer in my old ISA (which is more than £2,500), or do I have to also deposit a min of £2,500?

I find the terms a little confusing at the moment, so any brainy answer would be most helpful.

KTF

A transfer in should be the same as paying in money. But if in doubt, phone them up and ask.

lkslacka

Hello,

I deposited £1.00 into my ISA in May 2011 (early in the financial year) and I now have the savings to deposit the rest of the ISA allowance before the end of the financial year. The existing ISA is paying a poor rate of interest and as such I want to open another.

Can I have two ISAs open with different providers as long as the total amount deposited does not exceed the limits? I am looking at opening one which does not permit transfers and to be honest, I am not too concerned with the £1.00 of the existing one.

I am sorry if this is an incredible basic question. I thought this was permitted but then read somewhere here that this was not permitted so I'd be grateful for your feedback.

Thank you