Transfer Cash ISAs Discussion Area

greencode

blueberrypie wrote: »

Yes, you can.

Or you can transfer both of your current ISAs to the same provider and open another one for the new tax year. Or you can split them and transfer them to any number of new providers.

Or you can transfer both of your current ISAs to another provider and top up that ISA with funds for 12/13 (depending on t&c).

Thanks so much for your quick response. Really appreciated. I've now noted this down so I remember for future years ;-)

badger09

greencode wrote: »

I always get a little confused around this time and this time I promise I will remember what to do!

I currently have 2 ISA's - one with Halifax and one with Santander.

Now when the 1 year introductory offer expires can I therefore transfer both of these ISA's to two new companies to gain a better rate of interest and also open a new ISA for the new tax year?

Depends whether your Halifax and Santander ISAs are instant access or fixed rate. If fixed rate, you probably can't transfer them before the fixed rate period ends (or if you can you'll pay a hefty penalty) :eek:.

Providing your 'new companies' allow transfers in, you can transfer all your current year's contributions, and as much or as little of previous year's contributions as you wish. You can also open a new ISA on or after 6th April :T.

As you've already got a Santander ISA, why not have alook at their current offers - both fixed rate and instant access. If you wanted to, you could then have all your ISA money in one place.

Just to say - I don't work for Santander - nor am I on commission :rotfl::rotfl:

greencode

badger09 wrote: »

Depends whether your Halifax and Santander ISAs are instant access or fixed rate. If fixed rate, you probably can't transfer them before the fixed rate period ends (or if you can you'll pay a hefty penalty) :eek:.

Providing your 'new companies' allow transfers in, you can transfer all your current year's contributions, and as much or as little of previous year's contributions as you wish. You can also open a new ISA on or after 6th April :T.

As you've already got a Santander ISA, why not have alook at their current offers - both fixed rate and instant access. If you wanted to, you could then have all your ISA money in one place.

Just to say - I don't work for Santander - nor am I on commission :rotfl::rotfl:

Thanks for this - think I'll have to call them both as I have a Halifax ISA Direct Reward and Santander Flexible (Issue 3) and I can't see anything on the paperwork from either of them about transferring before the end?! Also, I noticed today that Santander have paid in interest for this tax year which I thought was a little odd as it's not even ended yet.

badger09

greencode wrote: »

Thanks for this - think I'll have to call them both as I have a Halifax ISA Direct Reward and Santander Flexible (Issue 3) and I can't see anything on the paperwork from either of them about transferring before the end?! Also, I noticed today that Santander have paid in interest for this tax year which I thought was a little odd as it's not even ended yet.

The Santander Flexible Iss 3 is instant access. I xferred mine by phone last night (see my post under the thread about the 3.3% Easy Access ISA - sorry too tired to work out how to do links ) Interest was credited on 1st March and a little more after I xferred it yesterday.

I'm fairly sure the Halifax is also instant access so once the new Santander account (same a/c number) is up and running you can xfer that in aswell.

If you don't want to tie up your money for a year, you could still get it all into the new instant access Direct ISA @ 3.3% at Santander.

greencode

badger09 wrote: »

The Santander Flexible Iss 3 is instant access. I xferred mine by phone last night (see my post under the thread about the 2 year fixed rate 4% - sorry too tired to work out how to do links ) Interest was credited on 1st March and a little more after I xferred it yesterday.

I'm fairly sure the Halifax is also instant access so once the new Santander account (same a/c number) is up and running you can xfer that in aswell.

If you don't want to tie up your money for a year, you could still get it all into the new instant access Direct ISA @ 3.3% at Santander.

Little bit confused as to how I can have my current 2 ISA's and a new one for the new tax year all in the same ISA account with Santander?! Probably misunderstanding what you're saying there.

badger09

greencode wrote: »

Little bit confused as to how I can have my current 2 ISA's and a new one for the new tax year all in the same ISA account with Santander?! Probably misunderstanding what you're saying there.

Not at all - it is unusual!

At the moment, Santander will allow you to:
a) xfer your current Flexible ISA iss 3 into a Direct ISA 3.3% instant access - they do it over the phone, account number is unchanged but it shows online straightaway
b) xfer in from another provider - you have 14 days after you open this 'new' ISA to get the xfer request back to Santander
c) pay in next year's ISA allowance between 6th & 14th April.

If you are happy to tie up your ISA money for longer, you can get 3.5% for 1 year or 4% for 2 years - same conditions as above. SIMPLES:D

Seriously, if you have any more questions, please ask, but I'm probably going to bed soon so might not reply before tomorrow

greencode

badger09 wrote: »

Not at all - it is unusual!

At the moment, Santander will allow you to:
a) xfer your current Flexible ISA iss 3 into a Direct ISA 3.3% instant access - they do it over the phone, account number is unchanged but it shows online straightaway
b) xfer in from another provider - you have 14 days after you open this 'new' ISA to get the xfer request back to Santander
c) pay in next year's ISA allowance between 6th & 14th April.

If you are happy to tie up your ISA money for longer, you can get 3.5% for 1 year or 4% for 2 years - same conditions as above. SIMPLES:D

Seriously, if you have any more questions, please ask, but I'm probably going to bed soon so might not reply before tomorrow

So would that then mean I would have 3 different ISA's with Santander i.e. the one I've transferred from the other Santander ISA, the Halifax ISA transfer and then the new one for the new tax year?

badger09

greencode wrote: »

So would that then mean I would have 3 different ISA's with Santander i.e. the one I've transferred from the other Santander ISA, the Halifax ISA transfer and then the new one for the new tax year?

NO

You would only have 1 ISA containing all the money (+interest) from your existing Flexible Iss3, Halifax Direct Reward, and next year's allowance.

greencode

badger09 wrote: »

NO

You would only have 1 ISA containing all the money (+interest) from your existing Flexible Iss3, Halifax Direct Reward, and next year's allowance.

But I thought you were only allowed £5340 in a single ISA.

badger09

greencode wrote: »

But I thought you were only allowed £5340 in a single ISA.

You can only pay in £5340 in an ISA in 2011/12. You can lump past year's contributions together. I've got an ISA with well over £50k in it :T but then I am getting on a bit:p.

G'Night