Transfer Cash ISAs Discussion Area

greencode

badger09 wrote: »

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

Ah ha, now I understand - after 2 years!!! Thanks for your help with this and good night.

Munro_Bagger

Good evening! Like greencode, I have two ISA's and I'm looking to open another...but I admit, I'm finding it difficult to get my head around transfers, and opening a new ISA. I'd really appreciate some advice please. ISA's are;

- Opened 21/10/10 Halifax ISA Saver Direct - currently says 3% rate
- Opened 06/04/11 Santander ISA. Interest appears to have been paid on 02/03/12. I'm not looking to lock cash away for a fixed period.

Q - can I transfer my Santander ISA now to a new provider, seeing as interest seems to have been paid on it?
Q - what should I do with my Halifax ISA? Interest was paid last year on 5th April - should I wait until this date to receive interest before transferring, or is this irrelevant?
Q - can I transfer my existing ISA's to new ISA's now, and open another ISA for next year now (6th April onwards), without breaking the rules?

Many thanks

MoneySaverLog

Munro_Bagger wrote: »

Good evening! Like greencode, I have two ISA's and I'm looking to open another...but I admit, I'm finding it difficult to get my head around transfers, and opening a new ISA. I'd really appreciate some advice please. ISA's are;

- Opened 21/10/10 Halifax ISA Saver Direct - currently says 3% rate
- Opened 06/04/11 Santander ISA. Interest appears to have been paid on 02/03/12. I'm not looking to lock cash away for a fixed period.

Q - can I transfer my Santander ISA now to a new provider, seeing as interest seems to have been paid on it?

Yes, don't have to wait until interest is paid, it should be paid on the transfer.

Munro_Bagger wrote: »

Q - what should I do with my Halifax ISA? Interest was paid last year on 5th April - should I wait until this date to receive interest before transferring, or is this irrelevant?

Irrelevant, see answer above, assuming ISAs are instant access and no penatlies for taking money out e.g. with a fixed rate isa.

Munro_Bagger wrote: »

Q - can I transfer my existing ISA's to new ISA's now, and open another ISA for next year now (6th April onwards), without breaking the rules?

Yes, as long as you don't add to the one for next year before the 6th April

Munro_Bagger

Thanks so much MoneySaverLog - who knows, I may eventually get my head around it all next year...!

otisye

Hello!

Only two days ago i opened my first ever cash isa with lloyds (i put in the full allowance of 5340).
I also have account in Natwest. While on the website i read about the isa's they offer and it says that if i transfer my current isa to them they will offer 3.35% interest while if i was initially opening one with them the interest would be 2.6.
So my question now is, Can i go to a Natwest branch tomorrow and ask them to transfer my lloyds isa to get the better rate?
As i said this is the first isa i opened and i opened it only 2 days ago.

thanks!
nicky

Lokolo

otisye wrote: »

Hello!

Only two days ago i opened my first ever cash isa with lloyds (i put in the full allowance of 5340).
I also have account in Natwest. While on the website i read about the isa's they offer and it says that if i transfer my current isa to them they will offer 3.35% interest while if i was initially opening one with them the interest would be 2.6.
So my question now is, Can i go to a Natwest branch tomorrow and ask them to transfer my lloyds isa to get the better rate?
As i said this is the first isa i opened and i opened it only 2 days ago.

thanks!
nicky

The 3.35% ISA is a 1 year fixed, which means there will be penalties should you want access to the money within 1 year.

But other than that yes. You will need to bring your Lloyds ISA details (account number and sort code) as you will be filling in an ISA transfer form. (or you can do it yourself here)

badger09

otisye wrote: »

Hello!

Only two days ago i opened my first ever cash isa with lloyds (i put in the full allowance of 5340).
I also have account in Natwest. While on the website i read about the isa's they offer and it says that if i transfer my current isa to them they will offer 3.35% interest while if i was initially opening one with them the interest would be 2.6.
So my question now is, Can i go to a Natwest branch tomorrow and ask them to transfer my lloyds isa to get the better rate?
As i said this is the first isa i opened and i opened it only 2 days ago.

thanks!
nicky

Which ISA did you open with Lloyds? You need to check the terms and conditions for the particular ISA you opened. Is there a 'cooling off period'?

MoneySaverLog

The 3.7% 2 yr FRISA from Lloyds TSB has a 14 day cooling off period I believe so if you're not happy you can switch. I'd imagine the others are the same.

otisye

badger09 wrote: »

Which ISA did you open with Lloyds? You need to check the terms and conditions for the particular ISA you opened. Is there a 'cooling off period'?

I opened the cash ISA saver for one year. and according to a brochure i have from lloyds, it does mention a cooling off period of 14 days.
what worries me though is that in the 'contract' i signed in the end of the agreement mentions:
I declare that:
-Im 16 or over
-I have not subscribed and will not subscribe more than the overall subscription limit in total to a cash ISA
-I have not subscribed and will not subscribe to another cash ISA in the same tax year that i subscibed to this cash ISA
and obviously thats the part of the declaration that worries me a bit!

badger09

otisye wrote: »

I opened the cash ISA saver for one year. and according to a brochure i have from lloyds, it does mention a cooling off period of 14 days.
what worries me though is that in the 'contract' i signed in the end of the agreement mentions:
I declare that:
-Im 16 or over
-I have not subscribed and will not subscribe more than the overall subscription limit in total to a cash ISA
-I have not subscribed and will not subscribe to another cash ISA in the same tax year that i subscibed to this cash ISA
and obviously thats the part of the declaration that worries me a bit!

The only Cash ISA Saver I can see on Lloyds website is a variable rate account, with a bonus fixed for 18 months, but there are no restrictions on withdrawals - so you have 2 choices:
1) Use the cooling off period to cancel your application. Don't worry about the declaration. If you use the cooling off period to cancel, your application is treated as if it never happened :cool:
2) Apply to your new chosen provider to transfer in your existing (albeit very new ) Lloyds ISA