Transfer Cash ISAs Discussion Area

We3

Hi everyone,

I'm in the exact same situation as 'The Bookman' up there. I currently have my money in the Halifax Isa Direct Reward 4 and this matures on 13th April. Because the bonus will expire I would like to open the Santander 3.3% and transfer my money across. If I do this before April 13th, will I loose any interest? Or will Santander pay interest from the point the transfer is made?

The_Bookman

blueberrypie wrote: »

You didn't miss anything - the t&c are just badly-worded.

Assuming you're right, then yes, you're right...............the difference an 'and' or an 'or' can make! Why am I not making a fortune as a proof reader? Actually I know why - because the general standard of literacy is so damn poor, those who might employ me wouldn't know whether my corrections were correct.

I shall probably be applying in the very near future, so watch this space and I'll let you know.

I'm very grateful for all the helpful advice.

arealhighlander

Is there anything to stop me transferring previous ISAs from 2 or 3 past providers into one new account? Or are you only allowed one transfer in?

I have 2 or 3 Cash ISAs from previous years that I would like to put into one new one.

badger09

arealhighlander wrote: »

Is there anything to stop me transferring previous ISAs from 2 or 3 past providers into one new account? Or are you only allowed one transfer in?

I have 2 or 3 Cash ISAs from previous years that I would like to put into one new one.

You are allowed to transfer as many ISAs as you wish, assuming that your new provider allows transfers in, and your existing ISAs are not Fixed Term .

The only rule is that if you wish to transfer your current year's subscription, you must transfer it all. Previous years' contributions can be split and transferred however you wish.

boobbby

Santander often get bad press but thought I would comment on the last letter I received. At the end of 12 months the variable Direct ISA reverts from the current rate (Last tear it was 2.5% for amounts above £14000) to 0.5% which usually means a transfer. Last year and this year at the end of the 12 months bonus they automaticaly upgraded the account from issue 6 to 7 and this year from 7 to issue 8 which again gives a good rate of interest. Yes! it still pays to upgrade to issue 9 and get 3.3% but for those that dont or forget at least they get a rate of 2.75%

Munro_Bagger

Good evening!

I'm having a brain burp! I wish to transfer an existing ISA with Halifax into my new Santander Direct ISA (amazingly, I only applied on Sunday and I've already received email confirmation with an account number and sort code). Santander mention that a transfer form must be completed and sent off in the post. I'm going to ask a silly question...is it a case of you must do it this way, or could I simply transfer the cash from Halifax to Santander online (account to account), using the bank account number and sort code they have supplied?

Many thanks for your patience.;)

blueberrypie

As soon as you remove the funds from your current ISA, they lose the protection of the ISA wrapper. If you redeposit them, they are considered "new" money.

So the answer to your question is: No! Absolutely not. Do not do the transfer yourself - fill in the form and let Santander take care of the rest.

I hope that's clear ;-)

Munro_Bagger

Absolutely crystal-clear - many thanks for your excellent advice.

boobbby

Munro_Bagger wrote: »

Good evening!

I'm having a brain burp! I wish to transfer an existing ISA with Halifax into my new Santander Direct ISA (amazingly, I only applied on Sunday and I've already received email confirmation with an account number and sort code). Santander mention that a transfer form must be completed and sent off in the post. I'm going to ask a silly question...is it a case of you must do it this way, or could I simply transfer the cash from Halifax to Santander online (account to account), using the bank account number and sort code they have supplied?

Many thanks for your patience.;)

Transfers from a existing ISA require you to use the transfer form. You can also go to a Santander branch and they will complete and send off the form for you. NEVER do the account to account method or you will lose the ISA accounts tax free status,

LarryHarry

Hi - sorry but I'l a little confused am I supposed to be buying my new ISA before 5 April or after 6 April??:undecided:undecided