Transfer Cash ISAs Discussion Area

evenasus

Binham wrote: »

I have a cash ISA with Santander already, that dropped to a really lousy rate recently. I want to open the new Santander ISA that offers 3.3% with an opening deposit of £2,500 (the total amount currently in my old Santander cash ISA). However, it says I can't do a transfer online, but have to go into a branch. Why is this do you think? Are they just trying to make it difficult for existing customers to transfer to a better rate?

You can't do the transfer online.

You can (lots of people on MSE have done this) ring them and upgrade your existing Santander ISA to the new one you choose.

See this thread.... https://forums.moneysavingexpert.com/discussion/3855595

Binham

Thank you Evenasus. Really helpful advice and link.

assscat

Hello,

I consolidated my previous years' ISA savings into a Halifax ISA earlier this tax year, and last week topped it up with this tax year's ISA allowance.

Can I now transfer all of this into a NatWest ISA before the end of the tax year?

My confusion is over this year's allowance, and whether I'm allowed to transfer it between providers in the same tax year.

Thanks!

10_66

assscat wrote: »

...
Can I now transfer all of this into a NatWest ISA before the end of the tax year?

My confusion is over this year's allowance, and whether I'm allowed to transfer it between providers in the same tax year...

Yes, providing the ISA to which you want to transfer permits transfers in, you can do this, as long as you keep this year's subscription in one place, you can transfer it.

mrseb

I'm looking at transferring my current ISA to find better interest. I opened it with my existing bank to get the ball rolling, but now have some confidence to move it elsewhere. I'm looking at other accounts and some seem to offer bonuses whilst others dont. And I'm not sure what this really means to me, or whether accounts with bonuses are better for my situation or not.

I'll need have access to my cash as I simply use the ISA as a dumping ground for any left over money that I can call upon whenever I need it. So for example, although I've used my tax free allowance for this year I haven't got that full amount to move to another account (and it'll be the same next year I should imagine).

So bonus, or no bonus?

ceejayblue

Bonus of course! Don't leave it in an account that isn't paying a decent interest just because you haven't got the full allowance to move over!

leaphaze

mrseb wrote: »

I'm looking at other accounts and some seem to offer bonuses whilst others dont. And I'm not sure what this really means to me, or whether accounts with bonuses are better for my situation or not.

So bonus, or no bonus?

With a bonus, the rate is guaranteed to drop, usually after a year, so you need to be prepared to transfer your ISA at that stage. It gives you a fixed point in time so you can plan what to do and when to do it. However, even if you have an ISA without a bonus, you should still keep an eye on what your ISA rate is and what other products would give, so you can pull that transfer trigger to get the best return.

If you're happy to transfer, then just go for the highest rate.

Mike_J

Hopefully a very simple question with a very simple answer. If you have a cash ISA with one financial institution and you want to move it...BUT you need to retain funds at the original instituation (for various benefits reasons) can you arrange to transfer part (all be it a very big part) of your ISA?

gregg.martin

Hi, I have recently signed up for a Natwest e-Isa and am trying to transfer my current savings from my Santander account to it. I filled out the transfer form, sent it to Santander and have received a letter today telling me the Natwest account code I gave them is not for an ISA. I could have made a mistake with the account number, but i checked through the form a dozen times, I'm very meticulous with things usually. My question is; instead of transferring the money (£3600), would it be wise for me to withdraw it, and wait till the new tax year and then deposit it in my new Natwest account? I want to try and avoid the hassle of filling out a new transfer form and waiting again. I'm not really sure about the rules regarding my tax free allowance; can I save £5000ish each year, or is it £5000ish in total before i have to pay tax on it? I hope that makes some sort of sense!?

lkate

Apologies if this has already been discussed

My boyfriend has an ISA with Barclays.... Well he actually has about 4 different accounts, but each year he would open a brand new account to get a better rate without transferring her previous ISA to the new one.
So he had quite a fair bit of money locked away in rubbish interest rates.

I recently told him that you can transfer your account to a new ISA with a new interest rate without affecting the yearly limit. He has asked in his bank several times and each time they have said that this is not true, you can't do that.
(Although my bank Nationwide were the ones who told me about it)

I am right in suggesting he can do this? Because I'm going into the bank with him on Saturday to speak to someone with him. They're not fixed term ISAs or anything of the sort so I can't see why he cant transfer, within the same bank to a new ISA

Any help would be greatly appreciated so that I know I'm not going mad here!