Transfer Cash ISAs Discussion Area

MarkyMarkD

The old one may have early closure charges for transferring out, e.g. during a fixed rate period.

Lungboy

Last year i took out my first ISA with Barclays, the Golden ISA which was 2.5% interest with an extra 1% gross for a year. The year is up on the 8th, so i'm wondering what to do now as this is all new to me. Should i stay with my current ISA, or move it, and if i move, should i wait until the 8th to do so? If i put more money in tomorrow for the 12/13 tax year, can i still move the ISA on the 8th and pay into it at the new location? Finally, what is the best instant-access ISA that accepts transfers at the moment, or are there likely to be lots of new ones released in the next few days due to the new tax year?

Many thanks.

evenasus

I would definitely transfer it and there's no need to wait until the 8th, although you can if you want, add funds tomorrow and move it on the 8th.
It was an easy access ISA with no penalties.

I transferred my Golden ISA 3 a couple of weeks ago. You do not remove your ISA funds yourself. Unless you want to spend the money of course.

You open an ISA with which ever provider you decide to go with and complete their transfer form. The new provider will do the rest.

You are best to have a look at this list of the best ISAs available. https://forums.moneysavingexpert.com/discussion/401374

savetilibleed

I'm embarrassed! I opened a 2 yr Fixed Rate Santander Major ISA and transferred in seamlessly!

As that went so well, I opened a Santander Direct ISA to transfer in my ING Direct ISA. I completed a transfer form online, printed it and posted it off to Santander with a covering letter. This was 26 March. This week I thought I'd check progress with Santander, who were able to say they had my form, but nothing else. So next day I checked with ING. They had a copy of my form and even of my covering letter to Santander. But - the embarrassing bit - I had not apparently signed the transfer form so ING had to reject it and send it back to Santander. If all had been OK ING could have done their bit and the cheque would be on its way to Santander rather than the form

Well it was bad enough that I apparently forgot to sign :mad:, but worse still that Santander thought it was OK without signatures (maybe thinking my covering letter signature would do). :rotfl:

MattLFC

In all honesty, rightly or wrongly, at this time of year especially, they probably don't even check lol. They rely on the customer to ensure everything is correct and send the application to transfer.

I did mine in branch for this very reason, so if there any mistakes, they are liable.

adonis10

Applied online for 12/13 ISA yesterday. I was asked how much I'd be depositing but nowhere did it ask about transferring in. I was told that this info would be sent with the welcome letter. However, there is a transfer form on the website so wondered if it may be worth doing that, even though I obviously haven't got an account number yet.

Also, I'd like to transfer in two old ISA's; is this possible?

Anyone else gone through this process with santander?

adonis10

Also, I assume that closing an isa is the same as closing any other account, ie. walk in, request closure, get a cheque.

I ask because I need to deposit with santander (with the money in my barclays isa) by the 14th and, with the bank holidays, I'm going to be cutting it fine.

chipp

Adonis10, if you want to transfer your Barclays ISA to Santander, rather than use your ISA money to open some other sort of savings account with Santander, then you need to fill in Santander's forms to transfer in, and DON'T close your Barclays ISA as this happens as part of the transfer process.

However if you aren't intending to put it in an ISA with Santander or anyone else then presumably yes, you just request a cheque from Barclays. They might even give you the cash if it's not a vast sum. And if they're doing their job right, they ought to quiz you about what you're trying to do, because once done it can't be undone.

adonis10

chipp wrote: »

Adonis10, if you want to transfer your Barclays ISA to Santander, rather than use your ISA money to open some other sort of savings account with Santander, then you need to fill in Santander's forms to transfer in, and DON'T close your Barclays ISA as this happens as part of the transfer process.

However if you aren't intending to put it in an ISA with Santander or anyone else then presumably yes, you just request a cheque from Barclays. They might even give you the cash if it's not a vast sum. And if they're doing their job right, they ought to quiz you about what you're trying to do, because once done it can't be undone.

Thanks.

I think you've slightly misunderstood me, though.

I have two accounts, barclays isa 5.5k and halifax isa 8k, and will have no other cash to put into the isa during the year. Therefore I want to transfer the 8k isa into santander and close down the barclays isa so that I can deposit the cheque into the santander isa.

Just wanted to make sure that I could close the barclays one instantly so that I'm able to deposit it before the 14th April deadline.


Also wondering if I should fill out the transfer form and send immediately with a covering letter, even though I don't yet have an account number. Have an application reference though so I guess this will do. Just want to make sure I do it properly so that it's completed asap.

chipp

Sorry Adonis10, I didn't spot your original post.

So you have 2 ISAs currently with different providers and you want to consolidate them with Santander, have I got that right?

If so, then apart from the application to open the account, you should fill in 2 transfer forms at Santander. If they only send you one you should be able to pick one up at a branch if you can get to one during opening hours, or else take a copy of the one they do send you or print the one you've found online if it looks broadly similar to the one that comes through the post. It's important that you fill in a form for each account that you want to transfer in, because these get sent (whether electronically or snail mail I have no idea) to the banks who currently hold your ISA money, ie Barclays and Halifax.

I imagine the 14th April deadline is the date by which you need to fund the new account. This will only apply if you're putting in "new money", if the account is being opened purely to receive funds transferred in from another ISA that you already hold, then the important things is to get at least one transfer form and your app form back to Santander before that date. You don't have to do both transfers at the same time, the T&Cs of the Santander ISA (assuming you've gone for the 3.3% Direct ISA Issue 9) are quite flexible in this respect.

Today (6th April) is the first day of the new tax year. If you've not put any "new money" into an ISA today then later in the year, if circumstances permit and you choose to do so, you should be able to up to £5640 to the Santander account you are in the process of opening, or alternatively open a new ISA wherever you want for the "current year" money.

Whatever you do, DON'T CLOSE any existing ISA if you want to retain its tax-free status.