Transfer Cash ISAs Discussion Area

adonis10

I may even just leave it if there has been some balls up. Opening a 1 year fixed account @ 3.6% anyway, which is 3.24% after tax so, for the sake of 0.26% on 5.5k, I'd rather just close the old ISA and put the money in this account rather than mess around with Santander's customer service.

adonis10

Shambles.

Halifax haven't got it, clueless guy on the phone at Santander said he'll 'pass it to back office to investigate' which will take 4-5 days, then I assume there'll be another form to be completed - another 15 days.

Decided to just leave it, close Halifax ISA and put the money into a 1 year fixed saver. The small loss of interest is minimal and I simply can't be doing with inept customer services and hassle that will inevitably ensue.

innovate

adonis10 wrote: »

I may even just leave it if there has been some balls up. Opening a 1 year fixed account @ 3.6% anyway, which is 3.24% after tax so, for the sake of 0.26% on 5.5k, I'd rather just close the old ISA and put the money in this account rather than mess around with Santander's customer service.

Are you sure? 20% off 3.6% is 2.88%, I think? Would be a shame to lose the ISA wrapper forever, too.

If you just cannot be bothered with Santander any longer, have a look at the other ISAs - there are quite a few others that allow transfer in and pay more than 2.88%.

adonis10

innovate wrote: »

Are you sure? 20% off 3.6% is 2.88%, I think? Would be a shame to lose the ISA wrapper forever, too.

If you just cannot be bothered with Santander any longer, have a look at the other ISAs - there are quite a few others that allow transfer in and pay more than 2.88%.

It'll only be 10% as the person is retired and the excess interest will fall into the 10% tax category.

Already opened the Santander ISA and paid money in, so it's only the 6k I'm losing the tax free wrapper on. In a year or so much of the money may have been invested in property anyway, so the person would no longer be a UK tax payer.

The loss of interest this year will be ~£20; not enough to justify the hassle that will ensue trying to chase it up. The amount in question is only 6k, if it was 60k it'd be worth following up.

tiptoe

I'm currently filling in a CASH ISA transfer form and it requests the address of the bank that holds the ISA. Fine, except that when I opened the ISA SAVER DIRECT it was with the Bank of Scotland and the address on the account opening paperwork is a PO Box in Leeds. I had a reminder from BoS that the bonus period was coming to an end and the address was in Edinburgh. The latest statement I have gives the address of my local Halifax branch in Peterhead.

Which of the above should be used on my transfer paperwork?

Appreciate your input.

Tiptoe

innovate

tiptoe, I wouldn't worry too much about the address- - use the Head Office one if in doubt. The ISA transfer team in your new provider will know who to ask for your money in HBOS.

Much more critical is that you specify the correct sort code and account number of your old ISA.

If you really worry about it (but I don't think you should), call your new ISA provider and ask them

tiptoe

innovate,

Thanks for the comment. I looked up the sort code and it
points to the local branch so I will use that address.

tiptoe

egghead67

Any help welcomed - I did read bunch of threads - maybe I just didn't look hard enough to get the answer.

Situation is - with HSBC cash ISA, say about £8000 from previous years, already started 'investing' £1000 in this current tax yr with them.

Spoke to Santander for 2 yrs fixed rate 4% transfer - told option is to transfer the whole £9000, but cannot invest anymore for 2 years so thats it. Alternatively just transfer previous yrs of £8000 and cont current tax yr with HSBC.

Spoke to Halifax for online 1 year 3% - told can either transfer the whole lot £9000, and continue adding in until current tax yr allowance filled up, or just transfer the old one in.

Is this right?? Was hoping I could transfer previous yrs £8000 to santander fixed for 2 yrs, and move the current year alone to Halifax for 1 yr - but maybe too good to be true.

So why one bank (halifax) can allow me to invest in a different provider for the rest of the yr? I don't sense this is right, or maybe I'm just downright confused bimbo.

badger09

egghead67 wrote: »

Any help welcomed - I did read bunch of threads - maybe I just didn't look hard enough to get the answer.

Situation is - with HSBC cash ISA, say about £8000 from previous years, already started 'investing' £1000 in this current tax yr with them.

Spoke to Santander for 2 yrs fixed rate 4% transfer - told option is to transfer the whole £9000, but cannot invest anymore for 2 years so thats it. Alternatively just transfer previous yrs of £8000 and cont current tax yr with HSBC.

Spoke to Halifax for online 1 year 3% - told can either transfer the whole lot £9000, and continue adding in until current tax yr allowance filled up, or just transfer the old one in.

Is this right?? Was hoping I could transfer previous yrs £8000 to santander fixed for 2 yrs, and move the current year alone to Halifax for 1 yr - but maybe too good to be true.

So why one bank (halifax) can allow me to invest in a different provider for the rest of the yr? I don't sense this is right, or maybe I'm just downright confused bimbo.

Don't know if you're a bimbo but here goes:

The reason Santander won't let you carry on investing in their 2 Year Fixed Rate ISA is because they have imposed a 14 day transfer in or new deposit timescale from date of opening. Its not unusual for Fixed Rate accounts to limit to initial transfer in/deposit only

Halifax 3% Saver Online ISA account is instant access so they don't mind when you pay in or transfer

You can certainly do what you were hoping, i.e transfer previous years' £8k to Santander - and all of your current year's subscriptions to Halifax, then once that transfer is complete you can carry on paying into Halifax, up to max £5640 for this year.

Remember though that Santander & Halifax must actually do the transfers - don't try to do them yourself.

Hope you're not still confused

boobbby

egghead67 wrote: »

Any help welcomed - I did read bunch of threads - maybe I just didn't look hard enough to get the answer.

Situation is - with HSBC cash ISA, say about £8000 from previous years, already started 'investing' £1000 in this current tax yr with them.

Spoke to Santander for 2 yrs fixed rate 4% transfer - told option is to transfer the whole £9000, but cannot invest anymore for 2 years so thats it. Alternatively just transfer previous yrs of £8000 and cont current tax yr with HSBC.

Spoke to Halifax for online 1 year 3% - told can either transfer the whole lot £9000, and continue adding in until current tax yr allowance filled up, or just transfer the old one in.

Is this right?? Was hoping I could transfer previous yrs £8000 to santander fixed for 2 yrs, and move the current year alone to Halifax for 1 yr - but maybe too good to be true.

So why one bank (halifax) can allow me to invest in a different provider for the rest of the yr? I don't sense this is right, or maybe I'm just downright confused bimbo.

Badger answer is absolutely correct..one final option is to transfer the £9000 to the two year lloyds 3.7% FRISA where you can add this years and next years allowance as and when you want