📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!

Transfer Cash ISAs Discussion Area

1253254256258259319

Comments

  • tomski1987
    tomski1987 Posts: 13 Forumite
    Seventh Anniversary Combo Breaker
    Thanks for your responce guys, before you guys responded I phoned HMRC and some oik with an attitude problem said it wouldn't be possible since I can only 'subscribe' to one ISA this year.

    Meaning that if I transfer this years money so far (the £2k) to Aldermore then I can't subscribe any more and therefore lose the remainder of my allowance. They said I'd have to subscribe my full £5340 to Halifax before making the switch to Aldermore.

    I have to admit they didn't sound like they knew what they were talking about, but I don't want to make the transfer then find out I can't put any more money in an ISA this year.
  • Spivved1987
    Spivved1987 Posts: 176 Forumite
    Part of the Furniture 100 Posts Name Dropper Combo Breaker
    I am currently looking to amalgamate a few ISAs (all transfers) into one for ease of admin etc. I was wondering if there are now ANY instant access ISAs which levy exit penalties? If there aren't any, then I don't need to wade through all the small print of my current providers! None of them are fixed-term.
  • badger09
    badger09 Posts: 11,622 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    edited 24 July 2012 at 6:19PM
    tomski1987 wrote: »
    Thanks for your responce guys, before you guys responded I phoned HMRC and some oik with an attitude problem said it wouldn't be possible since I can only 'subscribe' to one ISA this year.

    Meaning that if I transfer this years money so far (the £2k) to Aldermore then I can't subscribe any more and therefore lose the remainder of my allowance. They said I'd have to subscribe my full £5340 to Halifax before making the switch to Aldermore.

    I have to admit they didn't sound like they knew what they were talking about, but I don't want to make the transfer then find out I can't put any more money in an ISA this year.


    Oh dear - but not unusual from HMRC call centre staff:o

    To try to keep it really simple, I've used the 'envelope' metaphor previously... :)

    You have paid £2000 into your 2012/13 ISA envelope (in your case held by Halifax). You then ask Aldermore to look after your 2012/13 envelope for you. Aldermore contact Halifax, who then pass your envelope to Aldermore. Once the envelope is safely in Alldermores hands you can carry on paying into your envelope up to your £5640 limit. :T

    You're only paying into one envelope - its just being looked after by Aldermore, rather than Halifax.

    I've had several accounts, including ISA with Aldermore and always found them extremely efficient.
  • badger09
    badger09 Posts: 11,622 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    I am currently looking to amalgamate a few ISAs (all transfers) into one for ease of admin etc. I was wondering if there are now ANY instant access ISAs which levy exit penalties? If there aren't any, then I don't need to wade through all the small print of my current providers! None of them are fixed-term.

    None that I'm aware of - that's the point of Instant Access really :D
  • tomski1987
    tomski1987 Posts: 13 Forumite
    Seventh Anniversary Combo Breaker
    badger09 wrote: »
    Oh dear - but not unusual from HMRC call centre staff:o

    To try to keep it really simple, I've used the 'envelope' metaphor previously... :)

    You have paid £2000 into your 2012/13 ISA envelope (in your case held by Halifax). You then ask Aldermore to look after your 2012/13 envelope for you. Aldermore contact Halifax, who then pass your envelope to Aldermore. Once the envelope is safely in Alldermores hands you can carry on paying into your envelope up to your £5640 limit. :T

    You're only paying into one envelope - its just being looked after by Aldermore, rather than Halifax.

    I've had several accounts, including ISA with Aldermore and always found them extremely efficient.

    Thanks badger, the envelope analogy makes alot of sense :T
    On a slightly different tangent, I have another ISA with a different provider which I want to keep separate from this current money for various reasons. There is no problem with opening another ISA simply with the intention of just transferring that old money across since I'm not 'subscribing' to this additional ISA?
  • badger09
    badger09 Posts: 11,622 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    tomski1987 wrote: »
    Thanks badger, the envelope analogy makes alot of sense :T
    On a slightly different tangent, I have another ISA with a different provider which I want to keep separate from this current money for various reasons. There is no problem with opening another ISA simply with the intention of just transferring that old money across since I'm not 'subscribing' to this additional ISA?

    Spot on. You can open as many ISAs as you want :p but you can only subscribe (or pay 'new money') into one ('envelope' at a time) :)
  • jewelly
    jewelly Posts: 516 Forumite
    Part of the Furniture 100 Posts
    I've been a Santander customer since the migration from Alliance and Leicester and have not had any problem with them - till now.

    I opened an ISA with them on 19th June and sent them the transfer forms to move previous money from my Aldermore ISA to the newly opened Santander one.

    I've waited patiently, then got a standard letter from them on 24th July basically(as if they have only just received it!) saying thanks for our transfer request - this is what will happen now .... etc.

    I rang Santanader on 25th July and they told me they had sent the paperwork to Aldermore and chaser letters but Aldermore had not responded. I asked them when they had sent the papers and got no answer. I asked about the loss of interest due to the delay and they said Aldermore would have to pay it as the fault lies with them. I said I wanted to complain and he said he had raised it as an incident with high priority and I would receive texts informing me of what was happening. I got a text immediately confirming my complaint number. and nothing more so far.

    I rang Aldermore today (26th July) and they told me they had only received the transfer form on 23rd July, and I had not signed it so they have returned it to Santander the same day, who will return it to me. They said Santander should have checked the form and should have sent it within the recommended timescales so the fault lies with them.

    What are my rights anyone? And what can I demand from Santander?

    Thanks for reading.

    J
  • meanscot
    meanscot Posts: 90 Forumite
    Hi jewelly

    See post # 2548 on the previous page (Page 128) of this thread as this has worked for several forum members who have had Santander problems.

    Meanscot
  • Pound
    Pound Posts: 2,784 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    At the moment I have two matured ISAs, one with Northern Rock and one with Halifax. Before I open a new ISA I just want to merge the funds together.

    Northern Rock's account number is unusual, it's a mixture of letters and numbers. But on Halifax's transfer form it wants a sort code and 8 digit account number. I'm sure I must have had these details for Northern Rock as I did a BACS payment but I can't find them now and NR claim I don't have this.

    This unusual account number makes it difficult to fill Halifax's form in. Although I've just crossed out the sort code and account number and just written what Northern Rock have given me.

    Are Halifax likely to object to this account number? If they do, surely all Halifax do is send the form to Northern Rock and ask them to send a cheque; so as long as NR are happy, Halifax should just process it without questioning the details, is this right?
  • spike87
    spike87 Posts: 548 Forumite
    Part of the Furniture 500 Posts Combo Breaker
    I am currently in the process of transferring my ISA to Santander as my bonus rate has just finished with Halifax. I received the standard letter from Santander last week saying they have sent the request form off to Halifax and they now have 5 days to release the funds.

    Yesterday I checked my Halifax account and the ISA has been removed from my accounts list, but the money is not showing in Santander yet. Is this normal as I currently have a lot of money not showing in either account?
Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 351.3K Banking & Borrowing
  • 253.2K Reduce Debt & Boost Income
  • 453.8K Spending & Discounts
  • 244.3K Work, Benefits & Business
  • 599.5K Mortgages, Homes & Bills
  • 177.1K Life & Family
  • 257.8K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16.2K Discuss & Feedback
  • 37.6K Read-Only Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.