Transfer Cash ISAs Discussion Area

murphydavid

dragilex wrote: »

This is quite a naive question and I think I know the answer but I need someone to confirm it for me before I go ahead.

I have a Northern Rock ISA (previous years) and the I'd like to transfer it to the new Sainsburys one. If the Northern Rock account pays interest annually and I have not made it to the anniversary of the account opening yet will interest accrued be paid upon the date of transfer?

Yes calculated compound interest daily up to the day of transfer. It can be transferred with the capital to the new account or when you fill in the NR transfer form you probably will have an option for partial transfer ie you could divert the interest and or some of the capital to your current account (ie withdraw it). If you want to withdraw just the interest you can calculate in advance how much it will be by using the savings interest calculator somewhere in one of the articles on this site.

alduncan

Is there a reason why the Marks & Spencer ISA (with 3% interest and allows transfers) is not on the list at the moment?

Al :-)

innovate

Assuming you mean the main MSE site when you say 'list" - - that is rarely current in terms of the best offers.

Which is why Kazza's list has been in existence for the last 5+ years.

The M&S rate is variable, and I believe it drops to 2.75% in December.

ManPants

alduncan wrote: »

Is there a reason why the Marks & Spencer ISA (with 3% interest and allows transfers) is not on the list at the moment?

Al :-)

I transfered last years ISA with HSBC into M&S plus opened up another with M&S for this current year and have just had a letter to tell me they are dropping interest rate to 2.75 %! I feel peeved after researching and checking and going to the bother of opening these up to have the interest rate dropped 6 months later! I'll know for next year!

Stupotstu

John1954

My bonus rate finishes in December and I will be looking for a new home for my savings. I've already taken up this year's allowance and wonder whether a new provider which accepts transfers in will allow me to transfer in without any new deposit.

innovate

John1954 wrote: »

My bonus rate finishes in December and I will be looking for a new home for my savings. I've already taken up this year's allowance and wonder whether a new provider which accepts transfers in will allow me to transfer in without any new deposit.

Sure they will.

mrc77

innovate wrote: »

Sure they will.

I'm in a similar situation to John1954, but not quite as plush...

I've got a previous years cash ISA that's rate has dropped to 0.5%. However, I've already paid half of my 2012/2013 annual cash ISA allowance in.

Can I transfer my current savings to a new cash ISA account with a different bank and then use up the rest of my ISA allowance with the new bank?

Thanks.

boobbby

mrc77 wrote: »

I'm in a similar situation to John1954, but not quite as plush...

I've got a previous years cash ISA that's rate has dropped to 0.5%. However, I've already paid half of my 2012/2013 annual cash ISA allowance in.

Can I transfer my current savings to a new cash ISA account with a different bank and then use up the rest of my ISA allowance with the new bank?

Thanks.

First look on page one of this thread https://forums.moneysavingexpert.com/discussion/401374 to get the best cash ISA that accepts transfers. Then arrange for this new provider to carry out the transfer and once it has your funds you can pay in the rest of this years allowance

mrc77

Thanks boobbby.

elementaryuser

Ok Noobie question please help! I have an existing ISA from last year now on v poor rate so want to transfer it. I also want to open one for this year. The best one I have found for this year doesn't take transfers. So can I transfer the old one to a new provider and open a new one this year with a different provider or does that break the rules?