Transfer Cash ISAs Discussion Area

innovate

It doesn't matter whether to transfer your old ISA to a new one before you deposit any new money, or the other way round.

Your ISA allowance for a given tax year remains the same, irrespective of whether you have ISAs from previous years.

black_taxi_2

So I can transfer old isa to a new isa provider then add year allowance

big thx

I'm paranoid messing up

black_taxi_2

Quick question

Do u leave £1 in old isa account in case they hav better rates in future

innovate

black_taxi wrote: »

So I can transfer old isa to a new isa provider then add year allowance

Yes you can. But you never transfer yourself - you ask your new provider to make the transfer. They all have appropriate ISA transfer forms for you to fill in.

black_taxi wrote: »

Quick question

Do u leave £1 in old isa account in case they hav better rates in future

No you don't leave anything in the old ISA. (You will get better rates in future in old ISAs shortly after hell freezes over)

innovate

I should like to add that if your new ISA is a fixed-term / fixed rate ISA, there is normally a short time window (e.g. 14 days) in which transfers-in can be requested, and new deposits can be made.

You must read and understand the T&Cs of your new ISA.

Once you have selected your new ISA, if you are still unclear, come back here and ask again.

black_taxi_2

Thx--another quick question

for notice accounts offering best rates

say it's 60 day

you open it dec 2012---do you give notice 60 before end of term so you can get bonus then transfer to new account?

murphydavid

black_taxi wrote: »

Thx--another quick question

for notice accounts offering best rates

say it's 60 day

you open it dec 2012---do you give notice 60 before end of term so you can get bonus then transfer to new account?

I don't think you give notice to the bank that has your ISA because you risk the money loosing its ISA status. You ask the bank that you are transferring to to handle the notice period via the box on the transfer form. Its a bit tricky because the bank to which you are transferring may change their rate in the 60 days. If it was me I would get the existing bank to mature the notice ISA into an Instant ISA within the existing bank then transfer the instant ISA the next day.

innovate

I don't have personal experience with notice period ISAs, let alone transferring them, but the suggestions murphydavid makes look sound to me.

black_taxi_2

Last question

Are on-line cash isa secure safe compared to a passbook?

thx

murphydavid

black_taxi wrote: »

Last question

Are on-line cash isa secure safe compared to a passbook?

thx

Kind of depends on you. You have a password + maybe a security question. If these remain secure with you then no problem. If, say, your kids can guess the answer to your security question then so can I. Also if you write the password down on the underside of your desk draw I will find it. If you use a key logger or something like a clip board manager and you copy paste the password then I will find it. If you leave it on your laptop not encrypted etc etc.
Myself I use two free programs KeePass to generate and store random passwords (a different one for each bank) then even I cant guess or remember them. Then I use TrueCrypt to keep the KeePass file encrypted. So you only have to remember one password. As that is a word I have to remember someone could guess it. So I remember both the word and a code to decipher it, ie the remembered password could be a nine letter word say "important" and the cipher may be put in the last 3 characters first then then the middle 3 back to front then the first 3 twice hence your password would be "anttroimpimp".
Paranoid or what . Ho Ho Ho
Ah don't forget to back up your truecrypt file on a removable media. If you do what I suggest and you loose the encrypted file then there is a big big problem.
I don't have a passbook account but when you take out money do you have to show other ID? Anyway I reckon you could get your wallet and passbook nicked and the bad guy could forge your signature no prob so if that's the case maybe the internet is the safer bet!