Transfer Cash ISAs Discussion Area

HUDengineer

stupotstu wrote: »

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

With the impending drop from 2.75% to 2.25%, surely there isn't much point rushing to have the M&S ISA, unless the competitor rates are expected to fall around the same time. Am I missing anything? Is it really worth grabbing the marginally better rate with only six weeks of it to go?

boobbby

murphydavid wrote: »

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!

Even easier is to use an account that that you log into using one password and username and which will then log you automatically into any other site. Will even generate and save very complicated passwords https://identitysafe.norton.com/
(by the way I also use KeePass)

Vortigern

[STRIKE]If the post immediately above this is from a user called Miltone and is about jade jewelry (sic), please hit the SPAM button to remove it from this thread.
Miltone has posted the same message in another unrelated thread.[/STRIKE]

...and now it's gone.

Thanks to all who responded

innovate

seems people don't fully appreciate the effects of collective spam-button-pressing.......otherwise that irrelevant jewelry posting would by now have vanished

EDIT: they do now, and it's gone - brilliant, thanks all! :cool:

gwapenut

boobbby wrote: »

Even easier is to use an account that that you log into using one password and username and which will then log you automatically into any other site. Will even generate and save very complicated passwords https://identitysafe.norton.com/
(by the way I also use KeePass)

I know it's Norton and should be secure, however I bet this breaches online banking conditions? So if you ever DID suffer a problem, you don't have a leg to stand on.

ISAs are one form of account where I prefer not to have online access. Too much at stake for my liking

leaphaze

gwapenut wrote: »

I know it's Norton and should be secure, however I bet this breaches online banking conditions? So if you ever DID suffer a problem, you don't have a leg to stand on.

ISAs are one form of account where I prefer not to have online access. Too much at stake for my liking

An alternative to what boobby refers to is an online account with an institution, which can agregate data from other institutions so all your accounts across several institutions can be viewed in one place with just one login.

It's very popular in the US, but hasn't really caught on here. I've heard of one bank offering it a few years ago but can't remember who it was.

I suspect Norton is using the same ideas.

gwapenut

What I don't like is the fact that the institution is able to access my data from other websites. That means I have given away my login details, which breaches my terms and conditions and could leave me wide open to refusal of redress if I ever suffer fraud.

To be clear, I'm not suggesting that the fraud would occur as a result of giving my details to Norton. It could be a virus on my PC etc. But so long as I have demonstrated that I have given away my login details (I think they don't make exceptions for Norton) then I am potentially in a lot of trouble.

boobbby

leaphaze wrote: »

An alternative to what boobby refers to is an online account with an institution, which can agregate data from other institutions so all your accounts across several institutions can be viewed in one place with just one login.

It's very popular in the US, but hasn't really caught on here. I've heard of one bank offering it a few years ago but can't remember who it was.

I suspect Norton is using the same ideas.

Not quite the same, use Norton to go to any any site after using the username and password and get automatically signed in. I also use yorkshire building society which allows your to view all account balances from most providers with just one username and password plus an additional piece of information like mothers name. Much quicker than going to each bank individually and of course you can then go direct to your account if you want to view it in detail. I believe other institutions (first direct !) also allow this convenience.

elfina_2

Sorry if this sounds stupid but I am very confused about my Isas. What I need clarifying is this;
I have already used up my cash isa entitlement this year and I have two other isas from previous years whos interest rates have recently gone down to 2% and 1.7% respectively. Am I allowed to ask my current years Isa provider (who allows transfers in from existing isas) to transfer the amount of approx £10200 into my current Isa from these two Isas even though I have already put this years maximum in, or not?
Also, what percentage of tax do I pay in an ordinary savings account. ? Thanks for any advice as this is doing my head in!

innovate

elfina wrote: »

Am I allowed to ask my current years Isa provider (who allows transfers in from existing isas) to transfer the amount of approx £10200 into my current Isa from these two Isas even though I have already put this years maximum in

Yes. Transfers do not count towards your annual allowance

elfina wrote: »

Also, what percentage of tax do I pay in an ordinary savings account. ?

Assuming you are a basic rate tax payer, it's 20% and this will be automatically withheld from the interest the bank pays you. If you are a higher rate tax payer, you have to tell the HMRC how much interest you got in total (outside the ISAs)

All very straight-forward!