Transfer Cash ISAs Discussion Area

rabmania

Apparently my interest rate is about to lose its bonus, so I'll be on 0.5% from end of February. I'm not au fait with ISA 'best practice', but I'm guessing I should move, but should I wait until the new tax year, or do it now? Many thanks in advance for any help.

innovate

Find a new provider who allows transfers in, fill in their transfer form as soon as you can. No need to wait until the new tax year.

Though you might have a look in April whether there are any better rates about - this used to happen in years past, no guarantees it will again. If there are better rates, and if the ISA you transferred to is an instant access one, you could just transfer again.

But always read the T&Cs about transfers and withdrawals.

gwapenut

How far in advance can you request a transfer? I have an ISA maturing early April, the Cheshire didn't seem interested in talking to me yet

chrisnw

I have requested the transfer of a, shortly to mature, ISA to the 2.5% Cheshire one using their (actually I think Nationwide's) so called online system. In reality I had to print off the online generated form and send it to them. The print stage had 2 buttons, one for the application and one for the transfer form. In fact both produced the exactly same output of everything! I queried this by 'phone and was told "Oh yes that's OK, just send us 2 copies" So I did. I then got 2 e-mails which implied everything was fine (albeit that they told me they had received my cheque, which they could not have as I didn't send one, no allowance left for this year!). Then a few days ago a letter arrived asking me to complete the enclosed transfer form! I rang and asked why this was required and was told that was the system. No amount of complaining got me anywhere, and infact I was treated very badly by the supervisor I spoke to and will be raising a formal complaint in due course. The letter requesting the transfer form had a Dunfermline address on it, the original paperwork had a Swindon address, the form itself a Wolverhampton address. The letter made no mention as to which of these I should send said form. The "so called" supervisor had to go off line yet again for another 2 minutes to find out what to tell me. The whole process took over h40 minutes.

How can part of the country's biggest Building Society basic account adminitration be so awful?
:mad:
RANT over, you have been warned.

innovate

gwapenut wrote: »

How far in advance can you request a transfer? I have an ISA maturing early April, the Cheshire didn't seem interested in talking to me yet

It takes about max 15 working days to transfer an ISA, so it's not surprising they don't want to talk now.

But if you are 100% certain you know what you want to do, you can fill in a transfer form and tell the new provider not to transfer before the maturity date.

Just I am not sure you could be sure this far in advance.

gwapenut

> Just I am not sure you could be sure this far in advance.

Well, with the rates heading downwards and the new ISA being instant access, it's a chance I'd like to take rather than lose the last of the good rates! If my gamble backfires then I should be able to transfer away again quickly.

But I will hold fire a little while and see if any better deals emerge by the end of February. Just I want to be able to pounce if something good does come my way.

rb10

gwapenut wrote: »

> Just I am not sure you could be sure this far in advance.

Well, with the rates heading downwards and the new ISA being instant access, it's a chance I'd like to take rather than lose the last of the good rates! If my gamble backfires then I should be able to transfer away again quickly.

But I will hold fire a little while and see if any better deals emerge by the end of February. Just I want to be able to pounce if something good does come my way.

Whilst it's a good plan, many accounts will only give you the published rate if the account is funded within X days of opening - this is worth checking out before you go ahead.

gwapenut

rb10 wrote: »

Whilst it's a good plan, many accounts will only give you the published rate if the account is funded within X days of opening - this is worth checking out before you go ahead.

Interesting point, I'm generally pretty savvy but hadn't considered that. Will stay alert!

SephirothX

Man these ISA rates just keep getting worse. When can we start expecting some better deals for the new tax year?

black_taxi_2

Loans 11%\savings 1.9%

Robbery