Transfer Cash ISAs Discussion Area

gwapenut

Or maybe 3 years' notice. But needs diarising anyway, can't rely on Royal Mail etc to deliver the prompts from even the most conscientious of providers.

Mee

innovate wrote: »

You didn't exactly have just one week's notice! As you would have known a year ago that your ISA matures in a year.......

The best currently available ISAs are in post 1 of this thread: https://forums.moneysavingexpert.com/discussion/401374

Yes, the onus is on me and I did log it on my spreadsheet of accounts and expiry dates/maturities. March seemed so far away a few weeks ago. I didn't mean to suggest it was M&S' fault.

Mee

gwapenut wrote: »

Or maybe 3 years' notice. But needs diarising anyway, can't rely on Royal Mail etc to deliver the prompts from even the most conscientious of providers.

Yes, the onus is on me and I did log it on my spreadsheet of accounts and expiry dates/maturities. March seemed so far away a few weeks ago. I didn't mean to suggest it was M&S' fault.

gwapenut

Set up a google calendar of expiry dates for things, from there you can arrange email, android-popup, or even sms reminders - all for free.

green1960

the_devil_made_me_do_it wrote: »

My ISA is with Santander.

Reason I wish to transfer is the interest rate is going to less than 1%.

I don't know who I want to transfer to, need to have a look at the best deals.

Just need to know when the best time to transfer is.

My ISA is with Santander. and I have already applied to the Cheshire, filled the forms in on line, printed them off and posted them to the Cheshire, the Santander have sent me a letter stating that the transfer will take place on 6 April when the interest rates drop. I have applied for this just in case there are not any better offers in March/April and if there are some better offers available I will transfer again. Even if you have used your allowance for this year you can still open this account with a transfer.

ColinB

Quick Q about ISA rules. I want to transfer an existing Cash ISA to a new provider, and my chosen new provider requires me to declare "I have not subscribed and will not subscribe to another cash ISA in the same tax year that I subscribe to this Cash ISA". In other words, if I have already subscribed to my current provider (which I have), after I have transferred it I cannot add any more to it until the new tax year. I phoned them up and they confirmed that is indeed their stance. That took me by surprise, I always assumed that I was transferring the ISA not opening a new one, therefore I ought to be able to continue to subscribe irrespective of the provider. If the bank's right, then that's a disincentive to transferring that I hadn't tripped over before.
Any thoughts on who's right here ?

Editing this to bring it up to date (in case anyone's interested).
I got a response in writing from the bank (ie my chosen new provider) which supported my view and contradicted what the call centre told me - so I complained. First Direct (for it was they) responded very quickly and confirmed that I was right and that the call centre agent was being re-educated. Then I pointed out that the wording on the application was totally daft: initially they said they had no choice about that, HMRC insisted on it. So I opened up HMRC's ISA Transfer Rules online there and then and told them they were wrong again. They didn't agree to change the wording straight away, but the person I spoke to seemed to think I had a point. I wasn't looking for compensation because I wasn't actually out of pocket, but I was offered a couple of bottles of wine which duly arrived today. Result !

Jeff_t

Im told everywhere NOT to withdraw money from ISA if I want to keep the tax free status.
I have two ISAs with TSB, one has matured (eg they dropped the interest to 'keeping money in a box under the bed' levels ), and I want to put the money in the other.
Ive tried 12 times now.. in branch, by phone, by internet.
In branch, their machines wont print the transfer forms or the staff dont know anything about it.
By phone, I keep getting told that 'the branch has to handle that' with promises to phone me back, and they don't.
On the internet, it specifically says 'the source account is a TSB account, so we cant do it'
Why cant I merge two accounts with TSB? It seems it will be easier to lose a months interest, and oipen a new account with another provider in April, taking the money to them.

innovate

Have you tried this form: http://www.lloydstsb.com/media/lloydstsb2004/pdfs/12061_0210.pdf

If it doesn't work, raise a formal, written, complaint.

SallySunshine

Discussed transfer from M&S to Santander with Santander advisor.

I was told if I closed my fixed rate ISA immediately and paid their penalty £100, (the ISA matures on 15th) the transfer would happen immediately.

If I waited until maturity then transfer could take up to 15 days.

There is a lot of money to be transferred and I know some new providers will pay interest from date of transfer, or at least I'm sure one did.

Need to think this one over, and weigh things up.

10_66

SallySunshine wrote: »

Discussed transfer from M&S to Santander with Santander advisor.

I was told if I closed my fixed rate ISA immediately and paid their penalty £100, (the ISA matures on 15th) the transfer would happen immediately.

If I waited until maturity then transfer could take up to 15 days...

I would think that even if you closed your ISA immediately paying the penalty, the transfer could still take up to 15 days. There's no guarantee that the transfer would complete any faster, just that it would be carried out sooner than later.