Transfer Cash ISAs Discussion Area

Fellwalker

SallySunshine wrote: »

Sorry, I think I expressed myself badly, I would never close an ISA, I meant transfer it out before the maturity date and pay M&S penalty.
however I was more interested in the question of losing interest during the time frame of transference.

I know it can't be helped and just hope it takes less than the 15 days.

Not sure whether to open a new one with 13/14 allowance on 6th April, then transfer in old money, or transfer on 15th, then add new allowance after.

I have transferred a few times but not for the past 3 years.

Woah!

Have you rung Santander on 0845 600 0181 to ask about upgrading to their new Direct ISA Saver which is 2.5% (variable) for 12 months?
Saves all that messy switching if it is appropriate.
I got this from the link from the main moneysavingexpert ISA page.

SallySunshine

Just remembered I've also got a Cheshire 18month fixed ISA maturing in October, so I'll probably transfer that to a variable one, I can move it then to one that starts early April next year.

It's one thing having savings accounts spread about, that's bad enough, so if I only have early April/May to for ISA openings/transfers that hopefully will make things easier.

Yes, I do have spreadsheets with maturity dates etc, but some times things seems to mature all at the same time!

liver-bird

I opened a 12-month fixed rate ISA with Saffron BS last year, which matures on 18th April 2013. At that point I think they transfer it into a low rate savings account (not sure if it's an isa then or not), but I would prefer to transfer it into another ISA - not sure who yet, I'll see what comes up before then. Hopefully something half-decent though they all seem much lower than last year!

Should I
A) open the new account and then transfer it all in when my Saffron one matures? (or ask them to do that on the trasnfer form).
or
Wait until it has matured then open one?

I know I mustn't draw it out myself, but am concerned what happens Re it's tax status on 18th April.

Advice appreciated! Thanks.

leaphaze

liver-bird wrote: »

I opened a 12-month fixed rate ISA with Saffron BS last year, which matures on 18th April 2013. At that point I think they transfer it into a low rate savings account (not sure if it's an isa then or not)...

liver-bird wrote: »

I know I mustn't draw it out myself, but am concerned what happens Re it's tax status on 18th April.

Institutions cannot take away the tax status of your money in an ISA. If the balance is transferred into another account under the terms of an ISA, then that other account must also be an ISA, unless you instruct them otherwise.

spaceman123

I opened a full ISA in August 2012 which will mature in August 2013, i was thinking its best to keep renewing ISA's in April so was hoping of opening a new ISA in April 2013 and waiting until August (when my ISA matures) and transferring that ISA into this new ISA, would i then be able to add another £5,400 in the same tax year?

Sorry for the confususion

Much appreciated

sandspider2000

Yes. But you will need to check that your new ISA allows transfers in - not all do.

leaphaze

spaceman123 wrote: »

I opened a full ISA in August 2012 which will mature in August 2013, i was thinking its best to keep renewing ISA's in April so was hoping of opening a new ISA in April 2013 and waiting until August (when my ISA matures) and transferring that ISA into this new ISA, would i then be able to add another £5,400 in the same tax year?

(reading between the lines so I may have mis-understood your drift!) You don't have to wait until you transfer your 2012/2013 ISA before paying into your 2013/2014 ISA. You can do so at any time during the tax year.

Also note that the ISA subscription limit for 2013/2014 is £5,760; if you only paid in £5,400 instead of the full £5,640 into your 2012/2013 ISA, you have a few weeks to top it up, if allowed by your account's terms & conditions.

rulerofuniverse

Hi all

Do you know when it is better to setup a transfer? - I will setup the transfer to take place at the start of the new tax year but what I want to know is if I am likely to find a better deal to get setup now or at the start of the new tax year?

Obviously, I want to setup one with the best interest rate possible and didn't know if the available deals are likely to change between now and 6th April (or a few days after 6th) and, if they are, whether they're more likely to change for the better or worse.

Thanks,

Natasha

Crabman

rulerofuniverse wrote: »

Hi all

Do you know when it is better to setup a transfer? - I will setup the transfer to take place at the start of the new tax year but what I want to know is if I am likely to find a better deal to get setup now or at the start of the new tax year?

Obviously, I want to setup one with the best interest rate possible and didn't know if the available deals are likely to change between now and 6th April (or a few days after 6th) and, if they are, whether they're more likely to change for the better or worse.

Thanks,

Natasha

Hi Natasha,

It's difficult to say definitively as we don't know what announcements are around the corner. I can only suggest keeping an eye on the ISA Transfers article so you know about any new accounts that allow transfers in.

You may find the following thread useful. The first post is updated regularly by Kazza and lists existing accounts and new ones as they're announced:

https://forums.moneysavingexpert.com/discussion/401374

murphydavid

rulerofuniverse wrote: »

Hi all

Do you know when it is better to setup a transfer? - I will setup the transfer to take place at the start of the new tax year but what I want to know is if I am likely to find a better deal to get setup now or at the start of the new tax year?

Obviously, I want to setup one with the best interest rate possible and didn't know if the available deals are likely to change between now and 6th April (or a few days after 6th) and, if they are, whether they're more likely to change for the better or worse.

Thanks,

Natasha

Recent trends on interest rates are downwards, however bearing in mind it can't go below 0% we are nearing the lower limit. You may take the attitude that, unless you have a large cash capital, there is so little to gain by moving that you can earn more using the time looking for money off shopping vouchers or use the time for pleasure rather than filling in tedious ISA forms. A fiver here or there what's the point? However, on the other hand, if hundreds of thousands of us move our money it might cause a bit of competition to creep in again. Unlikely as government policy is to keep the banks cash rich (print a bit of money or hand out interest free loans to keep it so).