Transfer Cash ISAs Discussion Area

innovate

thenudeone wrote: »

"This product is a limited issue and may be withdrawn without notice."

Withdrawn for new applications might be different to no more deposits/transfers-in allowed into existing accounts. Though their words probably allow them to withdraw just whatever they like.

Idiot-SavAnt

Hello, I'm new here - just decided to register now as I'm traversing the perilous terrain of a previous year's transfer into the Cheshire's ISA Saver.
I'm partway through the application, but am sort of proceeding with caution after seeing all the available options listed under "How will you fund your ISA?":

"- I will open a new ISA and transfer my previous ISA only

- I will open a new ISA, transfer my previous ISA(s) and send a cheque

- I will open a new ISA, transfer my previous ISA(s) and transfer funds from an existing Cheshire savings account*

- I will open a new ISA, transfer my previous ISA(s), transfer funds from an existing Cheshire savings account and send a cheque"


^ That to me looks fishily like I can't JUST transfer a previous ISA and leave it at that, is that correct? Or is it just the way it's worded ("new ISA + previous ISA") that's making me para?
If it's the former then I'm sort of boogered, because I've already set up a 13/14 ISA with another provider. Can anyone confirm if it's cool for me to go ahead with opening this "new" ISA, with no intention of funding 13/14's allowance with them, or does the minimum £1000 deposit need to be new money, and so excluding all that juice I'm transferring in?

IT HURT BRAIN.

DragonQ

Idiot-SavAnt wrote: »

^ That to me looks fishily like I can't JUST transfer a previous ISA and leave it at that, is that correct?

You're looking for the (understandably incredibly well hidden) first option:

- I will open a new ISA and transfer my previous ISA only

:rotfl:

Idiot-SavAnt

I did see that, but it's the wording that got me wondering - "open a NEW ISA and transfer my previous ISA only"; it made me question whether they expect me to fund the new year's allowance at a later date but not quite now (which I simply won't be doing), or whether "new ISA" just means new account to shift the old ISAs into. See what got me there? Am I just twisting my melon trying to find a trap?!?

typistretired

See they have the following on their site:-

The Online Bonus ISA is no longer available online or through any other channels. Customers who have applied online and received an account number can be assured that their application has been accepted.

I think we will be alright for moving our isas in October 2013 because in their terms and conditions they say:-

you may transfer in previous years' subscriptions whilst the issue remains open for further investment.

Well it is open for further investment until April 2014 as it is an easy access account which allows you to move money in and out for the tax year.

When they refer to Further subscriptions in future tax years, I believe they are saying that this is only a one year isa really with easy access.

rb10

Idiot-SavAnt wrote: »

I did see that, but it's the wording that got me wondering - "open a NEW ISA and transfer my previous ISA only"; it made me question whether they expect me to fund the new year's allowance at a later date but not quite now (which I simply won't be doing), or whether "new ISA" just means new account to shift the old ISAs into. See what got me there? Am I just twisting my melon trying to find a trap?!?

You're only agreeing to open a new ISA, not to fund it.

They have to be able to open a new ISA for you, regardless of how you want to use it!

Idiot-SavAnt

rb10 wrote: »

You're only agreeing to open a new ISA, not to fund it.

They have to be able to open a new ISA for you, regardless of how you want to use it!

Well, okay yeah, that makes sense...

but (lol)

...I just continued with the application assuming it was safe to go, and to wait and see if any crystal-clear clarification was provided later on, and sure enough, the HMRC ISA Application Declaration you need to sign says:

"- I have not subscribed and will not subscribe to another cash ISA in the same tax year that I subscribe to this cash ISA;"

Now, I'm aware this declaration will be on all ISA applications with all providers, but it seems to me I obviously can't declare this bit, 'cause I've already done exactly that! It doesn't give any definite indication anywhere that "this cash ISA" could be funded just with previous years' subscriptions, leaving me free to subscribe (or have already subscribed) to a 13/14 cash ISA. If it can, then I'd suggest it isn't really so well worded for some total n00b like me without a great deal of experience with opening/shifting different ISAs, trying to be extra careful they don't balls anything up!!

Unless I'm missing something (very likely), this would appear to strongly suggest that this ISA Saver requires a 13/14 subscription as well as any transferred past subs, and I'd only get myself in a spot of bother opening it when I've already sorted this year's?! Anyone already transferred into it, who can positively confirm it one way or the other? =P

I swear it's not me, it's them, financial institutions; they've got me looking for booby traps absolutely everywhere nowadays. Someone slap me with a haddock, please.

rb10

Idiot-SavAnt wrote: »

...I just continued with the application assuming it was safe to go, and to wait and see if any crystal-clear clarification was provided later on, and sure enough, the HMRC ISA Application Declaration you need to sign says:

"- I have not subscribed and will not subscribe to another cash ISA in the same tax year that I subscribe to this cash ISA;"

Now, I'm aware this declaration will be on all ISA applications with all providers, but it seems to me I obviously can't declare this bit, 'cause I've already done exactly that!

This is part of HMRC's standard ISA declaration - you'll find it on the application for any ISA, at any bank or building society.

I don't like it.

It confuses most people.

The key to it is 'in the same tax year that I subscribe to this cash ISA'. Since you won't be subscribing (i.e. paying non-transferred money into) during the current tax year, this doesn't apply for you.

Should you choose to pay new money into the Cheshire ISA next tax year, then it'll apply for 2014/15.

Poor wording on the part of HMRC, but nothing to be concerned about.

veryintrigued

typistretired wrote: »

See they have the following on their site:-

The Online Bonus ISA is no longer available online or through any other channels. Customers who have applied online and received an account number can be assured that their application has been accepted.

I think we will be alright for moving our isas in October 2013 because in their terms and conditions they say:-

you may transfer in previous years' subscriptions whilst the issue remains open for further investment.

Well it is open for further investment until April 2014 as it is an easy access account which allows you to move money in and out for the tax year.

When they refer to Further subscriptions in future tax years, I believe they are saying that this is only a one year isa really with easy access.

I like your thinking. Once the documentation arrives and I've had a good old look I'll probably be joining the £100 LBS / NW club.

Idiot-SavAnt

rb10 wrote: »

This is part of HMRC's standard ISA declaration - you'll find it on the application for any ISA, at any bank or building society.

I don't like it.

Alright then, ta for that.

The worst thing about that declaration in this particular case is that the first thing on it is "I declare that: I apply to subscribe for a cash ISA for the tax year 2013/2014 and each subsequent year until further notice", and I'm like, "er... no".

I hope you realise it's your fault now if I get sent down for life.