Transfer Cash ISAs Discussion Area

DragonQ

Idiot-SavAnt wrote: »

See what got me there?

No. It says nothing about depositing or subscribing, it says "open". How do you expect to transfer your ISA money into an account that isn't open?

I can't think of a way they could've made it clearer.

Idiot-SavAnt

DragonQ wrote: »

No. It says nothing about depositing or subscribing, it says "open". How do you expect to transfer your ISA money into an account that isn't open?

I can't think of a way they could've made it clearer.

I can mate, but hey-ho.

innovate

Idiot-SavAnt wrote: »

I can mate, but hey-ho.

How?..................................................

Idiot-SavAnt

My innocent newb question has already been answered nicely, ta. If parts of the application process can seem a little unclear sometimes to someone, anyone, then that's that really - nothing much further worth discussing, who's thick or whatever. When it's explained simply that 'open' doesn't mean 'subscribe' here, then it's all made a bit better - a brief line or two on this forum's done what the application form didn't. If you would never need anything so simple confirmed, then great. I wouldn't have asked if I minded looking a bit daft!

innovate

Just say how it can be made clearer (you did say you know how to make it clearer).

Us "old hares" here don't see any problem with the words as they stand. You as one of the newbies oth did struggle with the words, and you said you know how to improve them. All I am asking is what should those improved words be?

ostaragirl

I'm in the process of transferring last years isa from lloyds to leeds online isa.I'm putting in the full allowance from last year and intend to build on that this year. I'm seeing things about ditching and switching when the rate drops in October. Can anyone explain that to me? if you switch then what happens to the rate you would have earned from now until october? confused

MissyD_2

Idiot-SavAnt wrote: »

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.

In my experience, usually the bank sends back additional funds to annual ISA limit, failing that if you land up putting money in an old ISA subscription, the tax man will tell you in writing you over paid in previous tax year & remind you of your allowance!

Scouser_1917

Last year I transferred my cash ISA to Santander into what I thought was a 12-month cash ISA, due to mature on 25/4/2013. A statement confirming the rate was sent in March 2013.
I have since discovered that the deal I signed up to actually paid the 3.5% interest only up to 1/4/2013, after which it reverted to a nominal one fiftieth of one percent. Needless to say, there was no notification of this, I would not have found out until i checked on maturity or arrival of my next statement in March 2014.

So if you took out a cash ISA with Santander last year (as many would have as it offered the highest rate for transfers-in) I STRONGLY SUGGEST you check the rate you're getting. I feel I was duped.

KTF

Santander sent both myself and my wife a letter notifying us that our ISA was due to drop off the bonus. They did the same with our e-savers as well.

As an aside, it is a bonus that they do this as you should be monitoring the rate that you are getting.

typistretired

ostaragirl wrote: »

I'm in the process of transferring last years isa from lloyds to leeds online isa.I'm putting in the full allowance from last year and intend to build on that this year. I'm seeing things about ditching and switching when the rate drops in October. Can anyone explain that to me? if you switch then what happens to the rate you would have earned from now until october? confused

We are all talking about the Nationwide ISA which drops its rates in September or October this year. We are looking for a better home for it from that time. Therefore, we have opened a Leeds BS ISA and also completed a transfer your isa form to move £100 from the closed year Nationwide isa to Leeds BS. (Both the opening ISA form and transfer form were sent off together) Then in September or November if no better rates are around we can move the rest of our Nationwide ISA to Leeds BS. We are doing this just incase the rates drop further in this tax year.