Transfer Cash ISAs Discussion Area

typistretired

Idiot-SavAnt

I know where you are coming from. I hesitated when I saw the wording but when I found the transfer application form on the first page of their savings page it referred to whether you wanted to transfer your isa for this tax year or previous years. It also stated that if you wanted to transfer an isa from your current provider you also needed to open an isa (if you had not already opened one) and also complete the transfer form and send both signed forms off together.

Hope you keeping posting here as all information is helpful.

david78

I have just applied to transfer one of past years' Cash ISAs to the Halifax 3.0% ISA Fixed 3 yr account using their online switching service. I am switching out of Nationwide websaver.

I already have the Halifax ISA Saver Fixed open with a Nill balance (I have already paid this years full allowance into another Cash ISA which I'm leaving for now)

Does anyone have any idea how long Halifax are likely to take to transfer from Nationwide?

leaphaze

david78 wrote: »

I have just applied to transfer one of past years' Cash ISAs to the Halifax 3.0% ISA Fixed 3 yr account using their online switching service. I am switching out of Nationwide websaver.

I already have the Halifax ISA Saver Fixed open with a Nill balance (I have already paid this years full allowance into another Cash ISA which I'm leaving for now)

Does anyone have any idea how long Halifax are likely to take to transfer from Nationwide?

How long ago did you transfer?

I get the feeling we're talking minutes or hours. If so, it'll be days or weeks.

One of the few times you can't blame the internet for being slow!:rotfl:

david78

I applied for the transfer this morning. I'm hoping that it goes through OK because I am going away for a few weeks and won't be easy to contact if they have a query.

MrHeathcliff

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 disagree, and I completely understand IdiotSavant's confusion. The distinction between "open" and "subscribe" may seem obvious to you, but to a newbie reading the rules carefully, it is confusing, especially as all advice about transferring an ISA -- including on this website -- uses the term "transfer" but ever "open" in that context.

MrHeathcliff

innovate wrote: »

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?

I disagree, and agree with IdiotSavant – the instructions, if read literally, do appear confusing. I had the exact same thoughts when transferring an ISA to another provider that I had already funded the same tax year (ie, how can I “open” a second ISA when the rules says you can only open 1 ISA per year). Whenever transferring an ISA is discussed, including on this website, the term "open" never seems to be used.

All this may seem clear to the old ISA hands but it shouldn't be too hard to understand why it could be confusing to a newbie attempting to follow the ISA rules to the letter (which are unnecessarily complicated and confusing in my opinion).

In terms of improving the words, it is obvious that small print covering this sort of situation could be included in these forms and in the HMRC rules (their ISA Guide for Managers covers some of these scenarios but is not comprehensive).

innovate

MrHeathcliff wrote: »

(ie, how can I “open” a second ISA when the rules says you can only open 1 ISA per year).

Which rules are you referring to (that say that)?

elektra

Can someone confirm my thinking.

I've just(in the last week) upgraded/reactivated an old Santander ISA in order to get the 2.5% rate. This is so I can transfer in a Halifax ISA in which the rate has dropped to 0.95%.
I have made no contributions to the Santander ISA since 2010( opened it, never really used it).

I understand it can take 15 days to transfer ISA and I have not yet posted from, so I'm thinking of phoning Halifax and asking them to update it to current 1.95% rate so at least it is earning something whilst waiting transfer.
In order to do this they will have to reactivate and will go through the 'I will only subscribe to one ISA in tax year questions' which I had to go through with Santander.
'Subscribe' means adding g new money ? If Yes, as I am not adding any new money it will be ok to do this.

Is it even worth it, do the transfers normally take 15 days ?

note: no contributions made to Halifax this or last year.

innovate

you can do this, and answer truthfully that you have not and will not subscribe to more than one ISA this financial year blah blah - - - but is it worth it? How much will you make? Won't you make a lot more if you get your skids on and send that transfer form (or hand it in at a Branch, to get a stamp & signature for the delivery)?

Transfers seem to get completed in as little as 5 days

elektra

Thanks for your reply.

innovate wrote: »

but is it worth it? How much will you make?

I have not done the calculations.

innovate wrote: »

Won't you make a lot more if you get your skids on and send that transfer form (or hand it in at a Branch, to get a stamp & signature for the delivery)?

I don't think handing it in at a branch is an option as it gives an address to post to - I will post tomorrow.

innovate wrote: »

Transfers seem to get completed in as little as 5 days

In that case probably not worth it.