Transfer Cash ISAs Discussion Area

MissyD_2

Kaizen917 wrote: »

Hi guys, I recently opened a 2.5% ISA from Santander in order to transfer my old one to(also with Santander) but I have no received any info or form about transfering. This is a bit unusual from previous years when there was either a section in the account opening form, where I need to input my old account details and how much I want to tranfer, or they send us forms via the post with the welcome packs.

Has anyone transfered to these and,if yes, how did you do it? Can it be done in a branch maybe?

You will need to go to the link below which is for ISA TRANSFER FORM.
http://www.santander.co.uk/csgs/Satellite?appID=abbey.internet.Abbeycom&c=Page&canal=CABBEYCOM&cid=1237836201044&empr=Abbeycom&leng=en_GB&pagename=Abbeycom%2FPage%2FWC_ACOM_TemplateA1

You can complete the entire form online and print the completed form (if you don't actually have a printer when you complete the form, "print" it to your 'Microsoft XPS Document Writer' printer which should be installed as part of Windows, this will allow you to save the 'print out' as a file so you can print it later when you do have access to a printer)

The transfer process takes around 14 days (I was told this by Santander staff in Branch), so make sure you check maturity date(s) of your old ISA's - 1 form per ISA to transfer!
You can take it to a branch or post it (guess it depends on urgency)
Hope that helps;)

innovate

Kaizen917 wrote: »

Hi guys, I recently opened a 2.5% ISA from Santander in order to transfer my old one to(also with Santander)

For Santander - Santander transfer, you can simply call them and they usually do it whilst you are on the phone.

If you wish to transfer an existing Santander cash ISA to another Santander cash ISA simply:

Visit any Santander branch or call 0845 600 0181.
You might be asked to provide a Cash ISA Internal Transfer Form

There's an 0800 number somewhere here for that 0845 one....bit of searching will reveal it

The_Enforcer

0800 5872764 - courtesy of https://www.saynoto0870.com

boobbby

Kaizen917 wrote: »

Hi guys, I recently opened a 2.5% ISA from Santander in order to transfer my old one to(also with Santander) but I have no received any info or form about transfering. This is a bit unusual from previous years when there was either a section in the account opening form, where I need to input my old account details and how much I want to tranfer, or they send us forms via the post with the welcome packs.

Has anyone transfered to these and,if yes, how did you do it? Can it be done in a branch maybe?

Went to the branch about 3 weeks ago and they transferred them on the spot to the 2.5%. One was an older Santander ISA and also the 2011/12 ISA which I had taken out in March 2012 and so had just received its annual bonus (3.3%)

elektra

MissyD wrote: »

I have an appointment with Santander next month to do my ISA transfer from last year to their 2.5% ISA (no longer available), on their advise to do so.
So I definitely think you should be able to take it to a branch.

Thanks Innovate and MissyD. I did take to the branch, staff member (seemed new) not sure about a dated receipt but she photocopied, put branch stamp on and hand wrote date.

Further to my earlier post re Halifax to Halifax transfers, it seems you can do it yourself online by visiting https://www.halifax.co.uk/isaoptions
NOTE: you must be signed out of banking to do this.
I tested it and it was actioned overnight. saves a phone call or branch visit. Hope this helps someone else.

MrHeathcliff

[QUOTEOriginally Posted by MrHeathcliff
(ie, how can I “open” a second ISA when the rules says you can only open 1 ISA per year).=innovate;60619221]Which rules are you referring to (that say that)?[/QUOTE]

Just about every bit of info about ISAs states this -- examples below. Do you genuinely not see how this could be slightly confusing for an ISA newbie looking to transfer an ISA that s/he opened the same tax year to a new provider who uses the language of "opening" their ISA?

From this very website:
dubdubdub.moneysavingexpert.com/savings/best-cash-isa
The golden rule is you can only open a cash ISA with one provider in a tax year, you can't split it.

From the HMRC website:
FAQs
dubdubdub.hmrc.gov.uk/isa/faqs.htm#1
Q. How many ISAs can I have?
A. There are limits on the number of ISA accounts you can subscribe to each tax year. You can only put money into one cash ISA

And the ISA Guide for Managers:
dubdubdub.hmrc.gov.uk/isa/isa-guidance-notes.pdf
The “one-ISA-of each-type-a-tax-year” rule
3.14 In each tax year, ISA investors may subscribe to
- one cash ISA and
- one stocks and shares ISA
They may not subscribe to two (or more) cash ISAs, or two (or more) stocks and
shares ISAs in the same tax year.

innovate

I am getting tired repeating the same thing ove and over again, alongside many other MSEers doing the same......You could go back over existing threads and find dozens of explanatons as to why you can open as many ISAs as you like but only subscribe to one in any one FY.

If you do not want to read back, and do not have an immediate [perceived] need to open more than one, I would suggest you just park the issue for now.

If you do think you should open more than one now, please provide all the details - existing ISAs, interest rates, planned subscription in 2013-14, reasons for wanting to open more than one. One of the experienced MSEers will then be able to comment on your exact situation.

Kaizen917

Thanks for the prompt replies from the previous page! I have had a tough time getting to do much over the phone with Santander while my local branches, while two of them close to one another, are always packed and one would have to brace themselves for spending a while there just to see anybody. It actually scares me a little that we have to go with them again but their average customer service is just about tolerable when they happen to have competitive rate on such type of account.

grumbler

I can find this question asked in this thread, but cannot find an answer.

Is there any limit on the time the ISA provider can take for transferring?

At the start of April I sent the signed form to FD.
It's ridiculous that this internet bank required papers while many other high street banks do everything online, but this is a separate question.
Later I received a letter dated 09/04 from Natwest saying that the "transfer is being processed" and "should take around 15 days :eek: to complete".

Unsurprisingly, FD have not received the funds from Natwest yet. Every day costs me £4ish in lost interest.

My previous transfer from Santander to Natwest took about a week from submitting an online request to Natwest.

MrHeathcliff

innovate wrote: »

I am getting tired repeating the same thing ove and over again, alongside many other MSEers doing the same......You could go back over existing threads and find dozens of explanatons as to why you can open as many ISAs as you like but only subscribe to one in any one FY.

If you do not want to read back, and do not have an immediate [perceived] need to open more than one, I would suggest you just park the issue for now.

If you do think you should open more than one now, please provide all the details - existing ISAs, interest rates, planned subscription in 2013-14, reasons for wanting to open more than one. One of the experienced MSEers will then be able to comment on your exact situation.

Not sure if you were replying to my post or not. But if you were, I was just illustrating the many places where it does state that you can only open or subscribe to 1 cash ISA per year and that the distinction between open and subscribe is often not made clear (you had previously asked where in the ISA rules it states that you can only open 1 ISA per year). This was in response to IdiotSavant's confusion regarding this issue (they had opened a new ISA, subscribed to it, and were looking to transfer it then subscribe to the new one -- all in the same tax year), which I thought was entirely understandable if reading the rules and transfer instructions literally. I was surprised that you seemed unable to understand this confusion from someone new to ISAs who was trying to make sure they were not breaking any rules.