Transfer Cash ISAs Discussion Area

pqrdef

kingkoopa wrote: »

So will i get the 3% i originally applied for on 9th April or since the transfer has taken so long and said account is now 2.25%, will i be stuck with that?

Some banks do say that the account is only opened when the funds arrive. That's not necessarily fatal - they can still open the previous issue, or give you the old rate, after they've taken it off general sale, if they like.

Other banks will open the account and then give you a certain length of time to get the funds in. In that case, you should be OK on the interest rate, so long as you don't miss the window altogether. And again they can make allowances if you made the transfer application in good time and it's the old provider who's holding the job up.

I wouldn't have a bad feeling yet. This sort of thing is so common, there'd be trouble if people were losing out.

9th April was only the 2nd working day of the new tax year. If you applied for the transfer at the same time, they could hardly expect much more of you.

(This assumes that the funds are free to transfer. They don't reckon to hold an interest rate for you while you wait for a fixed-term bond to mature.)

kingkoopa

Thanks for the advice pqrdef.

The account was opened the same day as i applied for the transfer via halifax online banking. I got a sort code and account number straigt away when applying for the transfer on the 9th April and has been listed on my accounts on online banking since that day but with no balance and 0% interest rate stated.

Edit- there was no notice period, it was an easy access ISA to be transferred.

It did say the account must be funded within 60 days but did not see any mention of the account must be funded to be classed as open.

I do have a bad feeling the balance will appear soon with the rate listed as 2.25% but just hope i have grounds for a fight as the rate was 3% for the 14 days or so i have been waiting for them to complete the transfer....

typistretired

If you opened the Halifax ISA on the 9th April when the rate was 3% you will get that rate Halifax always show the account at zero interest until funds are placed in it. Don't worry when your ISA is transferred you will be able to see the rate on your isa.

typistretired

This is showing on the Halifax website

"Cash ISA transfers benefit from our ISA Promise. As part of this, we'll pay you interest while your funds are being transferred (provided they're free to move)"

so the interest will be backdated to date you asked for your isa to be transferred as it is a easy access one.

Kaizen917

Santander has been so much fail that I considering picking up another ISA to transfer to. Its nearly a month already gone out of my 12 month bonus rate and the balance is still at 0. Why? I finally received a reply from them claiming that they cant do my transfer because the destination account belongs to another person(i.e. the account number is wrong). I kept a copy of it (which I double checked before sending anyway) and it was fine but their customer service tells me that I still need to fill the other form they sent me. Ok, showing some patience,I fill it in but there is no pre-paid envelope enclosed as the cover letter suggests. I go to drop them off in their branch instead which is not exactly local to me but was on my way(I did this with the transfer forms of my whole family,not just mine) and the guy is refusing to take it but tells me to go to the post office to send it off(obviously at my expense).

Nevermind that our post office is so busy that I could be done faster in one thats 20-30 min away by walking, Im starting to think that the 2.5% for about 11 months isnt worth it anymore. This is not my first headache ever with them and I just cant believe the vast difference Im experiencing compared to the old Abbey when such sort of things ran smooth for me.

Ingsy

Hello, I'm wondering if someone can help me.

I had an ISA for 2012 / 13, which I paid into. I was holiday over the end of tax year and I didn't get round to opening a new ISA and transferring in (my interest dropped at the end of the tax year).

Now I'm back I'm looking to open a new ISA but I didn't cancel my direct debit in time, and so I have made a singular regular monthly payment into my "old" ISA. I have not yet applied for a new one, as I'm not sure I can pay into two ISAs in the same tax year. I assume this is what's meant by "subscribe".

Can I open a new ISA (transferring out of my old ISA) and pay into it (as long as I don't go over the total yearly limit) Is there anything I can do, or am I stuck paying into my old account for the next 11 months?

I am in the process of phoning HMRC but have been on hold for nearly 40 mins already!

DragonQ

As long as all of your current tax year's subscriptions are in the same account you're fine. So it means you'll have to transfer your money to a new ISA and you'll only be able to add money to that one.

Ingsy

That's great, thanks very much.

saintalan

I would suggest you are OK.

First, has that Payment been accepted in to that 12/13 ISA if not then you are as you were. If it has been accepted then there are 2 course of actions.

First, if you are able continue paying in to the old ISA then you can continue but not the best interest rate or second open a new better interest one that accepts transfers and DO NOT pay anything in to either until the transfer is complete. When it is you are good to go.

The only rule is you can not hold current year subs in more than one account at any one time.

Cheers, put the phone down!

Alan

boobbby

Ingsy wrote: »

Hello, I'm wondering if someone can help me.

I had an ISA for 2012 / 13, which I paid into. I was holiday over the end of tax year and I didn't get round to opening a new ISA and transferring in (my interest dropped at the end of the tax year).

Now I'm back I'm looking to open a new ISA but I didn't cancel my direct debit in time, and so I have made a singular regular monthly payment into my "old" ISA. I have not yet applied for a new one, as I'm not sure I can pay into two ISAs in the same tax year. I assume this is what's meant by "subscribe".

Can I open a new ISA (transferring out of my old ISA) and pay into it (as long as I don't go over the total yearly limit) Is there anything I can do, or am I stuck paying into my old account for the next 11 months?

I am in the process of phoning HMRC but have been on hold for nearly 40 mins already!

You will need to open the new Isa by transferring in the payments you have made this year into your old ISA you could at the same time also transfer in your old ISA. Once this has been carried out you can continue to make further payments into your new ISA up to this years allowance. Obviously if you do want transfer in the old ISA then just make sure the ISA you open allows transfers.