Transfer Cash ISAs Discussion Area

xyz123

hi, looking to transfer some ISAs from previous years (with santander!) as the bonus on that account is ending this month.

the best interest option seems to be Cheshrie BS. It requires minimum £1000 to put in as new money. I just about have £1000 to put in an ISA, having bought a house last year.

Question is if i put in £1000, then does this particular account allow me to put more money in later during year (when i may have some savings)at the same interest rate.

pplchamp

xyz123 wrote: »

hi, looking to transfer some ISAs from previous years (with santander!) as the bonus on that account is ending this month.

the best interest option seems to be Cheshrie BS. It requires minimum £1000 to put in as new money. I just about have £1000 to put in an ISA, having bought a house last year.

Question is if i put in £1000, then does this particular account allow me to put more money in later during year (when i may have some savings)at the same interest rate.

Although the minimum opening balance is £1000, this can come from the transfer. It doesn't require £1000 of new money.
The interest rate on this product is a variable one so there is a possibility of it decreasing.

Hope that helps.

Tylerama1

.. but I don't have time to read all 142 pages, to check.

I have an old halifax cash ISA paying peanuts, now it's rate has expired. I want to transfer this to an account paying a better rate. If I do this, will the account that I transfer it into, count as this years allowance ?

My scenario in my head:
1. Old ISA from 2011 --> Transferred to a transfer allowing cash ISA.
(Lets say £4000 worth, for arguments sake.. can I then top that up to the maximum allowed ?)

2. New Cash ISA for 2013 tax yr paying current best rate, gradually built up to the max allowed rate until next April.

OR, is it:

Old ISA transfers and that then takes up this years quota or allowance of one Cash ISA per fiscal year.
A NEW 2013 FY cash ISA is not allowed. ????

Does the old ISA count as a previous year, even though it's been transferred to a 'new' account ?

I'm confused if I can do this or not.. thanks for your help folks.

saintalan

Previous years ISAs are ring fenced, so you can transfer them to whoever will accept it. This may or may not be a new ISA you want to subscribe to (2013/14)

The point you need to remember is that any subscriptions for the current year have to be in one ISA. This may or may not be the ISA you have transferred in to.

You can not use current years allowance or part of to top up your old ISA allowance.

Tylerama1

saintalan wrote: »

Previous years ISAs are ring fenced, so you can transfer them to whoever will accept it. This may or may not be a new ISA you want to subscribe to (2013/14)

The point you need to remember is that any subscriptions for the current year have to be in one ISA. This may or may not be the ISA you have transferred in to.

You can not use current years allowance or part of to top up your old ISA allowance.

So, I will transfer old ISA to a 'new' account and leave it as it is.
AND also Open a new ISA from scratch and begin paying into it.

Why is it so flipping complex ? - No wonder people don't bother !

saintalan

Tylerama1 wrote: »

So, I will transfer old ISA to a 'new' account and leave it as it is.
AND also Open a new ISA from scratch and begin paying into it.

Why is it so flipping complex ? - No wonder people don't bother !

The advantage of doing the above is that you can select the best rate ISA that accepts transfers in AND select the best ISA new cash only rate. There not often the same.

Cheers

Alan

dannylfc_1

I'm sorry can I just clear something up very quickly...

when we talk about ISAs which accept 'transfers in':

Does this include 'new' money that you want to add to the account at a later date. For example: 1000 today, 1000 next month?

I messed up last year by opening a fixed rate ISA which didn't allow me to add new money to the account. (ended up with 2 fixed ones instead _pale_)

Many thanks,

Danny

KTF

It means that you can transfer in existing ISAs from previous years.

saintalan

You can also transfer in money from this year as long as you only hold current years money in one place.

murphydavid

Some fixed rate ISA's do accept transfers in. But usually stop doing so when the issue is superseded by another one with a lower interest rate.