📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!

Transfer Cash ISAs Discussion Area

1282283285287288319

Comments

  • Lungboy
    Lungboy Posts: 1,953 Forumite
    Part of the Furniture 1,000 Posts
    You can't pay money into another ISA, but if you move the whole lot somewhere else it's the same ISA, it's just being managed by a different bank. At least, that's how I understand it.
  • thenudeone
    thenudeone Posts: 4,462 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    If you have paid new money into an ISA this tax year you can transfer the ISA somewhere else but all of the current year's contributions must go together.

    Once it's been transferred somewhere else, you can continue to use up any unused allowance and pay new money in until you have paid in up to the total of the year's allowance.

    You don't lose any allowance when you transfer an ISA.
    We need the earth for food, water, and shelter.
    The earth needs us for nothing.
    The earth does not belong to us.
    We belong to the Earth
  • vaderag
    vaderag Posts: 307 Forumite
    Part of the Furniture 100 Posts Combo Breaker
    So, maybe i'm being an idiot here, but I need easy access on my ISA and I'm getting my bonus from work next week and want to stick it away...

    Looking at the guides, the best easy access ISA is Approx 2%
    BUT, Santander's 123 account is paying 3% at the moment (i already have this account). Surely, even with this being taxed, I'm going to be better off using that??? Or am I missing something?

    In fact, since it pays that up to 20k, and I dont have that much in my ISA currently, surely I'd be better off switching my existing ISA balance into it?

    Thoughts?
  • thenudeone
    thenudeone Posts: 4,462 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    The Santander offer as well as the Nationwide FlexDirect and the Lloyds Vantage accounts all give better rates than ISAs at the moment but they won't be around forever, whereas interest on money in an ISA will be tax free forever (unless a future government decides to change the law, which would be very unpopular).
    We need the earth for food, water, and shelter.
    The earth needs us for nothing.
    The earth does not belong to us.
    We belong to the Earth
  • DragonQ
    DragonQ Posts: 2,198 Forumite
    Part of the Furniture 1,000 Posts
    Plus, the FlexDirect 5% rate and Vantage 4% rate are both 1 year only. By November it's very possible that the best interest rate in any type of account will be Vantage 3% or Santander 123 3%, which is depressing.
  • I have a cash isa with santander from last year, I want to put my money in a new isa, but looking at the best 2013/14 isa's page I find that most (if not all) do not allow transfers in from old isa's.


    I want to know what this really means first of all.

    Second, I want to put isa money into a new isa (tesco in this case), what is the best way to do this?

    Thanks
  • Lokolo
    Lokolo Posts: 20,861 Forumite
    Part of the Furniture 10,000 Posts
    I have a cash isa with santander from last year, I want to put my money in a new isa, but looking at the best 2013/14 isa's page I find that most (if not all) do not allow transfers in from old isa's.


    I want to know what this really means first of all.

    It means you can only put new money in. You are not allowed to transfer your Santander ISA into it.
    Second, I want to put isa money into a new isa (tesco in this case), what is the best way to do this?

    Thanks

    Open up an ISA with Tesco and deposit money how you usually would...
  • murphydavid
    murphydavid Posts: 833 Forumite
    Part of the Furniture 500 Posts Name Dropper
    I have a cash isa with santander from last year, I want to put my money in a new isa, but looking at the best 2013/14 isa's page I find that most (if not all) do not allow transfers in from old isa's.


    I want to know what this really means first of all.

    Second, I want to put isa money into a new isa (tesco in this case), what is the best way to do this?

    Thanks

    To find the best ISA's that allow transfers you need to look at "Transfer your cash ISA's page" not the best 2013/14 isa's page.
  • Hi guys,
    1st time i am doing a transfer so apologise if i'm confused.

    Today i have just opened a Newcastle Big Home Saver ISA as suggested on here, just set up and funded that account so that is my ISA allowance/privilege sorted for this Tax year.

    I however have a full £5760 Santander ISA where the rate is poo so I want to transfer to the Virgin Easy Access ISA which is %1.75.
    Just started applying online and its asking me to tick the box at the declaration ect that i haven't opened another ISA this Tax year which i just have done this morning, i don't want to fund this Virgin ISA with new cash just transfer from my Santander.

    I did'nt want to tick the declaration box & move forward with the application unless i did something wrong or signed up to another account causing me issues.

    Like i say i just want Virgin to do the transfer.

    Look forward to replies thank you all

    Paul
  • Lokolo
    Lokolo Posts: 20,861 Forumite
    Part of the Furniture 10,000 Posts
    Hi guys,
    1st time i am doing a transfer so apologise if i'm confused.

    Today i have just opened a Newcastle Big Home Saver ISA as suggested on here, just set up and funded that account so that is my ISA allowance/privilege sorted for this Tax year.

    I however have a full £5760 Santander ISA where the rate is poo so I want to transfer to the Virgin Easy Access ISA which is %1.75.
    Just started applying online and its asking me to tick the box at the declaration ect that i haven't opened another ISA this Tax year which i just have done this morning, i don't want to fund this Virgin ISA with new cash just transfer from my Santander.

    I did'nt want to tick the declaration box & move forward with the application unless i did something wrong or signed up to another account causing me issues.

    Like i say i just want Virgin to do the transfer.

    Look forward to replies thank you all

    Paul

    I am not sure the process for Virgin, but you can usually tick that box and get away with it with other providers. You then do not deposit any money, so leave it as a blank £0 balance. Then fill in an ISA transfer form with Virgin and send it off.

    You might want to wait for someone who has opened an account with Virgin to confirm though.
Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 351.3K Banking & Borrowing
  • 253.2K Reduce Debt & Boost Income
  • 453.8K Spending & Discounts
  • 244.3K Work, Benefits & Business
  • 599.5K Mortgages, Homes & Bills
  • 177.1K Life & Family
  • 257.8K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16.2K Discuss & Feedback
  • 37.6K Read-Only Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.