Transfer Cash ISAs Discussion Area

juju17

juju17 wrote: »

THanks for your replies. Have written them a letter, will see what thye say and will let you know. thanks

Following my letter suggesting they listen to the recorded telephone conversation, and questioning why DH should lose out due to their staff not following his instructions on the phone....they have replied that they will complete the transfer of last years isa into the new isa....so got there in the end.
Thanks for the advice.

innovate

Hooray, well done! Hope they also paid compensation for the oversight, and the stress caused.

I trust your husband has seen the transfer completed, i.e. the ISA is now showing online with the correct amount and correct dates.

burntbreadman

My isa bonus runs out in Jan. Currently at 2.6%
Anyone point me to any isas with a decent interest rate that accepts transfers.?
Around £20,000.
Or is it better to wait till April to see if offers are better? I'm don't think it's worth double transfer for the sake of a couple of months interest (I've had problems in the past with transfers, so want to keep transfers to a minimum)

10_66

burntbreadman wrote: »

My isa bonus runs out in Jan. Currently at 2.6%
Anyone point me to any isas with a decent interest rate that accepts transfers.?
Around £20,000.
Or is it better to wait till April to see if offers are better? I'm don't think it's worth double transfer for the sake of a couple of months interest (I've had problems in the past with transfers, so want to keep transfers to a minimum)

Have a look at Kazza's thread on the following link https://forums.moneysavingexpert.com/discussion/401374 (for some reason the web link tool wouldn't work for me) for a list of the best ISA's. Traditionally the better ISA rates tend to come out around April, but not much happened this April that would've made it worth while the wait. I know what you mean about wanting to keep ISA transfers to the minimum though, I've experienced a few problems over the years.

banister

I tried to transfer my VirginMoney Easy Access ISA Issue 1 to an Issue 5, but can only do it by opening a new Cash ISA. I had thought I might try a S and S ISA this year. Is there a way of transferring without opening a new Cash ISA? Is it only necessary to open a new account with online transfers? Previous posts I think suggest letters.
All the advice makes it sound so straightforward, but I have several fixed rate ISAs coming to an end in the next few months and know I can only open 1 annual Cash ISA. Will I have to leave the money earning .75% until the others mature and give me a greater sum to transfer?
If I did open a new account and transfer the money in I expect it would all be counted as a new account, so any other ISA accounts would have to be held with the same company, limiting my choice?

Lungboy

Correct me if I'm wrong, but you can open as many ISAs as you want in a single year, but you can only subscribe (pay new money) into one of them. If you open a new one and only transfer old money into it rather than adding new money, then it's essentially the old ISA still, just being managed by the new bank.

innovate

You are essentially correct, Lungboy

leaphaze

banister wrote: »

I tried to transfer my VirginMoney Easy Access ISA Issue 1 to an Issue 5, but can only do it by opening a new Cash ISA. I had thought I might try a S and S ISA this year. Is there a way of transferring without opening a new Cash ISA? Is it only necessary to open a new account with online transfers? Previous posts I think suggest letters.
All the advice makes it sound so straightforward, but I have several fixed rate ISAs coming to an end in the next few months and know I can only open 1 annual Cash ISA. Will I have to leave the money earning .75% until the others mature and give me a greater sum to transfer?
If I did open a new account and transfer the money in I expect it would all be counted as a new account, so any other ISA accounts would have to be held with the same company, limiting my choice?

Some institutions, like Halifax, allow you to 'renew' your matured ISA into another type of ISA without opening a new account, but most don't.

Don't leave your money in a low interest account unless you're aiming to transfer several into one ISA that has a high minimum entry, even then do your calculations and make sure you're gaining by doing that.

The rules allow you to transfer ISAs from previous years without affecting your current year's ISA. So you could transfer all to the same institution, or some to different institutions. It's up to you.

adfegg

Hello. I have two cash ISAs. One of which is a regular saver ISA I opened this financial year. If I now transferred them both into a new ISA, would I be able to continue paying in to the new ISA?
Also, can I only transfer ISAs when opening a new one, or can I transfer into a pre-existing one?

Archi_Bald

You can transfer as much as you like if there are no restrictions (e.g. fixed term) on your existing ISA.

In general, you do not have to keep all your ISA money together in one ISA. However, any money paid in in the current financial year must be kept together. Once you have had it transferred, you can top up to your annual allowance if the new provider allows further deposits.

All of the above only applies if you follow the correct transfer process, i.e. ask the new provider(s) to make the transfer(s).s.