Transfer Cash ISAs Discussion Area

youngpip

I have a Cash ISA which was taken out in August 2012, so in August 2013 I had the year's interest paid into it.

I want to transfer to a new one with a better rate, but if I do that before August will I lose out on the interest, or will my current provider calculate it up to the point I move?

innovate

The latter, assuming it's an instant access cash ISA.

melpomene

I have a Halifax ISA Saver Fixed that matures on 4 Feb, and they have sent a form asking me to choose between reinvesting in a new ISA Fixed @ 1.50%/yr, 1.65%/2 yrs etc, transferring to a non ISA product, or withdrawing.

Failure to select will mean funds will go into an easy access Variable ISA @ 0.5% without bonus.

Does this mean I can't transfer out to a better paying ISA & am stuck with Halifax?

If I can transfer out, my 2nd question is whether I wait til the ISA matures & the funds go into the easy access ISA, rather than try to open a new ISA on the exact date of maturity.

Thanks for any advice.

Mel

KTF

You can transfer the ISA out of Halifax if you want.

To start the ball rolling, you could open a new ISA whenever you want (dont add any money) then fill in the transfer form and put the maturity date of the existing ISA as the date you would like the transfer to take place.

melpomene

Many thanks, that was quick!

So I don't need to tell Halifax anything in that case?

KTF

If you want to transfer away from Halifax then you dont have to tell them. The new ISA provider will do all the legwork for you.

melpomene

Awesome, thanks.

boobbby

melpomene wrote: »

Awesome, thanks.

Probably the best rate at the moment is the post office 2.25% two year fixed ISA which allows transfers to open the account.

innovate

Depends what your requirements are. If you need the money in the next 24 months, a 2-year fix isn't much use. If, oth, you want to fix for longer for some reason, or if you live in the catchment area of some building societies or Asian banks, you can get a much better rate.

KTF

boobbby wrote: »

Probably the best rate at the moment is the post office 2.25% two year fixed ISA which allows transfers to open the account.

Only if you are after a 2 year fix