Transfer Cash ISAs Discussion Area

melpomene

boobbby - that was my likely choice. There is unlikely to be a better rate before I need to decide.

pfpf

this is probably so obvious

is the process for transferring an ISA the same if both existing and "new" ISA are from the same provider or should one simply contact the provider in some way?

e.g Virgin variable - Virgin fix?

thank you.

Archi_Bald

It's usually a different, and simpler, process for internal transfers; Virgin: http://ask.virginmoney.com/help/savings/transfermoneyvirginmoney

SueDerbyshire

Hi, I haven't paid into an ISA yet this year because our money Is in a Santander 123 account gaining interest. However, what I was thinking was, would it be possible to open an Halifax ISA saver account online (1.55%), transfer my allowance for this year into this account and then after April 6th, transfer these funds using an ISA transfer form into an old Halifax Fixed rate (4.25%) account I have, which is already funded with previous funds, transferring my allowance for this year from the new Halifax Saver account to the old Halifax Fixed account. I am able to make unlimited withdrawals for the new account. I just thought if I put money into a new account then transfer it into an old ISA, I will be able to get a much better rate than leaving the money in the Santander 123 account or any other options out there at the moment.

Sorry it's a bit long winded and I'm hoping you will understand my question.

Thanks for any replies and help.

Sue

alahol2

It's highly unlikely you would be able to transfer funds into the Fixed rate ISA. Ask Halifax.

SueDerbyshire

Thank you for your reply but I have double checked and it does give me an option to transfer an existing ISA, the account is Halifax ISA saver fixed and under the title it has a link stating 'transfer an existing transfer'. Do you think this is wrong then?

Sue

KTF

SueDerbyshire wrote: »

Thank you for your reply but I have double checked and it does give me an option to transfer an existing ISA, the account is Halifax ISA saver fixed and under the title it has a link stating 'transfer an existing transfer'. Do you think this is wrong then?

Sue

Most fixed rate ISAs give you 30 days or so after they are opened to fund them then no more.

For the definitive answer you will need to contact Halifax.

SueDerbyshire

Thank you for your reply.

I guess it can be mis-leading. I have had the account for a year now and would expect the link to disappear after the 60 days funding period. I suspect the link is just there in case you wanted to add to the balance within the 60 day period.

I will contact them to find out.

Thank you for pointing this out to me.

Sue

SueDerbyshire

I have just seen in the budget, we will be able to save upto £15,000 in cash in an ISA from July, I might leave the money in the Santander account and see if the news makes any difference to the rates. Also, it would be good to have that sum in one account instead of several accounts.

boobbby

KTF wrote: »

Most fixed rate ISAs give you 30 days or so after they are opened to fund them then no more.

For the definitive answer you will need to contact Halifax.

Lloyds allow transfers in and the years ISA allowance on their FRISA during the full term of the ISA. (My 2 year 3.7% Lloyds FRISA comes to the end of its term in April so I have taken full advantage of their terms and conditions) :T