Transfer Cash ISAs Discussion Area

fury

I've read through the whole of the site but am still in a bit of muddle and would appreciate some help...

I have an existing ISA from 2013/14 paying 2.5% which includes a bonus until 31st July 2014. This is better than most new accounts so I think I should pay this year's (April-June) allowance straight into it now.

However, if I do this will I still be able to:
1 - transfer this year's allowance to a different provider in August when the bonus ends?
2 - add more money into the transfered ISA after July's increase in this year's allowance?

Hope this makes sense, thanks for help

thenudeone

1 -yes. ISAs can ALWAYS be transferred, but if it's a fixed rate, fixed term account, it will probably have very high penalties for transferring before the fixed period ends (eg: loss of 6 months interest)

2 - yes, provided the new account allows additional subscriptions. If it's a fixed rate, fixed term account, or a regular saver, it probably won't.

purplestar133

fury wrote: »

I've read through the whole of the site but am still in a bit of muddle and would appreciate some help...

I have an existing ISA from 2013/14 paying 2.5% which includes a bonus until 31st July 2014. This is better than most new accounts so I think I should pay this year's (April-June) allowance straight into it now.

However, if I do this will I still be able to:
1 - transfer this year's allowance to a different provider in August when the bonus ends?
2 - add more money into the transfered ISA after July's increase in this year's allowance?

Hope this makes sense, thanks for help

Is it with Cheshire Building Society?

I had an ISA paying 2.5% until July with Cheshire and that was my plan until I realised I haven't got a cheque book anymore since switching current accounts and they don't accept funds via BACS from another provider or by using a credit/debit card.

RobFal

Is it allowable to open a new ISA this year, and then later in the same year transfer ISA funds from another existing ISA to another new ISA?

alahol2

RobFal wrote: »

Is it allowable to open a new ISA this year, and then later in the same year transfer ISA funds from another existing ISA to another new ISA?

Yes, that's OK because you are only transferring an old ISA to a new provider. The new provider will do all the necessary.

purplestar133

RobFal wrote: »

Is it allowable to open a new ISA this year, and then later in the same year transfer ISA funds from another existing ISA to another new ISA?

Depends what you mean by new ISA. You can only pay 'new money' into one ISA per year, but you can transfer money you've paid in in previous years into other ISAs as often as you want (as long as the terms and conditions allow).

You could open multiple ISAs this year, as long as you only use one to pay new money into, and for all the others only fund them with transfers from previous years ISAs.

Archi_Bald

purplestar133 wrote: »

Depends what you mean by new ISA. You can only pay 'new money' into one ISA per year, but you can transfer money you've paid in in previous years into other ISAs as often as you want (as long as the terms and conditions allow).

You could open multiple ISAs this year, as long as you only use one to pay new money into, and for all the others only fund them with transfers from previous years ISAs.

This is not the full story. You can transfer your current year's ISA as well, as often as you like. You must, however, transfer your entire deposit for the year, it can't be a partial transfer.

jackywacky

TRANSFERS INTO COVENTRY CASH ISA

Hi
On this page it says you are not allowed to transfer money into the Coventry Cash ISA
http://www.moneysavingexpert.com/savings/best-cash-isa

I’m not sure exactly what this means but on this page it states
Transfers of previousyears' ISA funds and subscriptions in future tax years' are not permitted
http://www.coventrybuildingsociety.co.uk/savings-accounts/cash-isa.aspx

But when I started the online application it asked me……….
Would you like totransfer ISA savings from another provider to your new account?
It you answer YES it will then ask for details of thecurrent ISA provider.
At this point I got confused so didn't proceed any further

So my question is the info in the first link wrong or am I missing something?
Please be gentle and thanks for looking

badger09

jackywacky wrote: »

TRANSFERS INTO COVENTRY CASH ISA

Hi
On this page it says you are not allowed to transfer money into the Coventry Cash ISA
http://www.moneysavingexpert.com/savings/best-cash-isa

I’m not sure exactly what this means but on this page it states
Transfers of previousyears' ISA funds and subscriptions in future tax years' are not permitted
http://www.coventrybuildingsociety.co.uk/savings-accounts/cash-isa.aspx

But when I started the online application it asked me……….
Would you like totransfer ISA savings from another provider to your new account?
It you answer YES it will then ask for details of thecurrent ISA provider.
At this point I got confused so didn't proceed any further

So my question is the info in the first link wrong or am I missing something?
Please be gentle and thanks for looking

I agree it is a little confusing. The T&C say transfers of previous years' ISA subscriptions are not allowed, but if you click on the account summary on this page, you'll see that you are allowed to transfer in current year's (ie since 6th April 2014 ) subscriptions made to another ISA provider.

http://www.coventrybuildingsociety.co.uk/savings-accounts/home.aspx

Does that help?

jackywacky

Yes that does makes sense. Thank you.
On the online form where it asks for your current ISA provider it does say
This product is eligible to receive ISA transfers for any subscriptions you have already made in this tax year. We will transfer any funds in full
I suppose to be fair that does sort of say it but I just think that and the question on the previous page could've been worded better to make it clear it only applies to this current tax year.
"Would you like to transfer ISA savings from another provider to your new account"