Transfer Cash ISAs Discussion Area

Cappsy

I'm impressed with the speed of my ISA transfer from Cheshire to Halifax. On Sunday I opened my Halifax ISA and completed their online transfer form, transferred money appeared in Halifax account on Wed...

fury

Thanks to thenudeone, purplestar 133 & archi bald.
Think I've cracked it now - as long as all this year's isa allowance is kept together I can transfer it and add to it as much as I want (within the total amount & providers own restrictions).
(Yes it was a Cheshire isa that my query was about, real pain having to post a cheque)

Jay9B

I have an online e-isa 6 with Nationwide it pays 1%. I have seen that Nationwide does a 2.5% Regular Saver isa (limit, £1250/month) but the sticking point is it does not accept transfers from existing isas - even though it is from the same institution! Question: Should I close my e isa (1%) isa and pay in the £2500 I have in there to the higher paying Regular saver over the next 2 months (i.e. 1250 in April and 1250 in May? Does this make sense or am I breaking the 'golden rule' of taking cash out? Thanksfor your attention.

KTF

If you dont think you will use the 15k allowance for this year, then moving the money out of an existing ISA and into the 'regular saver' one will not be a problem.

alahol2

Jay9B wrote: »

Question: Should I close my e isa (1%) isa and pay in the £2500 I have in there to the higher paying Regular saver over the next 2 months (i.e. 1250 in April and 1250 in May? Does this make sense or am I breaking the 'golden rule' of taking cash out? Thanksfor your attention.

It makes very much sense. Phase the extraction of your money out of the old ISA (if you are allowed) so that you are still earning the 1% on the £1250 left in the old ISA till you withdraw it a month later.
I've taken money out of ISA's to put into a 123 current account to get the 3% interest. There is no point in keeping money in a low yielding account hoping that in future years it will 'come good' or at least not unless you are awash with cash that needs shielding.
The new £15000 ISA allowance now makes it much easier to shield a lot of cash when the need arises.

boobbby

alahol2 wrote: »

It makes very much sense. Phase the extraction of your money out of the old ISA (if you are allowed) so that you are still earning the 1% on the £1250 left in the old ISA till you withdraw it a month later.
I've taken money out of ISA's to put into a 123 current account to get the 3% interest. There is no point in keeping money in a low yielding account hoping that in future years it will 'come good' or at least not unless you are awash with cash that needs shielding.
The new £15000 ISA allowance now makes it much easier to shield a lot of cash when the need arises.

I agree and will be taking out money from my ISA to put in a 123 account (3%) money in a TSB account 5%, Lloyds Vantage accounts 3% and Nationwide 5%. All Instant access and at the end of the year can pop up to £30000 back into an ISA (If its worth it ) using this and next years ISA allowance. No brainer !

dbarcl10

Newcastle BS have a Big Home Saver ISA (don't be put off by the name, you don't need to be saving for a home, or take a mortgage etc with them). It's an instant access regular saver giving interest at 3% for any months you deposit between £1 and £1,250 and make no withdrawals. Months where you dont make any deposits or make a withdrawal, you'll still earn 2% interest.

Note that the website still says monthly deposit limit is £500 but Newcastle staff have confirmed the limit is now £1,250 and the website is in process of being updated.

Once you've saved over £5,000 they offer a cash bonus if you do take a mortgage with them.

I've already maxed out my 5% current accounts so Nationwide and TSB, so I'll be funding this by drip feeding it in from my Club Lloyds account, as getting 3% tax free beats 4% after tax. Plus I should be able to keep the Club a Lloyds over £4k for the foreseeable future, and would have some overspill into 3% current accounts

The ISA is on there website under savings rather than ISA - click the link from Big Home Saver then it offers two options - the ISA or a taxable savings account

http://www.newcastle.co.uk/savings/big-home-saver.aspx

innovate

dbarcl10 wrote: »

, as getting 3% tax free beats 4% after tax.

That is only true for people who pay 40% tax or more, i.e. not for the vast majority of people. 4% after tax for basic rate tax payers means 3.2%. That is more than 3%, obviously.

The Newcastle Big Home Saver can still be nice for some people because it's not necessarily all about the odd percentage point, and the ISA limit is obviously more than you can stick into Club Lloyds accounts now.

Jay9B

Thanks for the clarity of your reply Alahol2 - much appreciated!

SevenOfNine

Does anyone know of an ISA provider who will allow transfers into an Instant Access a/c but does not want the a/c initially opened by depositing £1?

My Aldermore fixed term is maturing, it will drop into a 30 day notice ISA if I don't move it beforehand. I can only find Santander offering zero opening balance with funding by transfer from another provider.

I don't want to be stuck with a provider for 14/15 just because I deposited £1 initially & they all seem to require "open with £1". Just want to park my ISA into an Instant Access temporarily (36K). I think I'm going to spend some but until 'how much' is decided I don't want to remove it from an ISA wrapper.