Transfer Cash ISAs Discussion Area

thenudeone

Even though most ISA application forms ask how much you're depositing now, it is nearly always possible to open them with nil, if the only money you're putting in is from transfers in.

115K

boobbby wrote: »

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 !

I wondered about this so I can take the money out of last year's NS&I ISA and put it in a two TSBs and a Flexidirect account? I thought I wasn't ever supposed to take money out of an ISA.

KTF

115K wrote: »

I wondered about this so I can take the money out of last year's NS&I ISA and put it in a two TSBs and a Flexidirect account? I thought I wasn't ever supposed to take money out of an ISA.

Now that the allowance is going up to 15k a year its 'easier' to refill the ISA. In previous years it would have taken 3 years to put 15k in, now its just 1.

So you could take 15k out, slosh it around the various high interest current accounts/regular savers for a year then stick it back into an ISA in March.

That way you get the max interest and still tuck away 15k away in an ISA.

115K

KTF wrote: »

Now that the allowance is going up to 15k a year its 'easier' to refill the ISA. In previous years it would have taken 3 years to put 15k in, now its just 1.

So you could take 15k out, slosh it around the various high interest current accounts/regular savers for a year then stick it back into an ISA in March.

That way you get the max interest and still tuck away 15k away in an ISA.

Oh, okay. Thanks.:)

leaphaze

SevenOfNine wrote: »

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?

I always specify an opening balance of £1 to be provided by cheque, then do the ISA transfer and forget the cheque.

1884

I was under the impression that typically switching providers for your previous years isas was recommended as the older account decrease their interest rate but my 2% Tesco account from last year seems to now be at 1.75% and 1.74% Virgin account both out perform the top easy access isa on MSE isa page - the 1.65% BM Savings one.

I am just concerned that I am missing something, perhaps getting my gross % mixed up with something else.

Any advice would be appreciated.

Many thanks

badger09

1884 wrote: »

I was under the impression that typically switching providers for your previous years isas was recommended as the older account decrease their interest rate but my 2% Tesco account from last year seems to now be at 1.75% and 1.74% Virgin account both out perform the top easy access isa on MSE isa page - the 1.65% BM Savings one.

I am just concerned that I am missing something, perhaps getting my gross % mixed up with something else.

Any advice would be appreciated.

Many thanks

I can't comment on the 2 ISAs you have specifically mentioned, but it is entirely possible that they could be paying higher interest than some ISAs which came with a 12 month bonus, which has since expired, or than some of those currently being offered.

A couple of points though:
If your ISAs are variable rate - which I assume they are, then you need to keep a close eye on those rates. You say the Tesco rate seems to be 1.75% - you should check

You shouldn't be getting your gross % mixed up with something else - since cash ISAs pay interest net of tax

livz99

Quick question, I opened the Newcastle BS Big Home Saver ISA last year and am planning on continuing to fund it this year.

I also have 3 other ISAs in separate accounts, would I be allowed to open a new account which allows transfers to funnel these other ISAs into (and not pay any "new" money into it) and continue to fund my Newcastle ISA.

Thanks for your help

badger09

livz99 wrote: »

Quick question, I opened the Newcastle BS Big Home Saver ISA last year and am planning on continuing to fund it this year.

I also have 3 other ISAs in separate accounts, would I be allowed to open a new account which allows transfers to funnel these other ISAs into (and not pay any "new" money into it) and continue to fund my Newcastle ISA.

Thanks for your help

Yes - you can open another (or more than one) ISA just to accept transfers from previous years' ISAs. Make sure you use the new provider's transfer forms though - don't try to DIY

KTF

Yes you can.