Transfer Cash ISAs Discussion Area

livz99

Thanks guys, now, if only there were any decent ISAs which allowed transfers...

hgt

livz99 wrote: »

Thanks guys, now, if only there were any decent ISAs which allowed transfers...

Maybe check out this thread....

https://forums.moneysavingexpert.com/discussion/4938603

madkingsoup

I know transferring is the only way to maintain tax-free status, but what about this:

I have two old cash ISAs, coming to a total of £8.5k. When the limit increases to £15k, I could withdraw the £8.5k and pay it straight into a cash ISA which doesn't accept transfers, but has a higher rate, and then carry on as normal. There's no way I'll manage over £6.5k to pay in during the course of this financial year anyway, so what am I actually losing? Maybe a day or so of interest between withdrawing and paying in?

Am I misunderstanding something or does this actual make sense?

DragonQ

If you're not going to be able to use your ISA allowance anyway then you lose nothing. Carry on.

innovate

Lose even less by putting the money into current accounts for now, and may be back into an ISA in March 2015.

kjp

Apologies if this has (probably) been asked before, but I'm using the new forum and can't work out how to search a thread! I want to transfer my current ISA (barclays) to a new provider, but I can't see one on the MSE guide that doesn't have a minimum deposit. I can get a better deal on new savings with another bank, but they don't allow transfers. How do I find an ISA provider that doesn't have a minimum deposit - or does my current ISA count towards the minimum funding requirement?

KTF

If there is no minimum stated then its because there isn't one.

Most ISA can be opened with £1 or a transfer in (assuming the ISA you open allows transfers in).

innovate

Also, if your existing ISA plus the new contributions you are planning to make this year are below £15K, you can withdraw all the money from your old ISA, park it in a current account or two until March 2015 to get decent interest, and then put your money into an ISA before the new financial year starts.

kjp

Lovely, thanks both!!:beer:

DonnaKebab

madkingsoup wrote: »

I know transferring is the only way to maintain tax-free status, but what about this:

I have two old cash ISAs, coming to a total of £8.5k. When the limit increases to £15k, I could withdraw the £8.5k and pay it straight into a cash ISA which doesn't accept transfers, but has a higher rate, and then carry on as normal. There's no way I'll manage over £6.5k to pay in during the course of this financial year anyway, so what am I actually losing? Maybe a day or so of interest between withdrawing and paying in?

DragonQ wrote: »

If you're not going to be able to use your ISA allowance anyway then you lose nothing. Carry on.

So what difference would it make if someone was going to do this, but will be using their full ISA allowance?