Transfer Cash ISAs Discussion Area

LydiaJ

Hi

I'm a bit new to all this - trying to learn to be a tart after several years of stable relationships that I haven't really thought about. I've read through several pages of this board and can't see anyone else asking my exact question, so I'm going to post it here. Apologies if something identical is buried somewhere on a page I didn't get to.

I have an ISA with ING into which I have put my full allowances for 06/07, 07/08 and 08/09. I also have a very old ISA with Britannia that has about £50 in it that has been there since some time before 2004. Neither is earning top interest and I'd like to transfer them somewhere better.

I looked at interest rates several weeks ago and picked Abbey. The transfer process seemed a bit daunting to me, so I decided to open the Abbey ISA by transferring the old £50 from Britannia, leaving the £10k from ING to be transferred later when everything was up and running. Abbey have been pathetically slow about it in a way that I now discover is typical of them. The transfer is in process and can't be stopped, but I've no idea when it will actually be complete. This has put me off Abbey, as you can understand.

So my question is this: having paid £3.6k into my ING ISA and opened the Abbey one with a transfer from Britannia, would I be allowed to open an ISA with yet another provider (IceSave??) by transferring my ING ISA without waiting for Abbey to finish transferring the Britannia money? Or would that contravene the one new provider per year thing?

Thanks.

LydiaJ

mrsgillan wrote: »

Hi..new to this so be patient you wiz kids.
I have 3,600 in Halifax ISA which has just had the interest added,where would I be best putting it now.Dont think I can be bothered with the icesave,too much messsing around for me I need something that I can just leave or add to when I have more money.Can you help please.

What messing about with IceSave is mrsgillan referring to, please?

10_66

LydiaJ wrote: »

would I be allowed to open an ISA with yet another provider (IceSave??) by transferring my ING ISA without waiting for Abbey to finish transferring the Britannia money? Or would that contravene the one new provider per year thing?

If you're just transferring ISAs you can transfer as many times as you like, so yes, you could move your ING to another provider this year. Be prepared for a long wait with whichever new provider you choose though, as they all take a long time to process transfers.

Dack

Bit of an update to my case which may be relevant to those transfering into A+L.

After 3 secure messages (and their cut and paste replies which had no real relevance to my specific questions e.g. Have you got the transfer cheque actually arrived yet?), I went into my local branch.

They have a massive backlog of cheques arriving and they stamp the date of arrival on the back before passing to the ISA department. They are currently dealing with cheques that arrived on the 9th of May - so just under a 3 week delay at present.

funkyhitman

Great, so by that logic I have just under 2 weeks to wait for my cheque to be processed and then a further 3-4 days for the money to transfer. That will put my total time since transfer form sent off to around 8 weeks. WOW that is bloody unbelieveable!

grumpy_turnip

10_66 wrote: »

No it doesn't all have to go into the A&L ISA. If you haven't put any of this year's contributions into the A&L one, you can open another ISA with another provider for this year's contributions.

Hmmm, I've been on the phone to Barclays and they tell me that I can't open one ISA (with A&L) to transfer in funds from an older ISA and open a second ISA in the same tax year (this year) to place this years contributions.

So it looks like this years contributions are going to go to A&L unless anyone knows any different?

Turnip.

Baldur

Cash ISA transfers do not count as 'opening an ISA' as long as you are merely transferring previous year's/years' funds and not paying in any of the current year's allowance.

grumpy_turnip

Baldur wrote: »

Cash ISA transfers do not count as 'opening an ISA' as long as you are merely transferring previous year's/years' funds and not paying in any of the current year's allowance.

I've been explicit when on the phone to Barclays that I've purely opened the A&L account to transfer funds from an older ISA. I've spoken to 2 separate Barclays representatives that have told me the same thing, that due to opening the A&L account I simply can't open an ISA now with them?

I'm now somewhat confused, I think I'll take a trip to my local branch and try there.

10_66

grumpy_turnip wrote: »

I've been explicit when on the phone to Barclays that I've purely opened the A&L account to transfer funds from an older ISA. I've spoken to 2 separate Barclays representatives that have told me the same thing, that due to opening the A&L account I simply can't open an ISA now with them?

I'm now somewhat confused, I think I'll take a trip to my local branch and try there.

If you want further confirmation try ringing the HMRC ISA helpline (0845 604 1701 Monday -Thursday 8.30-5.00, Friday 8.30-4.30), rather than Barclays, because if this is what they're telling you, they are mis-informing you.

genieuk

Sorry for probably asking a question that has probably already been answered. Just that some days I read the replies and still don't understand them.

We have two Portman ISA's one is 15day notice the other easy access. Money was paid into them January of this year.

2008/9 I have just opened the tax haven isa with Barclays using full entitlement. Am I able to transfer the old Portman ISA's to a provider that has a better rate, in this financial year. I would like to transfer the full amount of each.

Just not sure as having already used my entitlement for 2008/9.

Thank you