Transfer Cash ISAs Discussion Area

murphydavid

wheelz wrote: »

Can I transfer an old isa into another old isa (same bank/building society)?

ISA Rules won't stop you but the terms of the account you wish to transfer into must say they accept transfers and the account type must be currently available ie willing to accept new deposites and you have to fill in a transfer form and let your bank do the transfer. Think that coverts it.

murphydavid

shivvy68 wrote: »

I've just realised that Santander have me over a barrel...or do they? On 6th April 2014 I opened a 2 year fixed rate ISA with them. I've gone back to it this week to close it and transfer the funds out, as it will drop to a basic 1%. However, the actual maturity date is 1st June, so 2 years and 2 months after it was opened. If I want to open another - not Santander - ISA from today then I need to transfer these funds in within 10 days, which I'm not prepared to do otherwise I will lose my interest. I called Santander to query why the fixed rate period is over the advertised 2 years, he stated that I would've been aware of that when signing up to it. I have to admit I didn't give it much thought at the time, but from now on I will. He did also add that if I stay with them then they can transfer and I won't be penalised...tell you what, I won't have any more ISAs with them and will always check for this 'scam' in future.

Fixed usually means they can't change the interest rate till maturity? Did you pay in additional funds 2 months after you opened it?

shivvy68

Hi David

I paid in the full allowance on opening on 7th April then in July paid in the additional value once it had been upped by the government. This still doesn't correlate to the extended date, which was verified by the guy at Santander that I spoke with yesterday who said that I should have noticed this when I opened it, i.e. they had it set as 1st June from the outset. It just doesn't seem fair...hey ho!
Siobhan

badger09

murphydavid wrote: »

Fixed usually means they can't change the interest rate till maturity?

They didn't:cool:

shivvy68 wrote: »

Hi David

I paid in the full allowance on opening on 7th April then in July paid in the additional value once it had been upped by the government. This still doesn't correlate to the extended date, which was verified by the guy at Santander that I spoke with yesterday who said that I should have noticed this when I opened it, i.e. they had it set as 1st June from the outset. It just doesn't seem fair...hey ho!
Siobhan

I opened my Santander 123 FRISA on 14 March 2014 (xfer of previous year's ISAs). The maturity date 1 May 2016 was perfectly clear on the website, in the T&C made available at the time, and it even appears in the product name in online banking.

My son opened his Santander 2 Year FRISA on 19 April 2014. He has exactly the same information as mine above, except that the maturity date is 1 June 2016.

I honestly don't know how much clearer they could have made it:cool:

shivvy68

badger09 wrote: »

They didn't:cool:



I opened my Santander 123 FRISA on 14 March 2014 (xfer of previous year's ISAs). The maturity date 1 May 2016 was perfectly clear on the website, in the T&C made available at the time, and it even appears in the product name in online banking.

My son opened his Santander 2 Year FRISA on 19 April 2014. He has exactly the same information as mine above, except that the maturity date is 1 June 2016.

I honestly don't know how much clearer they could have made it:cool:

My post was more to highlight the tie in - I probably did see the maturity date when I opened it but just hadn't appreciated the effect it would have when I tried to open another ISA with another provider. As I said, I'll know for future and hopefully it will alert others to the issue too.

10_66

Is it up to an ISA provider's discretion to back date the date funds are added to an account when transferred from a previous provider?


I've transferred 2 ISAs in the last week or so to two different providers. The one has backdated the date funds were added to the date they were drawn from the previous provider. The other one has not done so. The funds left previous provider on the 4th and have only been credited with effect from today (7th).

caroleiw

I've just transferred a matured ISA and paid in new money to this 1.5% 2 year fixed ISA with Newcastle BS. Still not good compared with what the previous ISA was getting but the one of the best I've been able to find.

https://www.newcastle.co.uk/savings/savings-types/cash-isas/newcastle-two-year-fixed-rate-isa-issue-10/

Meggy

10_66 mentions he has just transferred 2 ISAs to 2 different providers. I can't get clear info on this relevant to my own situation. I am maxxed out on the protection allowance with one provider so I need to move the funds to a different provider with which I have no other funds. I thought I had found the ideal situation but the second provider said I also would be transferring my new allowance. I wanted to open this year's elsewhere to be protected. So the question is can I transfer £75K of old ISA years maturing in June, to one provider and open this years allowance with another provider, effectively using 2 providers in the 2016/17 tax year?

eskbanker

The short answer to your question is 'yes'.

The longer one is 'are you sure you really want to have £90K in cash ISAs, given the poor rates they pay'?

10_66

Meggy wrote: »

...So the question is can I transfer £75K of old ISA years maturing in June, to one provider and open this years allowance with another provider, effectively using 2 providers in the 2016/17 tax year?

You can split previous years' ISAs into any amount of ISAs with as many different providers you wish to. It's just the current year's ISA that must be held in one ISA.