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Transfer Cash ISAs Discussion Area
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Does anyone know which ISA providers pay interest from the date they receive an ISA transfer application?
I know Nationwide still do as part of their savings pledge. Any others?0 -
Hi,
My first question here, looking for some advice please.
I have a substantial cash ISA where the interest rate is less than 1% and am thinking of closing it and moving the money to a savings account with Chase for 1.5% interest. Would this be a bad move (ie, do away with an ISA), since savings rates can beat easily beat ISA rates nowadays?0 -
Missaver said:Hi,
My first question here, looking for some advice please.
I have a substantial cash ISA where the interest rate is less than 1% and am thinking of closing it and moving the money to a savings account with Chase for 1.5% interest. Would this be a bad move (ie, do away with an ISA), since savings rates can beat easily beat ISA rates nowadays?
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Missaver said:Hi,
My first question here, looking for some advice please.
I have a substantial cash ISA where the interest rate is less than 1% and am thinking of closing it and moving the money to a savings account with Chase for 1.5% interest. Would this be a bad move (ie, do away with an ISA), since savings rates can beat easily beat ISA rates nowadays?I had a thread back in April "PSA easily used up with higher % accounts - ISAs to get useful again?" that shows as rates increase the PSA starts to get quickly eaten up.When you say "Substantial" how much we talking? And are you a basic rate or higher rate taxpayer?Depending on your answers you might want to reinstate your ISA later in the year if rates continue to raise. If so check if your existing ISA is "flexible". These "flexible ISAs" allows you to withdraw and re-deposit in the same tax year without counting as new usage and are handy if your deposit is larger than the current annual limit. If your existing ISA isn't flexible just do an ISA transfer to one that is.The first post here https://forums.moneysavingexpert.com/discussion/401374/cash-isas-the-best-currently-available-list/p1 shows current rates for different types of ISAs. Under "Variable Rate Cash NISAs that accept transfers in". Tesco, Ford, Yorkshire BS, Principality all appear to be currently offing flexible cash ISAs.
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someone said:Missaver said:Hi,
My first question here, looking for some advice please.
I have a substantial cash ISA where the interest rate is less than 1% and am thinking of closing it and moving the money to a savings account with Chase for 1.5% interest. Would this be a bad move (ie, do away with an ISA), since savings rates can beat easily beat ISA rates nowadays?I had a thread back in April "PSA easily used up with higher % accounts - ISAs to get useful again?" that shows as rates increase the PSA starts to get quickly eaten up.When you say "Substantial" how much we talking? And are you a basic rate or higher rate taxpayer?Depending on your answers you might want to reinstate your ISA later in the year if rates continue to raise. If so check if your existing ISA is "flexible". These "flexible ISAs" allows you to withdraw and re-deposit in the same tax year without counting as new usage and are handy if your deposit is larger than the current annual limit. If your existing ISA isn't flexible just do an ISA transfer to one that is.The first post here https://forums.moneysavingexpert.com/discussion/401374/cash-isas-the-best-currently-available-list/p1 shows current rates for different types of ISAs. Under "Variable Rate Cash NISAs that accept transfers in". Tesco, Ford, Yorkshire BS, Principality all appear to be currently offing flexible cash ISAs.0 -
Hi there, I'm new to the forum and this thread seemed most appropriate for my query.
I have one easy access cash ISA (BOS) that I renewed prior to the new tax year 22/23, and contributed the whole allowance on the 6th April 2022. I have decided to look around for a better rate of interest.
My question is, can I transfer some of the balance accrued over past tax years on my existing account, given that I've already used up my full allowance ? I'm struggling to interpret a lot of the wording on this subject.
I tried to open a new account (1 year fixed cash ISA) with ABL UK and was asked if I wanted to fund via current subscription, transfer of existing ISA, or both. Can anyone explain to me what this means ?
Any help is much appreciated, cheers.0 -
Welcome and thank you for taking the time to dig out an appropriate thread to post on.
Funding via current subscription means using the current year's allowance with new money, so that is not an option to you because you have already used this tax year's allowance in your BoS ISA.
My understanding of ISA transfers is that the options open to you are to transfer as much or as little as you want of what you had in BoS up to 5th April.
You can also transfer all or nothing, but no amount in-between, of the £20k you put in on 6th April.
Perhaps someone else can confirm though that my understanding is correct. I've never done a partial transfer of an ISA which has money from both current and previous tax years2 -
gwapenut said:Welcome and thank you for taking the time to dig out an appropriate thread to post on.
Funding via current subscription means using the current year's allowance with new money, so that is not an option to you because you have already used this tax year's allowance in your BoS ISA.
My understanding of ISA transfers is that the options open to you are to transfer as much or as little as you want of what you had in BoS up to 5th April.
You can also transfer all or nothing, but no amount in-between, of the £20k you put in on 6th April.
Perhaps someone else can confirm though that my understanding is correct. I've never done a partial transfer of an ISA which has money from both current and previous tax years
The bit that's confusing me is when you say I can only transfer funds from my BOS account that were held prior to the current 22/23 tax year (up to 5th April), but also say that I can transfer all or nothing of the allowance paid into that account from the 6th April onwards.
To be honest, I'm still really not sure if I can do this transfer, or not, or even how much I can transfer if I was able to.
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There are two Inland Revenue rules for transfers. Previous tax years' savings can be transferred fully or partially. But savings deposited during the current tax year must be transferred in full, or not at all.1
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gwapenut said:There are two Inland Revenue rules for transfers. Previous tax years' savings can be transferred fully or partially. But savings deposited during the current tax year must be transferred in full, or not at all.0
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