Transfer Cash ISAs Discussion Area

new

alastair_h wrote: »

They have an office in Newcastle - try with area code, no spaces and number.

thanks for reply - did that already the first time - guess will have to ring them!
thanks

new

new wrote: »

thanks for reply - did that already the first time - guess will have to ring them!
thanks

sorted! it worked when I was advised to let the system search the address from the postcode rather than me filling in the house number!

bobwo

thingamaBob wrote: »

Hi Jon,
I transferred from a Halifax Instant Saver Direct ISA last August with no problems and no loss of interest. Interest was paid up to the the transfer date. I simply filled in the transfer form and sent it to my new ISA provider who did all the rest.

Bob

Is this literally correct? I'm considering transferring an existing ISA. I've looked at the Alliance Leicester and Icesave websites and they both say that the transfer is made by the old provider sending a cheque by post to the new provider. Does this mean that the money will be "between accounts" and losing interest for several days?

new

alastair_h wrote: »

Yes you can do this.

You will need to fill out a transfer form for each different ISA you want to transfer to Icesave.

for example:-
2007/8 supplier NS&I - fill out form and send to Icesave
2006/7 & 2005/6 supplier Lloyds TSB - fill out form and send to Icesave.

Is there a limit on the number of ISAs transferred? For eaxample if there is £3000 in one ISA and 6000 in another, does the sum total matter?

SaverRanger

new wrote: »

Is there a limit on the number of ISAs transferred? For eaxample if there is £3000 in one ISA and 6000 in another, does the sum total matter?

No, there is no limit as to how much you can transfer from one provider/s to a new one.
The limit though, remains as before, as to how many ISA providers you can contribute to, the limit is just one per tax year.
For instance, I put say, £2k into this year's (2007/8) ISA with Barclays, and I have £3k from 2006/7 ISA with Abbey, I can transfer all that's in my Barclays and Abbey ISAs into my new one today, but I cannot put the 1k I have left from the 2007/8 allowance into it, as it's a new provider.

gotneed

Hi, first post here on MSE
I need a bit of guidance with my ISA
I have an ISA with Nationwide and never used anyone else, I've used this years allowance and want to make the most of my money.
I'm thinking of transfering out to another provider but I have a few questions which I can't find the answers to. Any guidance most welcomed, here are my questions:

1 - If I transfer all my ISA saving to a new provider will Nationwide close the ISA account?

2 - What happens to the interest? Is it added to the transfer amount or will the account stay open and in April the interest added?

3 - If I do a part transfer and leave say a £1,000 in Nationwide what happens to interest then?

4 - If I have more than one ISA can I then choose each tax year were I wish to put my allowance?

Sorry for all the questions - the good thing is this web site has made me re-evaluate my savings.


Thanks for reading

isasmurf

gotneed wrote: »

1 - If I transfer all my ISA saving to a new provider will Nationwide close the ISA account?

Yes

2 - What happens to the interest? Is it added to the transfer amount or will the account stay open and in April the interest added?

All interest accrued will be added to the amount transferred and the account closed.

3 - If I do a part transfer and leave say a £1,000 in Nationwide what happens to interest then?

Interest will be added to the account on the interest payment date.

4 - If I have more than one ISA can I then choose each tax year were I wish to put my allowance?

All current tax year deposits must be in the same ISA. This does not have to be the same ISA as the previous year. However, if you go a complete tax year without putting any new money into the ISA and then wish to use that ISA again you will have to complete a new application form before you can do this.

thingamaBob

bobwo wrote: »

Is this literally correct? I'm considering transferring an existing ISA. I've looked at the Alliance Leicester and Icesave websites and they both say that the transfer is made by the old provider sending a cheque by post to the new provider. Does this mean that the money will be "between accounts" and losing interest for several days?

Yes, you are right, there will be a period between the old account being closed and the money arriving in the new account, during which time no interest will be earned. My Halifax money took 5 days to transfer, another transfer from Alliance & Leicester took 4 days. What I was saying to Jon was that there was no penalty loss of interest on closing the Halifax Instant Saver ISA account.

cefynbach

I have had an A&L Isa for 3 years now and have left my interest in the account will I be able to transfer the interest as well or just the £9000

cefynbach

hi just wondering if anyone knows whether you can transfer the interest earned in an ISA or just the capital