Transfer Cash ISAs Discussion Area

gibby66

This is offering 7% AER, but it doesn't allow transfers in. I already have a cash ISA which I opened last tax year 2007-2008 (transferred from another provider). This tax year (2008-2009) I have paid about £500 into it. Can I still open the First Direct ISA in this tax year and keep them both going? Once the First Direct account has been open for 12 months, it ceases to be a regular saver, becomes a normal ISA, and allows transfers in. I woould then transfer the old ISA to it.

Baldur

Can I still open the First Direct ISA in this tax year and keep them both going?

As I read the HMRC guidance, you would not be able to subscribe to the First Direct ISA, as you have already subscribed current tax year funds (the £500 which you mention) to a Cash ISA held by a different provider.

You could check with the HMRC ISA Helpline for their advice.

billieboy_2

Was thinking of opening and transferring funds to the Post Office account but this is in their terms and conditions:


"ISA Manager

: Family Equity Plan Limited (part of the

Family Investments group of companies), 16-17 West
Street, Brighton, BN1 2RL. The main business of Family

Equity Plan Limited is arranging investment business."

Presumably, as it is an investment business, it won't be covered by the Government's guarantee? Any help with this one appreciated.

neas

I've had one big isa for 4-5 years with halifax.

I've gone and topped it up with 1k... but now want to switch all of it (or some if possible) to a fixed rate ISA.

Am I not allowed to do this? I just read on the NR application process:

"Have you opened or subscribed to another Cash ISA during this tax year?"

So if I have deposited 1k this year into the isa.. have i shot myself in the foot in terms of transferring it to a better rate? If I answer "Yes" to the question they won't let me proceed .

Any help would be appreciated.

Gazza_UK_3

billieboy wrote: »

Was thinking of opening and transferring funds to the Post Office account but this is in their terms and conditions:


"ISA Manager

: Family Equity Plan Limited (part of the

Family Investments group of companies), 16-17 West
Street, Brighton, BN1 2RL. The main business of Family

Equity Plan Limited is arranging investment business."

Presumably, as it is an investment business, it won't be covered by the Government's guarantee? Any help with this one appreciated.

I would be interested in the answer to this too. Was also thinking of going with the Post Office.

Synonymous

Hello, I've read quite a bit of this thread, but answers are so conflicting that I'm going to have to ask this question for about the millionth time, so sorry in advance!

I have a Halifax ISA which I opened in 2004 and have never switched. I now have over £10k in this account and I have already paid in money this year, with an allowance left of £1400. I wasn't on the ball and only realised a few months ago that my interest rate had dropped to something like 3.6%, I went into my branch and asked what could be done. After asking me if I was trying to blackmail them (!) my ISA was changed to another one with an interest rate of 5%. I thought this was the best I could do as I couldn't move banks because I had already contributed from my allowance this year.

So.... Can I move to somewhere like Icesave for a better rate before the end of the tax year? If so, can I move the whole lot, or only previous years' contributions, or what!?! And if can move it all, can I continue to pay the remainder £1400 into the new account?

If someone with a bit of know-how in these things could clear this up I'd be really grateful, its all so confusing

Baldur

See HMRC Guidance Notes, Chapter 11 for the official guidance on ISA transfers, particularly Paragraph 11.20 to 11.22 'Subscribing to the ISA after the transfer'.

blackrod

When my fixed term isa matures next April with HBOS and the interest is compounded I will have in excess of £35k. Can I transfer only part of the isa to another provider and still put my 2009 allowance in.

Baldur

blackrod wrote: »

When my fixed term isa matures next April with HBOS and the interest is compounded I will have in excess of £35k. Can I transfer only part of the isa to another provider and still put my 2009 allowance in.

Partial transfers of previous years' ISA funds are permitted, however, some providers will not permit or accept partial transfers.

greyboots_2

suelees1 wrote: »

You can open only one new ISA in any one tax year.

You can transfer existing ISAs opened in previous years as many times as you want.

Simply, ISAs that you'd aleady opened in past years are never considered as new ones if all you are doing is moving the money from one provider to another even if these are transferred to completely new providers.

Well I say "simply" but I know it can be confusing

I think this answer confirms what I thought, but I've got to check as it's my Mum's money we're going to be talking about!

She currently has a cash ISA with HBOS with over 35k in it. Last week worried her a little but I've told her her money's ok with HBOS. She does now realise that a) she shouldn't have more than 35k in an ISA and b) the interest rate it's paying is not good - it's less than 5%

So, as she won't be paying money into any new ISA's, am I right in saying she can open 2 new ISA's with different providers and transfer 50% of the HBOS ISA into each? This assumes HBOS will allow partial transfers out and the new providers will provide partial transfers in.

The only downside is that my Mum doesn't have internet access so any new ISA has to be manageable by phone. I am working on the internet access though!

Thanks in advance for any help and apologies if this is the miilionth time this has been asked.

Cheers.