Transfer Cash ISAs Discussion Area

Dustykitten

fitzal wrote: »

I have the same ISA, and read somewhere on here (I think it was this thread) that apparently you dont have to give the notice. You only loose 60 days of interest if you withdraw the money, not if you transfer it.

Thanks for that - the branch did not tell me that - no surprises there - I might check out the finer details. Still not sure where I want to move the funds to though.

Hemel_Saint

Here is an interesting point, that has stumped me.

I am trying to Transfer an ISA from NS&i (4.8%) to Scarborough (6.3%).
I downloaded all the forms from Scarborough and filled them in.

Two forms are to be sent back to Scarborough, but they state that the 'Cash ISA Transfer Form' is to be sent to the existing Lender (NS&i).

So I phoned NS&i and asked if there was a specific postal address to send 'Transfer forms' to, and they said that I should not be sending the forms to them, it must come from the New Lender (Scarborough BS).

So I phoned Scarborough, and they said follow the instructions on the form and post to NS&i...

Confused... I dont want the form to be ignored by NS&i... Any one know if there is a correct procdure for this?


And another small question.
The 'Cash ISA Transfer Form' asks me to insert a 'Date of Transfer'... Do I simply insert 'todays' date, and await the 30 day process?

1st time I have done this... so I am easily confused by people giving me conflicting instructions....


Cheers
Mark

Baldur

I have sent ISA transfer forms directly to the old ISA provider in some cases but only where the new Cash ISA account details were available and included on the form - if you don't have those, you can't send it to the old provider.

As far as the date is concerned, I usually write 'As soon as possible', rather than a specific date - unless there is a need to give notice to the old provider.

Hemel_Saint

Baldur wrote: »

I have sent ISA transfer forms directly to the old ISA provider in some cases but only where the new Cash ISA account details were available and included on the form - if you don't have those, you can't send it to the old provider.

As far as the date is concerned, I usually write 'As soon as possible', rather than a specific date - unless there is a need to give notice to the old provider.

Cheers Baldur (once again)

I am posting all 3 forms off to Scarborough....

jammell

Hi there, wondering is anyone can help me.

I've got an ISA with RBS, the interest rate is..4.25%.

Yet I've noticed the Post Office/Scottish Widows have a nice rate of 6.25%. If I transfer my money to the post office before April 2009 will I get any interest, or will I have to wait until April to transfer from RBS to the new bank?

Was just wondering, because there's a 2% different there, so I'll be missing out on a couple hundred quid!

Baldur

jammell wrote: »

I've got an ISA with RBS, the interest rate is..4.25%.

Yet I've noticed the Post Office/Scottish Widows have a nice rate of 6.25%. If I transfer my money to the post office before April 2009 will I get any interest, or will I have to wait until April to transfer from RBS to the new bank?

Was just wondering, because there's a 2% different there, so I'll be missing out on a couple hundred quid!

Just choose your new ISA provider, complete their transfer form and they will arrange the transfer.

Your old provider will pay interest up to the date of account closure upon transfer and your new provider will pay interest when the funds reach their account.

ukclarkkent

here's a question. please point me to a previous discussion if there is one...

now that my icesave isa is locked up and i'm waiting to see what happens can i put my money in my savings account(was ke now ing) into a new isa in natwest, for example.

i put £3000 into icesave before it went. this week put £600 into a new natwest one but have some money in my ke account. i'd prefer that to go into my natwest account which would take me above £3600 in 1 year. but who would know? and i don't have any guarantees that i'll get my icesave money back this side of christmas.

not the end of the world but thought i'd ask for any thoughts/suggestions.

diolch,
me

Baldur

Were any funds paid into the Icesave Cash ISA since 6th April 2008? If so, your Natwest ISA is void.

ukclarkkent

Baldur wrote: »

Were any funds paid into the Icesave Cash ISA since 6th April 2008? If so, your Natwest ISA is void.

hiya,

yeah i put £3000 into it this year - have since got the £600 to take me up to this year's limit which i've put into my new natwest isa. i thought you could open +1 isa a year but only put a max. of £3600 into them. coincidentally i put my transfer forms from icesave into natwest a week before icesave went bust but it wasn't time enough.

as i say it's not the end of the world and people are a lot worse off than me. i know my money's protected in ke/ing but if i can put it into my natwest isa now i'll get better interest. it might be that the money i get from icesave will land in my current account and not in an isa for the rest of the financial year???

cheers baldur

Baldur

No you can only subscribe (i.e. pay new money into) ONE Cash ISA per tax year. See http://www.hmrc.gov.uk/leaflets/isa-factsheet.htm

You effectively don't have a Natwest ISA, as it is voided by the fact that you have already paid into the Icesave one this financial year.

Suggest that you contact the HMRC ISA helpline to see if they can advise you how best to proceed, as per the below quote from their ISA leaflet:

Duplication
Remember you cannot invest in more than one cash ISA, or more than one stocks and shares ISA in the same tax year.

Mistakes do happen. If you do invest in more than one ISA of the same type in a tax year, the second ISA will not be tax-advantaged. If this has happened call our ISA helpline. Have the details of your ISA accounts to hand when you call.

They are more likely to treat you leniently if you admit the mistake, rather than them discovering it in the ISA audit process.