Transfer Cash ISAs Discussion Area

Baldur

ragingbass wrote: »

The rate was 5.50% a few weeks ago (think it may have changed on the first of this month?)

Yes, most of their variable rate products, including the Direct ISA, reduced by 1.5% on 1st December https://www.emoneyfacts.co.uk/news/savings-news.aspx?newsarticleid=178890

savingGrace

freakshadow4 wrote: »

Hiya, can anyone tells me what happens to your interest when you transfer out of an account? My ISA currently only pays the interest at the end of the financial year, would this be recalculated and paid out as part of the transfer?

Can I just check that you can transfer out this financial year, or should I wait until April and just do it next year?

Thanks,

I'm, sorry, I'm actually just re-asking your question rather than replying. I have asked this through other web sites, and I never get a reply. I guess this is a better place to ask.
Given rates are dropping dramatically, it is an important time to review our ISAs. I am a little annoyed as I phoned my BS to query my rate a week ago, and they denied any change in their rate of 5.76%. Only when reading on this website I see that was not true! It has dropped to 4.26% .
Do not rely on your bank/BS to tell you, do check for yourselves.

Once more- can anyone reassure us whether when ISA's are transferred mid-year whether that interest is paid to date before transferring on?

Thanks, Nicky

PS I apologise if this has been answered. I am new to this and so finding it a little tricky locating what I want.

Lokolo

Yes, same as if you close savings accounts, you get interest upto the date.

luv_my_brass

Is it possible to get an ISA with a fixed interest rate, if I keep my money in for a set time? - sorry to ask this, but my brain is reeeling with too much info at the moment :-/

Baldur

luv_my_brass wrote: »

Is it possible to get an ISA with a fixed interest rate, if I keep my money in for a set time? - sorry to ask this, but my brain is reeeling with too much info at the moment :-/

Yes, see http://forums.moneysavingexpert.com/showpost.html?p=4603369&postcount=1

Scroll down for FRISAs.

pejayuk

I was planning to transfer two existing ISA's to the Cheshire Building Society today, as they are still offering 4.5% One Year Fixed.

They advised me that the rate may well change before both transfers were complete, as they often take 30 days. And quite worrying for me, I was told that sometimes the original provider won't take the ISA back if it's a Closed Issue. Meaning that I would then have to accept whatever lower rate Cheshire BS offered me.

I've never had Fixed ISA's before, always opting for Variable, but I just assumed that once they received the application, you would get the advertised rate.

Baldur

pejayuk wrote: »

I've never had Fixed ISA's before, always opting for Variable, but I just assumed that once they received the application, you would get the advertised rate.

It depends on the provider, I have certainly transferred to FRISAs in the past where the rate offered at the time of application has been honoured, despite changes/withdrawal of the product during the transfer period.

donny-gal

I have just looked at the Halifax option from the linked mail, and cannot see a higher rate option for larger amounts, has it gone now?

I have to agree that I have always looked after our savings, but the current situation is blowing my mind too, should I go for fixed or variable, my mind at the moment says go fixed, but for how long? Oh for a crystal ball!

DG

Lokolo

SPACON wrote: »

Hi, does anyone know if its possible to transfer money from an existing HSBC e-ISA to another cash ISA? Will there be any penalties?

Yes you can. You can transfer to any Cash ISA which allows transfers in. You must fill in an ISA transfer form with the new provider.

I don't think there are any penalties.

honeysaving101

Hi all,

I wasn't told about the interest rate drops from Halifax either. The ISA now is at 3.0% and websaver is now at 2.1%.

Couple of questions, Is Alliance and Leicester the best at the mo - 4.5% (Martin Lewis - rate not yet dropped) and what the best high interest current account? (A&L 2.25 at the mo).

Cheers,

Steve

edit: Also, by changing the interest rate mid year, are we to get the interest (paid in April) made up of 2 different rates if that makes sense?