Transfer Cash ISAs Discussion Area

chutney78

Hi all,

I currently have my isa with smile so need to move it fast. Looks to me like Scottish Widows slightly pips Alliance and Leicester with its rate, but A&L's bonus lasts longer (to Feb 2010), so an extra month at a higher rate if you set it up now. Should I be doing more research into the groups these institutions are part of? Eg. Scottish Widow is part of Lloyds TSB, which was been in a precarious state - should I hesitate about putting my isa with them? Likewise A&L is part of Santander. I don't think I understand enough about what's been happening to determine what to do with these facts! Is Lloyds TSB in a more stable position than Santander, or vice versa, and should I make my decision based on that, or should I just focus on the rates they offer?

All advice welcome - Thank you!!

Baldur

Both LTSB & Santander have been among the stronger, rather than weaker, banks.

chutney78

Thanks Baldur.

theowl_2

Scottish Widows now dropped 1 %!

lolo59

Is that so? I can't find a 1% drop on the Scottish Widows' site. I was just considering moving mine from A&L (branch).
Do you take the up-to-date earned interest with you when you transfer, ie. I take it I won't lose the previous 9 months interest? And is the interest calculated by day/week/month, so that last year's higher rates will still be included in the April total?
I'm really confused -as you can see - and would appreciate some factual information. Thanks to anyone reading.

10_66

My Halifax fixed rated ISA is due to mature at the end of the month, so I’m on the merry-go-round now (or not so merry) to find out where to transfer it. I’m tempted to transfer it into another 1 year fixed rate. Does anyone know which organisations:

a) backdate the start date of the newly transferred ISA to the date the funds are transferred out of the old one.

b) honour the interest rate applicable at the time when they receive the transfer authority and application form, rather than when the transfer is completed.

I know when I transferred to Halifax in Jan 08 they did both of the above, despite the rate dropping in-between the application and completion of transfer (as long as the completion was within 60 days of the application). Having just asked Julian Hodge, they don’t do either of the above. The amount of time it takes for ISA transfers to complete, a considerable amount of interest can be lost (maybe not so much these days due to the rates!).

REKRAP

Earlier this week Anglo Irish Bank were offering a 1Year Fixed Bond at 5% (4%net) but Nationwide could only offer 1Year Fixed ISA for 3.75% !

Should we be alert to the possibility in this financial storm that savers might be better off in some non ISA accounts ?

dekkard

Re: the Scottish Widows E-Cash ISA. Martin's article states that: "The bonus is only available to those that do not have any other Scottish Widow savings account."

Does anyone know if my Scottish Widows company pension would be classified as a savings account? I've asked Scottish Widows but they haven't replied yet.

hansi

REKRAP wrote: »

Earlier this week Anglo Irish Bank were offering a 1Year Fixed Bond at 5% (4%net) but Nationwide could only offer 1Year Fixed ISA for 3.75% !

Should we be alert to the possibility in this financial storm that savers might be better off in some non ISA accounts ?

Most certainly! I am a non taxpayer anyway so I will be withdrawing my FRISA in April and putting it in a easy access account.

luv_my_brass

hansi wrote: »

Most certainly! I am a non taxpayer anyway so I will be withdrawing my FRISA in April and putting it in a easy access account.

I have wondered about this too, my Icesave isa's are languishing in my Barclays savings account, paying diddly squat because I can't decide where to put them. Being on the state pension means that my income is well below my tax allowance, and there does not seem to be much chance of earning anything worthwhile on one's savings now, but reluctant to lose the isa status, haven't got much time left to decide though.......