Transfer Cash ISAs Discussion Area

10_66

As long as the new ISA provider permits transfers in, you can transfer ISA’s at any time. Check to make sure you won’t incur any transfer penalties with the previous ISA providers first though.

BabyDragon_2

I have an had an isa with the same bank for a many years with only a few quid in due to debts and no savings. I finally became debt free (wahoo) and so put 3k into said isa this year.
I have just applied for an new A&L ISA (better IR) and was thinking of transfering the 3k from the old isa into A&L and leaving the dregs in there to keep the account open incase I decide to add to it at a later date - Is that possible??

Is the interest I would loose in the transfer period worth it?

Would I be better leaving the 3k alone and waiting till april 08 and adding new funds to my new A&L Isa??

I was planning to open another in april 08 and now I'm stumped at what do for the best?? Any ideas or suggestions please??

alastair_h

OxfordBlue wrote: »

Good evening All,

My first post...so far I have read all the good information but just wanted to check.

Is there a limit to the number of times you can transfer your ISA in a tax year if you do not go over the subscription limits (or pay into the new ISA provider-as per the one provider per year rule)?

I have filled my ISA limit this year but am interested in transferring this ISA and two other older ones into one before April (this tax year) to get the benefits - if things change would I be able to fill the ISA in April (next tax year) and move it all later in the year if I wanted to?

Thank you

Blue

You can transfer the total amount as many times as you like in a year (1 account for year, as long as the ISA terms allow this, 30 day penalties etc) - for this tax year upto £3k plus any interest accrued).

Yes, you could lump all the ISA's together now in the best rate ISA. You could then add £3,600 from 6th April into this ISA. Later you could transfer the lot to another ISA provider with a better rate (assuming the ISA terms allow this again - eg not a fixed rate with no withdrawals).

Remember to transfer correctly never withdraw the funds.

alastair_h

BabyDragon wrote: »

I have an had an isa with the same bank for a many years with only a few quid in due to debts and no savings. I finally became debt free (wahoo) and so put 3k into said isa this year.
I have just applied for an new A&L ISA (better IR) and was thinking of transfering the 3k from the old isa into A&L and leaving the dregs in there to keep the account open incase I decide to add to it at a later date - Is that possible??

Is the interest I would loose in the transfer period worth it?

Would I be better leaving the 3k alone and waiting till april 08 and adding new funds to my new A&L Isa??

I was planning to open another in april 08 and now I'm stumped at what do for the best?? Any ideas or suggestions please??

• Your old ISA has a few quid in it along with 2007/8 financial years ISA contribution. The £3k hasn't topped up the original ISA. It is possible, however I can't think of a reason why you'd want to keep the few quid there as it won't be doing much and the account can't be that good if you're considering moving the £3k to another.

• When I moved to Icesave - I don't think I lost any interest - opening balance showed on same day as they received the cheque/transfer from previous ISA provider - so loss of interest wouldn't be an issue if this were the case.

• I would move my ISA's to best interest rate available as soon as possible then top up with 2008/9 financial years contribution (£3,600) on 6th April.

alastair_h

kayu wrote: »

HI Can any one help mei have 3 isa accounts all will abbey and want to tranfer all to icesave whats the best way to do it??the three isa's are1, easy isa2,toisa (tessa only isa)3, postal isawill i need to fill out 3 differnt isa transfer forms or is it better to combine all 3 with abbey then just fill out 1 transfer with icesave?and im not sure if it is the same process for postal isa's and tessa's, can i transfer them the same way as other cash isa's or is the process completly different?i need to do this tranfer quickly as possibel because leaving them in abbey is paying out less interest than if i were to put it in a icici account even with the tax free interest is taken into account.

If you fill out the 3 forms for each ISA and send to Icesave they will do the business there for you. I am not familiar with Abbey's range so I am making an assumption they will all behave like cash ISA's.

The Icesave forms aren't that complicated - 1 page and the account information would be the only difference, so you could fill out name, address, NI number and copy this and change account details and sign.

bristolleedsfan

alastair_h wrote: »

• When I moved to Icesave - I don't think I lost any interest - opening balance showed on same day as they received the cheque/transfer from previous ISA provider - so loss of interest wouldn't be an issue if this were the case.

• I

If opening balance was date of receipt of transfer cheque, then their would have been at least ( possibly more) two days loss of interest from date your old provider transacted your ISA transfer out.

If Icesave started paying interest from second working day following receipt of transfer cheque then that is at least 3 days loss of interest. ( + extra days loss of interest if they received cheque on a thursday, friday or saturday.

Nationwide pay interest on ISA transfers in from date of transfer cheque, this is true meaning of no loss of interest on ISA transfers.

MickK_3

bristolleedsfan wrote: »

If opening balance was date of receipt of transfer cheque, then their would have been at least ( possibly more) two days loss of interest from date your old provider transacted your ISA transfer out.

If Icesave started paying interest from second working day following receipt of transfer cheque then that is at least 3 days loss of interest. ( + extra days loss of interest if they received cheque on a thursday, friday or saturday.

Nationwide pay interest on ISA transfers in from date of transfer cheque, this is true meaning of no loss of interest on ISA transfers.

Anyone know if Bradford & Bingley pay interest on ISA transfers in from date of cheque? Natwest say they sent my transfer cheque 11 days ago and won't stop it and resend until 30 days is up!

hansi

Does anyone know if NR accept transfers in for this product?

10_66

Yes, their 1 & 3 year fixed rate ISA's permit transfers in.

geebeeone

I have £3000+ with one ISA and £6000+ with another.
1. Can I transfer both to a new provider in the new tax year.
2. Will I also be able to add to the new provider in the same year.