Transfer Cash ISAs Discussion Area

RobJJDN20

MarkyMarkD wrote: »

But unless Barclays is the best buy - and I don't think it is - why would you do this when you could open a new one somewhere else (and probably transfer the previous year Barclays money in too).

But presumably I couldn't open another one until after March 31st as I've already subscribed to the Tax Haven one thus year? It was purely about making use of the last few months of higher rate interest in the Tax Haven ISA as both my 07/08 one and my partner's are now earning half the percentage of interest as the Tax Haven one can until April. (Correct me if I'm wrong, but the Tax Haven one is fixed rate until end of this tax year right?)

boobbby

RobJJDN20 wrote: »

But presumably I couldn't open another one until after March 31st as I've already subscribed to the Tax Haven one thus year? It was purely about making use of the last few months of higher rate interest in the Tax Haven ISA as both my 07/08 one and my partner's are now earning half the percentage of interest as the Tax Haven one can until April. (Correct me if I'm wrong, but the Tax Haven one is fixed rate until end of this tax year right?)

The interest rate is variable (now 2.1%) but the bonus at 1% is fixed and added for 12 months

aristote33

Hello,

I'm a bit confused about the possibility for transfering in the current 2008-9 tax year an ISA account I have opened in the same 2008-9 tax year.

Is it allowed by HMRC or not?

(I'm confused as the application form to fill in to transfer an iSA talks about subscribing and HMRC allows only one subscription in any tax year, as it sounds...)

Anyway, any grounded answer most welcome.

Thank you.

Will

Lokolo

Yes thats fine you can only contribute new money to an ISA each tax year.

When transferring you mustn' do it by BACS or anything, must be done by filling in an ISA transfer form.

savit4l8er

Sorry if this question is discussed above somewhere but in a bit of a hurry and could do with a quick answer.

I am considering the Halifax 4 yr fixed term cash ISA. No withdrawals are allowed but you can close early at the expense of 180 days loss of interest.

I have contacted them and asked if it can be transferred out to another provider (still expected to lose the 180 days interest) and the CS rep checked with the closure team. They said it cannot be transferred because it is a fixed term. So it can be closed but not transferred.

Is this correct?

boobbby

savit4l8er wrote: »

Sorry if this question is discussed above somewhere but in a bit of a hurry and could do with a quick answer.

I am considering the Halifax 4 yr fixed term cash ISA. No withdrawals are allowed but you can close early at the expense of 180 days loss of interest.

I have contacted them and asked if it can be transferred out to another provider (still expected to lose the 180 days interest) and the CS rep checked with the closure team. They said it cannot be transferred because it is a fixed term. So it can be closed but not transferred.

Is this correct?

Probably is correct !! Halifax consider that interest rates will rise over the next 4 years that is why you get the 4% rate but you might get a lot more from other providers if you dont lock your money up for such a long term.

Baldur

savit4l8er wrote: »

I have contacted them and asked if it can be transferred out to another provider (still expected to lose the 180 days interest) and the CS rep checked with the closure team. They said it cannot be transferred because it is a fixed term. So it can be closed but not transferred.

Is this correct?

The information that you were given appears to be incorrect, see here, page 5:

For example, if you were to transfer funds from a variable rate Halifax ISA Saver the £10 minimum would apply, and you would lose interest if you were to transfer money out of a fixed rate Halifax ISA Saver before the end of it’s term.

and page 7:

By telephoning 08457 26 36 46 to transfer funds to another account or to an account with another financial institution

and page 12:

You can also transfer the fixed rate account to another ISA manager. If you close early or transfer to another ISA manager you will lose an amount equal to 180 days interest, calculated at the rate at which interest is paid on your account.

savit4l8er

Baldur

You are right. On the day I did not have time to go though all that info. Not a surprise I was given incorrect info really. I suspected what they said would break the rules of the ISA "thing" anyway. As it stands I have not invested, decided to wait a while, there may be some better offers near April, (then again there may not be). Thank you for looking into it for me.
:beer:

harieta

I have a cash ISA with Barclays with my 2-years savings. Does anyone know whether I can transfer all my capital and interest to another provider now (without any notice to Braclays) to M&S for instance (3.1%) as the Barclays rates after the recent drop are not interesting at all. How the interest will be calculated?
Is it better to do it now or wait until 5th of April?
Thank you for any help

Baldur

harieta wrote: »

I have a cash ISA with Barclays with my 2-years savings. Does anyone know whether I can transfer all my capital and interest to another provider now (without any notice to Braclays) to M&S for instance (3.1%) as the Barclays rates after the recent drop are not interesting at all. How the interest will be calculated?
Is it better to do it now or wait until 5th of April?

You don't have to give Barclays any notice (unless it's a requirement of your specific account) but you can't arrange the transfer, you'd have to complete (for example) M&S's transfer form and let them arrange the transfer (which should take up to 30 days).

Interest is normally calculated on the amount deposited and is transferred together with the capital to the new ISA manager.

The timing of the transfer is up to you - is there a requirement to stay with Barclays until a specific date, e.g. for bonus purposes?