Transfer Cash ISAs Discussion Area

harieta

Baldur wrote: »

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?

I couldn't find anything in T&C(unless I should read between the lines), no bonuses that I'm aware of, I was hoping that someone else who has/had Barclays cash ISA could give advice

rb10

harieta wrote: »

I was hoping that someone else who has/had Barclays cash ISA could give advice

Barclays have different types of ISA, so without knowing what specific account yours is, no one on here will be able to help.

Best bet is probably to phone them up and ask.

boobbby

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?
Thank you for any help

On all savings acounts whether it is variable or fixed the interest is added daily. With a fixed rate ISA their are penalties instigated if you do not carry the ISA to its full term. This is normally a loss of interest for a period of time which can be up to 180 days. When you change to another variable ISA say like M&S you should be aware that the only guarantee you get is a 1% on top of the variable rate which can change at any time.

harieta

Mine is definitely variable, on statements it says: Barclays variable rate ISA.. and that's it...

To boobbby:
Is it then better to go for fixed rate instead? I won't need the money for another year, so there is no withdrawals in the future to be done.
I just want my money to earn a little bit extra (as we all do) especially if it's called a "savings account"

Baldur

harieta wrote: »

Is it then better to go for fixed rate instead? I won't need the money for another year, so there is no withdrawals in the future to be done.
I just want my money to earn a little bit extra (as we all do) especially if it's called a "savings account"

Again, it's your choice - at least with a fixed rate ISA you know exactly how much you will earn in interest for the fixed rate period - certainly all of mine are currently in FRISAs, earning between 6.2% and 6.5% until their various maturity dates.

boobbby

harieta wrote: »

Mine is definitely variable, on statements it says: Barclays variable rate ISA.. and that's it...

To boobbby:
Is it then better to go for fixed rate instead? I won't need the money for another year, so there is no withdrawals in the future to be done.
I just want my money to earn a little bit extra (as we all do) especially if it's called a "savings account"

The easist and just about the best fixed rate is a 2 year fixed ISA with the Halifax for 3.5% or 3.1% for the one year fixed ISA. Better be quick tho' as it might not be around much longer!

boobbby

Baldur wrote: »

Again, it's your choice - at least with a fixed rate ISA you know exactly how much you will earn in interest for the fixed rate period - certainly all of mine are currently in FRISAs, earning between 6.2% and 6.5% until their various maturity dates.

I have a couple as well, although my Lloyds matures at the end of March so where do we go from there!!

Baldur

boobbby wrote: »

I have a couple as well, although my Lloyds matures at the end of March so where do we go from there!!

I've just applied for their 'Early Bird' roll-on offer at 3.75% fixed (on £30k+), from the day after maturity of current FRISA. Their general FRISA offer, available from next week, will apparently be 2.5%.

My others don't mature until next October and April 2012.

boobbby

Baldur wrote: »

I've just applied for their 'Early Bird' roll-on offer at 3.75% fixed (on £30k+), from the day after maturity of current FRISA. Their general FRISA offer, available from next week, will apparently be 2.5%.

My others don't mature until next October and April 2012.

I also have 30k+ but have not been offered the 'Early Bird' deal. Did you have to chase them up for it or did they contact you ?

Baldur

boobbby wrote: »

I also have 30k+ but have not been offered the 'Early Bird' deal. Did you have to chase them up for it or did they contact you ?

I contacted them last Tuesday and received a bit of a runaround but eventually spoke to a CS agent who promised to send the documents - received the letter, info & application form on Saturday morning.

The application form has to be returned to them by 16th February, you *may* just be lucky if you contact them today.