Transfer Cash ISAs Discussion Area

boobbby

Baldur wrote: »

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.

I have contacted them to be told the offer was withdrawn on (Friday) 6th Febuary 2009. You was very Lucky!! but thanks for the reply!!

originalsindyuk

i have 2 isas well 3 but cant move 08's yet but i have an 07 and 06 there not in togeather i spoke to barcs today and they said i couldnt move any of my old ones but i dont get that as its not the 08 one are they being truthfull?

MarkyMarkD

You can move 2008's, as well as any previous years'. Anyone telling you otherwise - unless they are fixed rate and tied in - is talking rubbish. Don't ask Barclays - if it's them who they are currently with - simply apply somewhere else and get them to sort out the transfer.

brewerdave

This transfer business is really becoming a nightmare - I now have ~ £49k of my/my wifes money in transit and with all of the offers I originally applied for, now withdrawn, I am sweating on a) what rates will I actually get? and b) will any of my savings end up outside the tax wrapper?
The whole sorry mess really needs sorting out, but I suppose its pretty low own on the list of Govt. priorities (if there at all)

MarkyMarkD

There's no way your savings will end up outside the tax wrapper, as if your application is rejected they won't request your transfer in from the other institutions.

brewerdave

Unfortunately one of the Building Societies/Banks I applied to actually supplied me with a seperate form to send to my existing Bank to release the funds to them by cheque.They now don't appear to have an ISA available ( Birmingham Midshires) so I'm praying that the transfer gets completed before the B/M deadline in March.Nobody seems to know what will happen to the money if it arrives after the deadline!

worrier

My partner opened a cash ISA with the Post Office for this financial year 2008/2009 (£1400). He is now worried that the Irish Bank is only guaranteeing money up until 2010.
If my partner 'transfers the money in' to an existing ISA he has from previous tax years will he be able to pay into it when it is moved, making it up to the full £3600?
Or should he make it up to the full amount for this tax year (with the PO ISA)and then transfer it?

Lokolo

He should fill up the ISA then transfer it because it is late in the tax year.

Basically because its quite late what could happen is that he transfers it now (with the £1400) but if the transfer gets delayed for 2 months (lost in the post or whatever) he will lose out on the other £2200 that he could have put in it.

Obviously if he prefers he could attempt to transfer it then top it up but there is that risk.

worrier

Lokolo wrote: »

He should fill up the ISA then transfer it because it is late in the tax year.

Basically because its quite late what could happen is that he transfers it now (with the £1400) but if the transfer gets delayed for 2 months (lost in the post or whatever) he will lose out on the other £2200 that he could have put in it.

Obviously if he prefers he could attempt to transfer it then top it up but there is that risk.

Is that what you would do, top it up and then transfer it (Lokolo)? Or would you leave it?
I'm not sure how safe the Irish banks are atm. (Might be worrying needlessly though). No one seems to mention PO ISA's atm.

boobbby

worrier wrote: »

Is that what you would do, top it up and then transfer it (Lokolo)? Or would you leave it?
I'm not sure how safe the Irish banks are atm. (Might be worrying needlessly though). No one seems to mention PO ISA's atm.

Your post office ISA pays interest of 2.75% for 12 months (might be lower shortly) after 12 months you just get just 1.75% interest (might be lower shortly) They have a brilliant guarantee which is to pay no less than 1% below the bank rate (so you could get 0% interest) My advise is to top up to £3600 and transfer after 12 months has elapsed from the opening date of the ISA. Dont forget unless you are going to stick money in your ISA for many years (and hope the interest rate goes up) you would make more interest in a regular saving account (Barclays still pay 6%)