Transfer Cash ISAs Discussion Area

Hoogie

Hi all,

Looking for some advice regarding ISAs as I’m not too sure what to do.

I have fully used my ISA allowance for this year and have an ISA for previous years, however I get a terrible rate for both these ISAs and therefore I am looking to transfer.

My question is should I transfer now or should I wait to see what the best rates are for the new ISA year and then transfer?

If I wait for the new ISA year and get an ISA which I cannot transfer into will I still be able to transfer my old ISAs into a separate ISA, or will I be unable to given that I will have already opened an ISA for the 2009-2010 period?

Thank you for any help.

Lokolo

Hoogie wrote: »

If I wait for the new ISA year and get an ISA which I cannot transfer into will I still be able to transfer my old ISAs into a separate ISA, or will I be unable to given that I will have already opened an ISA for the 2009-2010 period?

Yes you can do that.

boobbby

Hoogie wrote: »

Hi all,

Looking for some advice regarding ISAs as I’m not too sure what to do.

I have fully used my ISA allowance for this year and have an ISA for previous years, however I get a terrible rate for both these ISAs and therefore I am looking to transfer.

My question is should I transfer now or should I wait to see what the best rates are for the new ISA year and then transfer?

If I wait for the new ISA year and get an ISA which I cannot transfer into will I still be able to transfer my old ISAs into a separate ISA, or will I be unable to given that I will have already opened an ISA for the 2009-2010 period?

Thank you for any help.

Go ahead and get the best rate you can now...after April you can then choose whether to add to the same ISA or if you are not allowed then open another ISA with the same provider or any other provider

murphydavid

Hoogie wrote: »

Hi all,

My question is should I transfer now or should I wait to see what the best rates are for the new ISA year and then transfer?

Depends on how much time you want to spend on it. The rules allow you to transfer any existing ISA as often as you like.
Every time you see better rates may be a bit too much as the best rate seldom lasts more than 3 months. To save work you could find a provider that has a history of not going for the headline rate while degrading their existing accounts.

DJFearRoss

does anyone know a consistently high Cash Isa account?
so i don't have to keep transferring. i know i will lose a a bit.

MarkyMarkD

It is a good question, DJFearRoss.

Moneyfacts do a table of the highest total interest paid over 36 months or 18 months:

http://www.moneyfacts.co.uk/money/consistent/4/consistent-mini-cash-isa-36.aspx

http://www.moneyfacts.co.uk/money/consistent/3/consistent-mini-cash-isa-18.aspx

and you could do worse than one of them if you want a rate which you won't have to chase after.

FionaF

Hi

I have a remote ISA paying 1.4% in interest which I opened in tax year 2003 when I was living in England. I have recently moved to Guernsey and although under the tax regulations I cannot add any money into my ISA account, I wondered if anyone knows if it is possible to transfer to a different ISA provider which pays a better rate of interest? Any comments would be really gratefully received.

melpomene

MarkyMarkD

Why 18 & 36 month timescales?

I have cash ISAs for 07-08 & 08-09 & am looking to start another for 09-10. I did transfer my very first ISA after a year & it was such a PERFORMANCE!

I currently have an Abbey Direct ISA [transferred my Barclays Tax Haven ISA for 07-08 into this effective May 08], & a Barclays Tax Beater cash ISA 08-09.

I'm wondering will I need to transfer both? Do I await the statements or where do I get the info?

If I open a new top rate ISA for 09-10 should I transfer both existing ones to the same provider, with a view to moving everything together just once a year? Or is that not possible or foolish?

Thanks for any pointers.

Mel

boobbby

melpomene wrote: »

MarkyMarkD

Why 18 & 36 month timescales?

I have cash ISAs for 07-08 & 08-09 & am looking to start another for 09-10. I did transfer my very first ISA after a year & it was such a PERFORMANCE!

I currently have an Abbey Direct ISA [transferred my Barclays Tax Haven ISA for 07-08 into this effective May 08], & a Barclays Tax Beater cash ISA 08-09.

I'm wondering will I need to transfer both? Do I await the statements or where do I get the info?

If I open a new top rate ISA for 09-10 should I transfer both existing ones to the same provider, with a view to moving everything together just once a year? Or is that not possible or foolish?

Thanks for any pointers.

Mel

I have found it convenient to have two cash ISA's. You might find the best interest rate is only with a fixed ISA but the penalty for taking money early reduces the interest considerable on all the money in that ISA. So have 2 cash ISA's one at the fixed rate and the other variable or two fixed if they are the best rates, so in an emergency you can take money from one without effecting the other.

melpomene

Thanks. I wasn't planning on making withdrawals from my ISAs though. In that case?....