Transfer Cash ISAs Discussion Area

zargarf

Hi

I opened an ISA with Scottish Widows to put in my Icesave money that the fsca gave back to me. Unfortunately the application was lost in the post and as such I have lost my Icesave ISA certificate. I contacted the FSCA, but they said I needed to talk to Ernst and Young (The Administrators of Icesave), but have no idea who to contact.

Does anybody have any idea? I don't want to lose the tax-free status of the cash

Cheers

Faisal

firstTimeBuyer_2-2

Hi,

I've got £6,900 in an Alliance & Leicester Direct ISA Issue 4 account (pays 2.05%) unsure if this includes bonus I opened account with they won't seem to tell me!

What's the best ISA to transfer to, I'm a bit unsure with the rates changing all the time! the one which seems the best bet on the MSE website is Natwests e-ISA at 3.51%.

Any pointers, or do you think I should wait and see if that account drops too?

Thanks for your help

ScarletBea

I have a Cash ISA with Natwest (after transferring from icesave back in December). After launching their Cash ISA Plus at 3.51% they've reduced the normal ISA rate to 2.8%! and of course you can't do transfers into the CASH ISA Plus...

I wonder what I should do, that rate's not very good...
It's still better than a normal savings account, when you deduct the 40% tax, but I think I could do better.
Can I do a second transfer in a fiscal year? I might want to put it into a fixed rate ISA.

LEAR_2

I want to use my cash-ISA allowance for the current tax year, but have a few questions:

i) I understand that in order to amalgamate my 07/08's cash ISA with an 08/09 cash ISA that I'm considering opening with a new provider, that new provider has to accept transfers in. Can however my existing 07/08 provider (Nationwide, instant access cash ISA) have terms preventing a transfer out to a new provider, thereby not permitting me to so amalgamate? I can't see anything in Nationwide's T&Cs on this, and intuitively it would seem very inequitable if it was able to do so, but would like confirmation if possible.

ii) Provided an ISA provider (provider "B") accepts transfers into one of its ISA accounts, can cash ISA funds paid in during a tax year and held with a current provider (provider "A") be transferred to provider "B" during that same tax year in order to get the best rates as and when they change? Or am I stuck with one provider until the end of the tax year - at which point I will be free to transfer all monies into an ISA account with a new provider opened for that new tax year? (And if I can make a transfer during a tax year, do the early withdrawal penalties that provider "A" may impose apply to such transfers to a new provider or just to cash withdrawals from provider A's ISA account?)

Thanks

purplestar133

LEAR wrote: »

I want to use my cash-ISA allowance for the current tax year, but have a few questions:

i) I understand that in order to amalgamate my 07/08's cash ISA with an 08/09 cash ISA that I'm considering opening with a new provider, that new provider has to accept transfers in. Can however my existing 07/08 provider (Nationwide, instant access cash ISA) have terms preventing a transfer out to a new provider, thereby not permitting me to so amalgamate? I can't see anything in Nationwide's T&Cs on this, and intuitively it would seem very inequitable if it was able to do so, but would like confirmation if possible.

ii) Provided an ISA provider (provider "B") accepts transfers into one of its ISA accounts, can cash ISA funds paid in during a tax year and held with a current provider (provider "A") be transferred to provider "B" during that same tax year in order to get the best rates as and when they change? Or am I stuck with one provider until the end of the tax year - at which point I will be free to transfer all monies into an ISA account with a new provider opened for that new tax year? (And if I can make a transfer during a tax year, do the early withdrawal penalties that provider "A" may impose apply to such transfers to a new provider or just to cash withdrawals from provider A's ISA account?)

Thanks

Some providers have penalties for transferring out but most don't. It can depend on the type of account you have, most fixed rates have penalties for transferring out early, such as a month's loss of interest. If you can't see any mention of it in Nationwide's T and Cs then it obviously allows transfers out without penalty. What account do you have with them? You could always ring them to be sure.

You can transfer your ISA at any point during the tax year - it doesn't matter whether it's your current year's ISA allowance or an old ISA, as long as your new provider accepts transfers in.

ctmoneyman

Question- Can I split and transfer an existing ISA into two or even three seperate new ISA's in different names ? basically I want to open new isa's with new providers (better rates) for me and my wife and also deposit some cash out of mine and my wifes into my daughters ISA.

ahai1

I was going to transfer my ISA to Triodos but it seems to be a waste of time. I filled in the forms and then I realised that the thing is they will send me a transfer form later on. As they use the same form for transfers and new customers they got me confused and they think when I email them that I am going to put in new money rather than old money. I have written to them emails telling them it is old money but I get a different person everytime. Don't get me wrong they are a good bank but they don't know ISA's. I was thinking can I change my mind and not transfer for to them? Is HMRC going to come after me even though it is not my fault? Here is a link http://www.triodos.co.uk

Note I am referring to the online ISA.

shinyfeet

I have a monthly saver ISA opened this tax year (which also means I am tied to that one for tax year 09-10) this new one does not accept transfers in.

I have another old ISA now getting a rubbish rate of interest. As I have already opened one ISA this tax year can I still open a new one with a transfer from the older one or is it that you can only open one new ISA account per tax year?

MarkyMarkD

ctmoneyman wrote: »

Question- Can I split and transfer an existing ISA into two or even three seperate new ISA's in different names ? basically I want to open new isa's with new providers (better rates) for me and my wife and also deposit some cash out of mine and my wifes into my daughters ISA.

Not if you want to keep the money as previous year ISA money.

The only way to do what you want is to effectively withdraw the ISA money from the first account and pay it as new contributions into the new accounts in different names.

You can transfer from one in your name to another in your name. And so can your wife. That's all.

Lugh_Chronain

zargarf wrote: »

Hi

I opened an ISA with Scottish Widows to put in my Icesave money that the fsca gave back to me. Unfortunately the application was lost in the post and as such I have lost my Icesave ISA certificate. I contacted the FSCA, but they said I needed to talk to Ernst and Young (The Administrators of Icesave), but have no idea who to contact.

Does anybody have any idea? I don't want to lose the tax-free status of the cash

Cheers

Faisal

You should have been sent a statement when your account was closed, use this as evidence. If you have then try contacting the FSCA again explaining this.

firstTimeBuyer wrote: »

Hi,

I've got £6,900 in an Alliance & Leicester Direct ISA Issue 4 account (pays 2.05%) unsure if this includes bonus I opened account with they won't seem to tell me!

What's the best ISA to transfer to, I'm a bit unsure with the rates changing all the time! the one which seems the best bet on the MSE website is Natwests e-ISA at 3.51%.

Any pointers, or do you think I should wait and see if that account drops too?

Thanks for your help

Open it and when and when the interest drops switch again. Or if one better comes up then switch from Natwests e-ISA.