Transfer Cash ISAs Discussion Area

Lokolo

Both transfer at same time whenever you want.

Baldur

melpomene wrote: »

Do I need to transfer my 07-08 & 08-09 ISAs BEFORE 6 April?

No - whenever you wish, as long as there are no conditions to the contrary in the Terms & Conditions.

I'm thinking of going to M&S & First Direct, i.e. one to each. Or can I transfer both to the same new one?

You can do either - your choice.

melpomene

Brilliant!

loulou41

Just wonder whether anybody transfer's isa cheques has ever got mislaid. NW completed the transfer on the 24th Feb. Phoned YBS this morning and still no sign of the cheque. NW said to give it at least 4 weeks to see whether it will turn up. I am so annoyed with YBS, CS does not have any idea what I should do, she said I should chase NW for the cheque. Surely, if they have a back log of work, they are well behind, there should be record of what cheque they have received. As it is, she asked to ring NW to ask whether the cheque was sent by first or second post and if it is by second post, it is going to take a long time. In the meantime, I do not know where the cheque is!! This is proving to be a nightmare as I have transferred the whole family isa's to YBS. Anybody experiences this? Thanks

shomsfu

Hi. Apologies if this isn't exactly the right place to post this but I just can't find the answer; or my little brain isn't understanding properly.

I have a cash ISA from years ago and have recently opened another one. What I'm confused about is the distinction between how many ISA's you are allowed and how much can go into each.

As I understand it, you can open a new one each year and the ISA allowance is £3,600 in cash. Is that for each account you have or is it to be spread amongst your ISA's? What I mean is, am I allowed to pay £3,600 into each account (and in theory open another ISA as it will be a new tax year and pay £3,600 into that too?).

All help very much appreciated.

Baldur

shomsfu wrote: »

Hi. Apologies if this isn't exactly the right place to post this but I just can't find the answer; or my little brain isn't understanding properly.

I have a cash ISA from years ago and have recently opened another one. What I'm confused about is the distinction between how many ISA's you are allowed and how much can go into each.

As I understand it, you can open a new one each year and the ISA allowance is £3,600 in cash. Is that for each account you have or is it to be spread amongst your ISA's? What I mean is, am I allowed to pay £3,600 into each account (and in theory open another ISA as it will be a new tax year and pay £3,600 into that too?).

You can hold as many Cash ISAs as the number of tax years that the scheme has been running (since 1999, from memory), i.e. one per year.

You can only open AND subcribe to (i.e. pay new money into) ONE Cash ISA per tax year - once you have subscribed any new money into a Cash ISA in a tax year, you cannot subscribe to a different Cash ISA, whether it's an old one or not.

Dustykitten

Historically speaking are the best rates for transfers available at the end of the tax year or at the start of the next one or does it really not make much difference? Thanks

Baldur

Dustykitten wrote: »

Historically speaking are the best rates for transfers available at the end of the tax year or at the start of the next one or does it really not make much difference?

From memory, rather than specific historical data, providers have tended to offer better rates at the end of the tax year, in order to 'mop up' funds which have not yet been subscribed to a Cash ISA.

These rates are often withdrawn early in the new tax year (especially if fixed rate) as they tend to become oversubscribed.

Doshwaster

wattapain wrote: »

Saw this today and am gonna do it - gonna transfer my isa from Smile (good service but cr*p rates now) to M&S money - they seem like a good option.

I'm about to do the same. I have been saving regularly in a Smile ISA for years and hadn't paid much attention to it, but I was shocked today to find out that the interest rate is down to 0.31%! I remember when it was over 7%.

Just one question. I have about £1500 left in this year's allowance and I'm looking to use it all, so is it better to
a) pay this into the existing provider (Smile) now then start application transfer process for the new provider
b) Setup the new account with the new provider, transfer the money then top up before the end of the tax year/

I haven't done an ISA transfer before (been too lazy), how long does the process usually take?

Lokolo

Can take from around 1 week to couple of months, so do option 1