Transfer Cash ISAs Discussion Area

boobbby

The funny thing is that you can only 'open' one ISA each tax year. So even if you had some allowance left for this tax year you can't actually open another ISA with another provider. What is allowed is the transfer of the ISA to another provider and then you can make further payments up to the years tax allowance of £3600. As Nat West allow transfers into its eISA it is difficult to understand why their forms/system make it so hard to carry out the transfer.

Crabman

Hi boobbby - the rules are simply that you can subscribe (i.e. pay new cash into) to only one Cash ISA account during each tax year.

You can open more than one ISA account provided you only subscribe to one. Transferring an existing ISA balance doesn't count as subscribing.

I'm about to transfer previous years' ISAs to the Natwest eISA - it seems a straightforward case of filling in the online form, printing it out and posting to them for processing.

boobbby

Crabman wrote: »

Hi boobbby - the rules are simply that you can subscribe (i.e. pay new cash into) to only one Cash ISA account during each tax year.

You can open more than one ISA account provided you only subscribe to one. Transferring an existing ISA balance doesn't count as subscribing.

I'm about to transfer previous years' ISAs to the Natwest eISA - it seems a straightforward case of filling in the online form, printing it out and posting to them for processing.

I agree you can only pay into one cash ISA each year but it is not me that is having a problem it is those that have tried to 'open' a Nat West cash ISA but have been unable to do so because they have been told they had paid their full allowance into another providers ISA this tax year.

happyH_2

Crabman wrote: »

Hi boobbby - the rules are simply that you can subscribe (i.e. pay new cash into) to only one Cash ISA account during each tax year.

You can open more than one ISA account provided you only subscribe to one. Transferring an existing ISA balance doesn't count as subscribing.

I'm about to transfer previous years' ISAs to the Natwest eISA - it seems a straightforward case of filling in the online form, printing it out and posting to them for processing.

Good luck with the application form!

I followed the hint and entered a nominal £1 deposit by cheque and it let me continue. So far so good! So delighted was I that I immediately signed on to see my accounts - its not there (yet).

Oh well, lets have a go with the transfer form -
Source ISA account number field too short - it won't accept NSAndI account number
Email Address entry field too small

Ok, it must be me - surely the IT department at Natwest can't be that bad? Or can they.....

I might try the branch route and let them do it

Or - maybe better to transfer to Barclays?

Crabman

Just had the same problem here happyH - Natwest's transfer form only accepts 8 digits for the account number... my A&L Direct ISA contains 11. :wall:

Mintoze

Baldur wrote: »

As far as I'm aware, no exit fee would be involved but it can take 30 days or more for an ISA transfer to complete and the 5th April is only just over two weeks away.

Why is the 5th April so important? Transfers can take place at any time, they are unrelated to the tax year.

So does that mean I can "open" a new NatWest ISA on 6th April or after and "subscribe" with the 09/10 allocation and also transfer my previous Barclays ISAs at the same time, ie. after 5 April, and therefore no big rush?

Baldur

Mintoze wrote: »

So does that mean I can "open" a new NatWest ISA on 6th April or after and "subscribe" with the 09/10 allocation and also transfer my previous Barclays ISAs at the same time, ie. after 5 April, and therefore no big rush?

Yes, that's correct.

Catlover18

Hi,

I am already a Natwest Cash ISA holder but was told i couldn't transfer my money into their e-ISA - is anybody aware of whether this is still the case?

If they don't allow me to do this, can i, after 5th April, open up a new Cash ISA or e-ISA with them and add my 2009/2010 £3,600 entitlement? This would mean having an old Cash ISA with them and a new e-ISA for 2009/2010 - is that allowed?

If i they did allow me to open up a new Cash ISA or e-ISA, can i later transfer my old and the new monies to a different provider if i see a better rate? Would this be classed as subscribing to a new provider or transferring?

One other question i had was about how the interest is accrued on ISAs. Are all ISAs paid monthly interest as Natwest does or does this vary?

Thanks in advance for any advice.

MarkyMarkD

Yes.

Yes.

Yes. Transferring.

Varies.

tanzanitelilac

I apologise now if the answer lies in this thread or another.

Circumstance has meant that I have been awful with proactively dealing with my finances over the past few months. This has meant that I am only now trying to transfer my Icesave ISA before the end of the tax year.

I have just come from a NatWest branch where I have been forced to open a current account in order to get an ISA. Originally when the appointment was booked I was told I'd need to open a savings account. Has this happened to anyone else?

I am also worried that this will not go through before April 5th as the lady who opened the account was very vague. Despite me repeatedly explaining why the money was in my current account and that all I wanted to do was transfer money in she kept saying I would only be able to transfer £3,600. (I have £6k + to transfer and my boyfriend £3k +)

Now I know that's not the case but given that I have left it till the last minute I'd really appreciate advice on whether this sounds about right and that when she speaks to her manager it will be sorted out or whether I should try and go with First Direct for example?

Thanks in anticipation!