Transfer Cash ISAs Discussion Area

Baldur

tanzanitelilac wrote: »

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?

You are entitled to transfer up to, and including, the full amount shown on the Icesave ISA certificate which you received from the FSCS - that's the whole point of the certificate, plus you can add any balance of your £3,600 2008/9 ISA allowance - http://www.fscs.org.uk/faq/icesave_faqs/

33. Will I lose the tax status on my ISA?
The money you held in your ISA will not lose its tax-free status if you follow this process. An ISA certificate will follow by post to allow you to reinvest that sum in an ISA with another provider by 5 April 2009. You should receive your ISA certificate within 2 weeks of claiming compensation using the electronic process and you will have to give this certificate to your new ISA provider when you open your ISA with them. You should ask for an ISA transfer form from your new ISA provider.

34. Can I subscribe additional funds to my ISA once I've reinstated it with a new ISA Provider?
Yes, subject to the usual subscription limits for the current tax year (£3600 for cash ISAs, £7200 for stocks and shares ISAs). So, for example, if you subscribed £2000 to your Icesave cash ISA in 2008/09, you could subscribe a further £1600 to your reinstated cash ISA before 5 April 2009.

Crabman

Crabman wrote: »

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:

Simple solution from Natwest - as the form has to be printed and posted, simply alter the account number on the printout. They didn't seem interested in fixing the 8-digit limit.

The member of staff I spoke to also stated that interest on ISA transfers is paid from the date of receipt of the ISA transfer form. It'll be interesting to see whether that transpires...

jamesd

tanzanitelilac wrote: »

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 +)

What is the exact name of the ISA account product that you opened? The 3600 suggests that the one she set up might be one that only takes new money, not transfers.

You won't be able to transfer money from your boyfriend's ISA account into your own with an ISA transfer. He'd need to open his own ISA account and transfer into that.

tanzanitelilac

jamesd wrote: »

What is the exact name of the ISA account product that you opened? The 3600 suggests that the one she set up might be one that only takes new money, not transfers.

You won't be able to transfer money from your boyfriend's ISA account into your own with an ISA transfer. He'd need to open his own ISA account and transfer into that.

Sorry that I didn't explain things properly - I realise that we need separate ISAs, we opened one each along with this stupid current account. The ISAs that we currently have do not allow transfers in hence this last minute haste.

I hadn't thought about them opening up an ISA that accepts new money but they just called and that is exactly what they have done. I am completely exasperated as it's clear the branch have no idea about the Icesave situation or even who the FSA are. She is now trying to convince me that some of the money can be put in after April 5th (and therefore use next year's allowance). I've requested the account be closed and I'll look elsewhere.

Thanks for the advice, I only wish I'd had the same expertise at the bank!

Baldur

tanzanitelilac wrote: »

I've requested the account be closed and I'll look elsewhere.

Don't forget that you will need the return of your Icesave certificate from Natwest (if they retained it with the application) in order to complete the transfer with a different provider.

berrya1

Hi I need a bit of advice with regards to my ISA situation.

I currently have 1 Cash ISA (£3600) for tax year 08-09 with Natwest that is currently paying 1%. I have just set up a NEW Cash ISA (Plus) with Natwest ready for the next tax year (09-10) at 3.25%.

A stipulation of the 09-10 ISA is that you cannot transfer old ISA's into it.

If I am to use this new ISA from April can I do anything still with my old ISA?? i.e. Can I set up a transfer for my old ISA 08-09 into a DIFFERENT provider that accepts transfers? Or does that count as having 2 ISAs for 09-10??


Any help would be much appreciated.... As a summary I want to increase the interest rate from 1% that it currently for my 08-09 ISA and take advantage of the 3.25% ISA with Natwest I have found.


Cheers

Baldur

berrya1 wrote: »

If I am to use this new ISA from April can I do anything still with my old ISA?? i.e. Can I set up a transfer for my old ISA 08-09 into a DIFFERENT provider that accepts transfers? Or does that count as having 2 ISAs for 09-10??

You can transfer Cash ISAs at any time, the tax year is irrelevant - transfers do not constitute a 'new ISA', you are merely transferring the same ISA to a different provider.

Remember that your chosen new provider has to arrange the transfer, not you - you merely complete their transfer form.

boobbby

tanzanitelilac wrote: »

Sorry that I didn't explain things properly - I realise that we need separate ISAs, we opened one each along with this stupid current account. The ISAs that we currently have do not allow transfers in hence this last minute haste.

I hadn't thought about them opening up an ISA that accepts new money but they just called and that is exactly what they have done. I am completely exasperated as it's clear the branch have no idea about the Icesave situation or even who the FSA are. She is now trying to convince me that some of the money can be put in after April 5th (and therefore use next year's allowance). I've requested the account be closed and I'll look elsewhere.

Thanks for the advice, I only wish I'd had the same expertise at the bank!

Nat West have and ISA called an e-ISA which does allow transfers. As you have already opened a current account you should be able open this account instantly. You can have as many ISA accounts (that allow transfers) as you wish if you only want to transfer money.


If you want to transfer another cash ISA to us, once your e-ISA is open, complete the ISA Transfer form, print it, and send it to: Central Tax Unit, 9th Floor, 1 Hardman Boulevard, Manchester, M3 3AQ and we’ll arrange for the transfer to be completed.

PotatoPotato

Hey, I need a bit of advice

I got the old isa from barclays 2 years ago. The tax beater, i forgot to move it when it went to the new tax year .

I know the barclays Golden ISA says it cant transfer in but i dont plan to add anymore funds till atleast the next year.

I didnt even meet this years £3,600 so i dont even have £7,200 altogether. Should i withdraw money from the tax beater, open the new golden isa and put it in?

Or find a different bank that allows the transfer of all my money and a better rate? like natwest?

Also if i sign up with natwest online, is there any paper i need to send off? Or is it better if i go directly into a branch and sign up.

Thanks

Baldur

PotatoPotato wrote: »

Also if i sign up with natwest online, is there any paper i need to send off?

See the post above yours:

If you want to transfer another cash ISA to us, once your e-ISA is open, complete the ISA Transfer form, print it, and send it to: Central Tax Unit, 9th Floor, 1 Hardman Boulevard, Manchester, M3 3AQ and we’ll arrange for the transfer to be completed.

Or is it better if i go directly into a branch and sign up.

From memory, Natwest may require you to open another account in order to qualify for their e-ISA., so it may be quicker to go into a branch if you aren't already a customer[/quote]