Transfer Cash ISAs Discussion Area

Crabman

pigeonpie wrote: »

Sorry to be thick but I'm eyeing the M&S Cash ISA. If I filled in a transfer form with them by 5 April (or sooner) would this be ok or is it now too late to transfer my last 2 years' ISAs.

Hi pigeonpie - it doesn't matter when you transfer previous ISAs to a new provider, they have no bearing on the current year's allowance of £3600.

stewie08

Hi I have a few quick question I hope someone can help me with.

I have an HSBC Cash E-Isa and the rate has fallen drastically. I have seen the first direct cash e-ISA and want to transfer. The questions I have are:

1) Will I be charged a fee for transfering my ISA from HSBC?
2) As both First Direct and HSBC are part of the same organisation, will I stilll be allowed to transfer?
3)As long as I do the transfer before or on the 5th of April will it still be processed for the 2008/2009 allowance?

Anyone that can help me with these questions I would be much appreciated.

Lokolo

stewie08 wrote: »

Hi I have a few quick question I hope someone can help me with.

I have an HSBC Cash E-Isa and the rate has fallen drastically. I have seen the first direct cash e-ISA and want to transfer. The questions I have are:

1) Will I be charged a fee for transfering my ISA from HSBC?
2) As both First Direct and HSBC are part of the same organisation, will I stilll be allowed to transfer?
3)As long as I do the transfer before or on the 5th of April will it still be processed for the 2008/2009 allowance?

Anyone that can help me with these questions I would be much appreciated.

1) No

2) Don't think show:

FirstDirect wrote:

transfer any ISA balances to us, held with other providers, from previous or current tax years. (Transfers from existing first direct ISAs are not permitted).

I assume HSBC count as a seperate provider.

3) Doesn't matter...? If you haven't filled up your allowance yet, fill it up before transferring as it won't get done before 5th April. It doesn't matter when you transfer. If you transfer after April 5th it doesn't do anything to your 09/10 allowance.

stewie08

Thanks Lokolo.

Just went on first direct and says new customers have to wait till April 6th to open account so I'm assuming transfering 2008/09 should be fine.

Quick tip for raising money for your £15k target. Online surveys, really quick and easy. Thanks again

agrinnall

Apologies if this is already answered elsewhere. I have 6 ISAs from previous years spread across 5 different providers totalling over £30K, all receiving abysmal interest. I have sent in a form to open a M&S ISA with the transfer of my TOISA. Once that's open can I transfer in all of the others? And can I in future transfer the entire amount to another account (that accepts transfers in) should it offer a better rate?

Cheers, Andy

Baldur

agrinnall wrote: »

Apologies if this is already answered elsewhere. I have 6 ISAs from previous years spread across 5 different providers totalling over £30K, all receiving abysmal interest. I have sent in a form to open a M&S ISA with the transfer of my TOISA. Once that's open can I transfer in all of the others?

You could have transferred them all at the same time, just completing a different M&S transfer form for each.

(by the way, there hasn't been any such thing as a TOISA since 6th April 2008, when they became Cash ISAs)

...can I in future transfer the entire amount to another account (that accepts transfers in) should it offer a better rate?

Of course you can.

agrinnall

Thanks Baldur, I haven't sent off the form to M&S yet so I'll add the others to the envelope, the sooner the money's earning a reasonable rate of interest the better!

computerbar

Hi
I have about £10,000 in Direct ISA with NS&I (I know ).
I already have current account with natwest.
So If I want to transfer it to Natwest e-ISA I have to open an eISA account first.
Right? But they won't allow to open eISA without any money and atleast £1 must be there (which I think theoretically wrong if you have already used your allowance and only opening this account for transfer in).

If I transfer it to Natwest.
What would happen?
Does the £1 already in excess of allowance will make any problem like making the taxfree allowance total in £3601 and I might lose the benefit of transfering...

I am just confused.
Could anybody please shed some light on this...

Regards

Baldur

computerbar wrote: »

Hi
I have about £10,000 in Direct ISA with NS&I (I know ).
I already have current account with natwest.
So If I want to transfer it to Natwest e-ISA I have to open an eISA account first.
Right? But they won't allow to open eISA without any money and atleast £1 must be there (which I think theoretically wrong if you have already used your allowance and only opening this account for transfer in).

If I transfer it to Natwest.
What would happen?
Does the £1 already in excess of allowance will make any problem like making the taxfree allowance total in £3601 and I might lose the benefit of transfering...

I am just confused.
Could anybody please shed some light on this...

Have you paid any new money into a Cash ISA since 6th April 2008?

If so, you can't pay any new money into a different Cash ISA (not even £1), as you would be subscribing to two Cash ISAs in a single tax year.

I would go to a branch and sort it out, if you are currently trying to arrange this online.

computerbar

I always pay in full on 6-7 april to get max interest... so yeah I have already used my allowance fo this year.
No I have not opened e-ISA because I knew it would be double subscription as said.

I can wait untill 6april.
But as you said it is the problem for most people if they wanted to say do the transfer in August month and could be penalised for having to subscribe to two ISA...