Transfer Cash ISAs Discussion Area

Baldur

computerbar wrote: »

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...

I suspect that arranging the transfer in branch, as I suggested, would rule out this problem - Halifax also say they want an initial deposit but it's only for the process to go through on their computer systems.

An in-branch adviser simply entered a nominal amount when a friend recently applied to transfer to their ISA Reward, no physical deposit was required, so no breach of the HMRC guideleines.

whizzing

What is the best option for a 1 year Fixed Rate, able to transfer previous years into ISA for a 17 year old. Hubby and I have gone for the First Direct but they will not do one for a 17 year old. So who is second best for this. Have but in nothing so far for 2008/09.

Baldur

whizzing wrote: »

What is the best option for a 1 year Fixed Rate, able to transfer previous years into ISA for a 17 year old. Hubby and I have gone for the First Direct but they will not do one for a 17 year old. So who is second best for this. Have but in nothing so far for 2008/09.

You'll find the 'best buys' here and in this post, you'll need to check the minimum age limit applied by providers.

The Halifax Direct ISA Saver Reward is also worth looking at, as the rate is fixed for 12 months, although it's not a 'fixed-rate' ISA in the traditional sense.

Sarahcat

Thanks Baldur-I'm looking into your suggestions.

Sarahcat

Hi,
I've just been on line to First Direct who are stipulating that you have to be a customer already to even transfer old ISAs in. Is this correct?
Thanks.

PotatoPotato

Quick question regarding the natwest isa.
I managed to open a current account and they said i would receive the stuff for me to use online banking.

I just signed up for the E-isa but i forgot to make note of the reference number in step 5, does it matter?

Plus i opened the E-isa it said i needed to add a deposit to open the account, so i added £1 from my 2008/2009 allowances.

So i want to know if i can transfer after 5th april, or does it have to be transferred before to count for the new rate? I'm just thinking it wont transfer in time.

P.S: Is my account open? Even though i cant log in and check because i am missing my activation pin code.

Baldur

Sarahcat wrote: »

Hi,
I've just been on line to First Direct who are stipulating that you have to be a customer already to even transfer old ISAs in. Is this correct?
Thanks.

See - http://www.firstdirect.com/savings/cash-eisa-apply.shtml

Not yet a customer? The cash e-ISA is currently only available to first direct customers for the 2008/2009 Tax Year.


You will be able to apply for the 2009/2010 Tax Year from 6 April 2009.

P.S. It's probably not a great idea to post in blue text, as links are shown in blue - could be rather confusing for new forum users.

Toffeenose_2

Hey, I have a query which I hope someone can advise on. I want to open an A&L Issue 5 ISA and then transfer my Issue 4 into it. It pays 3% for deposits of over £9000 and 2.5% for deposits below. I have put my £3600 for this 08/09 tax year into my issue 4 but am about £50 short of the £9K. If I put the extra into my ISA, will I be able to qualify for the 3% rate?

boobbby

Toffeenose wrote: »

Hey, I have a query which I hope someone can advise on. I want to open an A&L Issue 5 ISA and then transfer my Issue 4 into it. It pays 3% for deposits of over £9000 and 2.5% for deposits below. I have put my £3600 for this 08/09 tax year into my issue 4 but am about £50 short of the £9K. If I put the extra into my ISA, will I be able to qualify for the 3% rate?

I am carrying the exact transfer for the wife and can't see any reason why you wont receive 3% (calculated daily) once your fund reaches £9000 using next years allowance. Once you have opened Issue 5 ISA you still have to do the transfer using the postal application forms as it will not allow the transfer using the Internet even though both your old 4 and new 5 will show in the quick transfer window.

KTF

I cant decide what to do this year. Here are the options I am looking at, any opinions?

Currently on the Lloyds TSB 6.5% fix.

Option 1: Leave current amount in Lloyds, open a new one with Barclays:

21000 3% 630 lloyds
3600 3.61% 129.96 barclays
Total: 759.96

Pro: Instant transfer to 3% fix and able to open and fund Barclays one at the start of the new tax year.
Con: Barclays rate may drop.

Option 2: Transfer current amount to Natwest, open a new one with Barclays:

21000 3.51% 737.1 natwest
3600 3.61% 129.96 barclays
Total: 867.06

Pro: Highest rate of interest earned.
Con: Transfer time to Natwest from Lloyds, both rates are variable and may drop.

Option 3: Transfer existing amount to Natwest and top up with this years allowance:

24600 3.51% 863.46 natwest

Pro: Full amount in one place.
Cons: Transfer time and rate may drop.

Option 4: Transfer existing amount to new Lloyds 3% fix and top up with this years allowance:

24600 3% 738 lloyds

Pro: Instant transfer to new fixed rate and able to add this years allowance on day 1.
Con: Lowest 'risk'. As a result not the highest amount of interest available.

Any suggestions on the above? I am not convinced that Natwest and/or Barclays will maintain the rate hence not signed up for option 2 yet...