Transfer Cash ISAs Discussion Area

leeegglestone

I have a barclays isa, just seen my statement says my rate is now 0.10%.
I read about the Golden Isa 3.61% rate. Shame cant transfer directly into this, however with me having such a terrible rate I was thinking to just abandon it.

Could I open this Golden Isa, withdraw the full £3600 from my current barclays ISA (balance £7k) & put into the golden ISA.

then open an ISA that allows a direct transfer to move the remaining £3400, like into alliance & leicester 2.5% ?

Lokolo

Could you not transfer that ISA to this:

http://www.natwest.com/personal/savings/g2/isas/e-isa.ashx

Then open a Golden ISA and deposit a further £3,600 into it?

leeegglestone

thought id read the natwest one required you to have their savings or current acc,. If I can have the natwest can i transfer the full 7k into there and not bother with the barclays?

yorksrabbit

Just had a look at Martin's best picks and seen the 1st Direct Cash ISA which allows transfers in.

But 1st Direct's website says there's only a few days left to apply -- in order to take advantage of tax year 2008-2009 allowance.

But we've already taken advantage of this year's allowance. It's what we do for 2009 - 2010 that's now uppermost in our mind.

Are we being a bit thick where 1st Direct is concerned, or is that offer open only to those who still haven't used their 2008-2009 allowance?

If so, what would be the recommendation here for a Cash ISA, which allows transfers-in from previous years / a previous provider, for tax year 2009 - 2010?

Many thanks.

rob_a_3

Apologies if this has been asked before but I'm new here & I couldn't find a post which adequately answers my query... I've used up my 2008/09 ISA allowance, its with a Halifax cash ISA which has in recent months become a poor ISA with a low interest rate, so I'm thinking of transferring to another cash ISA. As there's about £10k in there Martin's current recommendation of the Natwest e-ISA at 3.51% sounds a good bet.

But also of consideration is that I bank with First Direct so the 7% rate for the regular saver ISA looks very good, and it suits my situation perfectly (I make monthly deposits into my savings and never take it out anyway) though it doesn't allow transfers in from previous tax years.

So what I'd like to know is if it's possible to open a cash ISA with Natwest and transfer my current balance (up to 2008/09) to there, and at the same time open another cash ISA with First Direct and make all my 2009/10 payments in there? In other words is it possible to have two cash ISAs open in the same tax year if you're only paying into one of them...?

[One thing that does concern me is if I have to put in a token £1 to open the Natwest ISA account does that come out of my 2009/10 allowance and stymie my plans?]

Many thanks

mellymell_2

Hi,

If I transfer my existing ISA to another one will I lose my tax free allowance? also is there a liit to the amount that I can transfer?

Thanks!!!

Baldur

mellymell wrote: »

If I transfer my existing ISA to another one will I lose my tax free allowance?

Not if you follow the correct process, which is to select a new ISA provider that accepts transfers and complete their transfer form - they must arrange the transfer, not you. If you withdraw the funds and try to open a new ISA with another provider, then you will lose your tax-free benefits and affect your ISA allowance.

is there a liit to the amount that I can transfer?

You can transfer the whole balance of your current Cash ISA (including any interest earned up to the date of transfer).

KTF

rob_a wrote: »

So what I'd like to know is if it's possible to open a cash ISA with Natwest and transfer my current balance (up to 2008/09) to there, and at the same time open another cash ISA with First Direct and make all my 2009/10 payments in there? In other words is it possible to have two cash ISAs open in the same tax year if you're only paying into one of them...?

[One thing that does concern me is if I have to put in a token £1 to open the Natwest ISA account does that come out of my 2009/10 allowance and stymie my plans?]

Yes, you can have 2 open in 1 tax year but only pay in to 1.

The £1 payment is because the system doesnt understand '0' so you dont actually have to pay in £1 once its open. Just transfer over your existing ISA.

Jimbo99

KTF - have you actually tested the Natwest transfer? I want to open their cash plus ISA for 2009/10 new money and transfer an old TOISA to their E-ISA. Their transfer form is based on the HMRC combined transfer and ISA application ( it has NI details but no ISA no to transfer into ) but the web site says set up an E-ISA first hence the nominal £1 problem. I know Nat West's IT setup and have little confidence in them not cocking it up. But the rates are attractive.

pollyanna76

Nationwide sent me a letter confirming my ISA transfer request and they had sent a cheque to Nat West on 24th March, along with the relevant transfer documentation.
My ISA account with Nat West has not yet been credited. Having spoken to them they quoted the 30 day time limit for transfers, also that it all has to be sent to the Government's Central Tax Office, and anyway a Building Society cheque takes 15 days to clear !!! I understood the time limit was for Nationwide to implement the transfer, which they did quickly. Nowhere on the transfer form did I have to put my Nat West ISA account number and I wonder if my money has gone astray. Are Nat West trying to fob me off, or am I just being too impatient ?

Thanks for any advice.
Polly