Transfer Cash ISAs Discussion Area

KTF

IN theory it is meant to take up to 30 days max but the reality can be very different. Interest should be backdated to the date on the cheque and this time of year is always busy so I wouldnt worry yet.

MarkyMarkD

Crabman wrote: »

2) Interest on my Barclays ISA has only been paid from mid-May, leaving about two months of interest outstanding. The transfer is already in progress (to move the 'whole balance incl. interest' to the Natwest eISA) so what happens with regard to the interest they'll add (around £25 or so) once I've sent another complaint to Barclays?

Barclays can send the £25 or so as a further transfer to the other provider. Not a problem.

Auntie_Marge

Hello sorry if this is stupid question, but I am a bit confused.

I have bought a cash ISA for this tax year from Barclays, and was hoping to transfer a cash ISA I had bought last tax year (which is getting 0.1 % eek!)
Barclays said it wasn't possible to transfer my old ISA to a different ISA account as I'd used up this years allowance. I'd read the ISA transfer guide and i thought it meant that it was possible to transfer ISAs from different years to different banks with better rates of interest?

Any advice much appreciated,

Thanks in advance.

PS. I haven't posted in a forum before, hope its ok to join on end of discussion.

KTF

Assuming you mean the Barclays Golden ISA then they do not allow transfers on from other providers.

If you had opened an account that allows transfers in then you would have been able to move your previous years ISA over to the new account.

Baldur

KTF wrote: »

If you had opened an account that allows transfers in then you would have been able to move your previous years ISA over to the new account.

Although the old ISA funds can't be transferred into the Barclays Golden ISA, they can be transferred to any other provider that accepts transfers.

@ Auntie Marge

I'd read the ISA transfer guide and i thought it meant that it was possible to transfer ISAs from different years to different banks with better rates of interest?

You can - as per my answer above. Just select an ISA provider that accepts transfers and pays a better rate of interest, then complete their ISA transfer form - you must not subscribe any new money to the new account. ISA transfers do not constitute 'opening' a new Cash ISA and can be carried out at any time, irrespective of the start/end of the tax year.

Ninja_Seb

I just put £250 in my RBS ISA for the current tax year just started.

Can I still open a Nat West e-ISA? They will be able calculate the remainder of my yearly allowance won't they..

I want to transfer £17,500 from the RBS ISA to the Nat West ISA - This won't be a problem will it?

Funkyfreddy

Ninja_Seb wrote: »

I just put £250 in my RBS ISA for the current tax year just started.

Can I still open a Nat West e-ISA? They will be able calculate the remainder of my yearly allowance won't they..

I want to transfer £17,500 from the RBS ISA to the Nat West ISA - This won't be a problem will it?

It would be my understanding that by putting the £250 into your RBS ISA today (6 April) you have "designated" that ISA as your destination for any new cash in the 2009/10 tax year - you cannot put any of your remaining cash allowance (£3350) into another ISA.

You could open a NatWest e-ISA and transfer an exiting ISA into that (your moving existing ISA funds not adding new money) but you could not put any "new cash" into that ISA - that has to go in your exisiting RBS ISA.

Does your RBS ISA allow partial transfers out to another ISA ?

Rgds

Ninja_Seb

Funkyfreddy wrote: »

It would be my understanding that by putting the £250 into your RBS ISA today (6 April) you have "designated" that ISA as your destination for any new cash in the 2009/10 tax year - you cannot put any of your remaining cash allowance (£3350) into another ISA.

You could open a NatWest e-ISA and transfer an exiting ISA into that (your moving existing ISA funds not adding new money) but you could not put any "new cash" into that ISA - that has to go in your exisiting RBS ISA.

Does your RBS ISA allow partial transfers out to another ISA ?

Rgds

As long as I can transfer the £17,500 (Which includes the £250 I put in today) I'm not too bothered. Would this be okay?

I thought you couldn't have two ISA's..

mellymell_2

Baldur wrote: »

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.

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

so on from my preious msg, can I open more than 2 ISAs in one tax year, even if I'm planning to transfer in to one and pay in to another, or can I only open one? Also can I transfer funds from an ISA in someone elses name to an ISA in my name?

KTF

You can open 2 ISA then transfer existing ISAs into one of them and this years allowance in to another.

What you cannot do is open 2 ISA then pay this years allowance in to both (or split it).