Transfer Cash ISAs Discussion Area

nooneshuffle

Hi - having received contradictory advice from 3 Barclays advisors I wanted to get some clarification on the following:

I opened a Barclays Golden Isa for 2009/10 yesterday.

I also have an ISA with Barclays from last year, which is now receiving negligible interest.

I went into the bank a couple of weeks ago to get advice on how to make the most with my ISA allowance and was told to wait until this tax year, open a Golden ISA, transfer last year's in and put an extra £3600 as 2009/10's allowance.

Yesterday I was told that I couldn't do this, and following opening the Golden for 2009/10 was told there is nothing I can do with the 2008/9 sum other than close the account down and put the money into a savings account.

Is this true? Can I not transfer to another ISA because it was last year's allowance? I was also told that I couldn't transfer last year either.

If this is not the case then I wonder if I could kick up a fuss due to bad advice and stick my money elsewhere?

Any help would be greatly appreciated.

fullstop

Yes, you can transfer last years ISA to any provider that accepts transfers in.,

computerbar

Hi
I have Direct ISA with NS&I and have just opened a Natwest e-ISA.

NS&I have in their T&C that they have to be informed in writing when Transferring to another ISA.

Natwast also wants a Transferring ISA form to be filled in..

Do you think only filling NatWest form will be enough or I still need to write to NS&I of my transfer to Natwest??

Codgie_2

Mach wrote: »

A couple of follow-up questions to this: Do deposits for opening new ISAs count as part of the year's allowance?

Last year I helped someone transfer their ISA to Scottish Widows, thinking all we needed to do was fill-in a transfer form. SW got back to us saying that we needed to open an ISA account first before they could transfer the previous ISA allowance. To do this we had to pay a £10 deposit, which I guess counted as part of the year's allowance, meaning we would not have been able to pay into another ISA account that tax year.

Do all transfers operate in this way (requiring you to pay a deposit and thus effectively tying you to the account for the rest of the tax year)?

Hope I have been clear and many, many thanks.

I'm having the same problem with Natwest and First Direct. They both allow transfers from other providers from previous years but to do this online you must first open an account for this year, making them the providers for 2009/10. Not sure that I want to make them the provider for this year yet, and no one on their phoneline seems to be able to help.

JP1980_2

Can anyone tell me if you transfer your previous years ISA to a new ISA provider is a credit check performed or does it impact your credit score? Probably a stupid question but had to ask!

JP

Lokolo

JP1980 wrote: »

Can anyone tell me if you transfer your previous years ISA to a new ISA provider is a credit check performed or does it impact your credit score? Probably a stupid question but had to ask!

JP

Nope not at all.

SephirothX

I would also like to know about the transferring out of NS&I thing that computerbar mentioned since I plan to transfer.


I am looking at the Marks and Spencer ISA since it seems easier to set up than Natwest where you first have to open a current account (which I'd never use).

However, does anyone know the rules for deposits? On the site it says "Save from £25 a month via Direct Debit" but what if I want to put in say £1500 in May, £1500 in December and £600 in March, could I do that? Or is it one of those where you've got to make monthly payments of no more than £300?

WhiteSpace

computerbar wrote: »

I have Direct ISA with NS&I and have just opened a Natwest e-ISA.

NS&I have in their T&C that they have to be informed in writing when Transferring to another ISA.

Natwast also wants a Transferring ISA form to be filled in..

Do you think only filling NatWest form will be enough or I still need to write to NS&I of my transfer to Natwest??

Personally I have only ever had to send a transfer form/letter to the bank I have been opening the new ISA with (A&L to Abbey to Icesave to NatWest). I was under the impression that the new ISA bank would then send a letter/request to the old bank on your behalf. Is NS&I different in this respect?

Codgie wrote: »

I'm having the same problem with Natwest and First Direct. They both allow transfers from other providers from previous years but to do this online you must first open an account for this year, making them the providers for 2009/10. Not sure that I want to make them the provider for this year yet, and no one on their phoneline seems to be able to help.

When you complete the e-ISA application online you can specify whether you are contributing to this tax year or next. (At least they did last tax year when I opened the account - presumably they updated their application process?!). You then get sent an ISA declaration in the post. If there are any mistakes (like the year in which you are contributing) you can correct it and send it back.

alkip

I recently took advantage of a 3.15% fixed rate mini cash ISA with the Skipton which was offered to existing customers who had a 6.something% fixed rate one with them last year.

When I went in today to have my book updated I also took in my Skipton variable rate mini cash ISA book (currently running at 2%) to have that updated too and was thinking of transferring that amount which is approx £3500, in to the fixed rate ISA but 2 assistants advised me not to if I have funds elsewhere. I do have funds elsewhere that are earning 2.33% gross but I'm hedging my bets that this rate will rise.

I feel that it is in my best financial interests at this time to transfer my mini cash ISA to the fixed rate one, am I missing something?

I was also told that if I transfer in the money I could not open another mini cash ISA either with them or elsewhere for this tax year, I stated that afaik transfers didn't affect your allowance but they were insistent that they were right, were they?

Lastly I asked whether or not I would still have my allowances of £3600 which I could put in as well, seeing as I had done transfers with the other monies, before the end of May which is when they are looking at closing the offer, but was told no, why?

Baldur

@ alkip,

See my post in answer to your deleted one - http://forums.moneysavingexpert.com/showthread.html?p=20484847&posted=1#post20484847