Transfer Cash ISAs Discussion Area

KILL_BILL

i currently have a cis isa and having checked the interest rate want to put the money i have into barclays golden

so if i put £1 into the barclays and then withdraw the money from my cis isa and put into the barclays will that be okay etc

KTF

No, you need to to a bank to bank transfer unless you really want to lose the interest on the £1.

Baldur

KILL_BILL wrote: »

i currently have a cis isa and having checked the interest rate want to put the money i have into barclays golden

so if i put £1 into the barclays and then withdraw the money from my cis isa and put into the barclays will that be okay etc

Fine, as long as you haven't subscribed to any other Cash ISA since 6th April.

You will, effectivelly, be starting again from scratch on the Cash ISA trail, as you will lose the ongoing tax benefits of your previous year's/years' CIS ISA by withdrawing the money, rather than transferring it to a new ISA which accepts transfers.

You will also only be able to 'top up' the Golden ISA by the difference between your £1 plus the proceeds of withdrawing your current CSI ISA and your 2009/10 ISA allowance - e.g. If you pay in £1 plus £2,000 from your withdrawal, you will only be able to pay in another £1,599 in the current tax year.

If, however, you transfer your CIS ISA to an ISA which accepts transfers, you can add the full £3,600 of your 2009/10 Cash ISA allowance.

KILL_BILL

Baldur wrote: »

Fine, as long as you haven't subscribed to any other Cash ISA since 6th April.

You will, effectivelly, be starting again from scratch on the Cash ISA trail, as you will lose the ongoing tax benefits of your previous year's/years' CIS ISA by withdrawing the money, rather than transferring it to a new ISA which accepts transfers.

You will also only be able to 'top up' the Golden ISA by the difference between your £1 plus the proceeds of withdrawing your current CSI ISA and your 2009/10 ISA allowance - e.g. If you pay in £1 plus £2,000 from your withdrawal, you will only be able to pay in another £1,599 in the current tax year.

If, however, you transfer your CIS ISA to an ISA which accepts transfers, you can add the full £3,600 of your 2009/10 Cash ISA allowance.

the terms of the golden isa at barclays dont allow you to transfer from another isa - if you do then you get the lower rate if interest apparently

Baldur

KILL_BILL wrote: »

the terms of the golden isa at barclays dont allow you to transfer from another isa - if you do then you get the lower rate if interest apparently

I know, I wasn't suggesting transferring it to the Golden ISA, if you read my post again:

If, however, you transfer your CIS ISA to an ISA which accepts transfers,....

If you transfer your CIS ISA to a different provider that accepts transfers (e.g. Natwest e-ISA, Halifax Direct ISA Reward, etc.) you will still be able to pay this year's full allowance of £3,600 into the Golden ISA, while preserving the full tax-free status of your current CIS ISA funds.

KILL_BILL

Baldur wrote: »

I know, I wasn't suggesting transferring it to the Golden ISA, if you read my post again:


If you transfer your CIS ISA to a different provider that accepts transfers (e.g. Natwest e-ISA, Halifax Direct ISA Reward, etc.) you will still be able to pay this year's full allowance of £3,600 into the Golden ISA, while preserving the full tax-free status of your current CIS ISA funds.

i was going to transfer the money from my cis isa to my barclays current account - transfer the £1 into the golden isa barclays and then transfer the rest of it

i can do it that way and get the higher interest rate ?

Baldur

KILL_BILL wrote: »

i was going to transfer the money from my cis isa to my barclays current account - transfer the £1 into the golden isa barclays and then transfer the rest of it

i can do it that way and get the higher interest rate ?

As I said originally "Fine, as long as you haven't subscribed to any other Cash ISA since 6th April." - the alternative suggestion was just a possibility in case you wanted to preserve the tax benefits of your current ISA savings as well as paying your full 2009/10 allowance into the Golden ISA with new money.

greshoff

My current cash ISA with First Direct is getting a shocking poor rate, under ½% and would like to transfer the ISA to a different provider, M & S Money who are giving 3.1%. I have never transferred an ISA and was wondering how it is done. It it a simple straight forward process, it it safe. Does anyone have any experience of M & S money and if so what are your impressions?

Baldur

greshoff wrote: »

I have never transferred an ISA and was wondering how it is done.

Complete M&S ISA transfer form and they will arrange the transfer - http://www6.marksandspencer.com/pages/default.asp?PageId=Forms&Product=IS

To transfer a Cash ISA with previous tax year subscriptions and apply for a M&S Cash ISA for the tax year 09/10 you will need both a Cash ISA Transfer Form and a Cash ISA Application Form. If you’ve subscribed in this tax year to the ISA you’re transferring to us and wish to subscribe to it further in this tax year, please call us on 0800 028 28 24.

boobbby

Thats a clever ISA which allows you to split your new ISA between fixed and variable. You need to get on with it as it closes on the 22nd April. This is the transfer form http://www6.marksandspencer.com/pdf/Cash%20ISA%20Transfer%20Form.pdf