Transfer Cash ISAs Discussion Area

boobbby

In this tax year you have paid £200 into an ISA called A

Previous ISA's Have £10000 in them called B

New provider is called C and allows transfers

You can continue this year to pay into A or you can transfer the whole of this years subscriptions to C and then after the transfer continue to pay in the rest of this years allowance.

You can transfer all or a partial amount from B into C if C allows transfers

purplestar133

Boobbby and Baldur - I've seen you mention paying in this year's allowance after you've transferred in. Do you have to do it in that order? I want to transfer previous year's allowances into a FRISA and pay in this year's £3600. Just wondering which way round to do it.

Actually, I want to transfer into the Halifax FRISA and get the 3.10% rate, which requires an opening balance of £10,000. I will put this year's £3,600 in and transfer in £6,600 from previous years - will they add these two amounts together as my 'minimum deposit' or 'opening balance' despite the fact that they'll receive one set of money later than the other?

murphydavid

purplestar133 wrote: »

Boobbby and Baldur - I've seen you mention paying in this year's allowance after you've transferred in. Do you have to do it in that order? I want to transfer previous year's allowances into a FRISA and pay in this year's £3600. Just wondering which way round to do it.

Actually, I want to transfer into the Halifax FRISA and get the 3.10% rate, which requires an opening balance of £10,000. I will put this year's £3,600 in and transfer in £6,600 from previous years - will they add these two amounts together as my 'minimum deposit' or 'opening balance' despite the fact that they'll receive one set of money later than the other?

Don't know about the Halifax, but I do know that when I transfered, the "Nat West transfer ISA" paid a higher interest rate than a "Nat West ISA" which meant that to get into the higher interest rate account you had to do the transfer first. Can you add money to a fixed rate account? a number of them you can't? So if you can't then you need to max out your existing account before transfer.

purplestar133

murphydavid wrote: »

By the way what does FRISA stand for I search the Halifax site and there was no match for it?

Fixed Rate ISA

rb10

purplestar133 wrote: »

Actually, I want to transfer into the Halifax FRISA and get the 3.10% rate, which requires an opening balance of £10,000. I will put this year's £3,600 in and transfer in £6,600 from previous years - will they add these two amounts together as my 'minimum deposit' or 'opening balance' despite the fact that they'll receive one set of money later than the other?

Yes, it's fine to pay in £3600, and then have transfers in. They initially set it as a low-rate ISA Saver (so at first it'll say something daft like 0.1% online!), but then once they've received the transfer(s) in the rate will then be fixed and backdated to when you opened the account. So provided you have £10k in there once all the transfers + new money have gone in, you'll get the 3.1%.

purplestar133

rb10 wrote: »

Yes, it's fine to pay in £3600, and then have transfers in. They initially set it as a low-rate ISA Saver (so at first it'll say something daft like 0.1% online!), but then once they've received the transfer(s) in the rate will then be fixed and backdated to when you opened the account. So provided you have £10k in there once all the transfers + new money have gone in, you'll get the 3.1%.

Thank you, that's exactly what I needed to know!:T

boobbby

purplestar133 wrote: »

Boobbby and Baldur - I've seen you mention paying in this year's allowance after you've transferred in. Do you have to do it in that order? I want to transfer previous year's allowances into a FRISA and pay in this year's £3600. Just wondering which way round to do it.

Actually, I want to transfer into the Halifax FRISA and get the 3.10% rate, which requires an opening balance of £10,000. I will put this year's £3,600 in and transfer in £6,600 from previous years - will they add these two amounts together as my 'minimum deposit' or 'opening balance' despite the fact that they'll receive one set of money later than the other?

You cant transfer into the Halifax FRISA but you can into the Lloyds FRISA and get 3% when your money totals £9000 plus or Nat West e Isa at 3.51% variable.

tushingham

Hi Guys,

Cheers for all the excellent advice above.

If I transfer previous ISAs can I do it at anytime or can I only do it when opening a new ISA/putting money into an isa?
Can I transfer at any time of the year?

Can I transfer old ISAs into one Banks ISA in 2009 whilst using my new 2009/10 allowance elsewhere?

Can I transfer the same allowances more than once in the same year?

Thanks in advance

t

purplestar133

tushingham wrote: »

Hi Guys,

Cheers for all the excellent advice above.

If I transfer previous ISAs can I do it at anytime or can I only do it when opening a new ISA/putting money into an isa?
Can I transfer at any time of the year?

Can I transfer old ISAs into one Banks ISA in 2009 whilst using my new 2009/10 allowance elsewhere?

Can I transfer the same allowances more than once in the same year?

Thanks in advance

t

Yes is the answer to all your questions!

ScarletBea

I'm thinking of moving my existing ISA value (a little less than £7k) to a fixed rate ISA and then opening a variable one for this year's allowance, but not sure where to go.
The good fixed rates are all for 4/5 years, and I expect the rates to go up during that time, so fixing them would be silly.

Any advice?
I have them currently with Natwest in the old cash ISA (paying 2.4, incl. 1.76 bonus) because at the time it was the only one accepting transfers - maybe I should just move it to the eISA at 3.25 and wait?
Or not bother... but 1% on 7k is still £70, hehe