Transfer Cash ISAs Discussion Area

Conan

AirlieBird wrote: »

When transferring an ISA and having no intention to make subscriptions to it during the current tax year you should cross that line out.

The ISA Transfer Application form should state which statements to cross out if you are not going to subscribe to this ISA.

Ok, I perfectly agree!
But the thing is that this is an online form (Natwest e-ISA) and I cannot cross anything out, it's just one of the many statements in a list that has to be accepted as a whole:(
It's just so silly, it's obvious that I'm doing something legal but by this statement to be signed is putting me off....

Conan

Mikeyorks wrote: »

Is the 'last year's ISA' the one you're transferring? If it is ..... you answer 'Yes'.

As the ISA ... once transferred ... is the same ISA you've previously subscribed to. It's just moving to a different provider. But you shouldn't add any funds at the new provider until the transfer is complete. If there is an urgency to add more funds ..... do it with the old provider prior the transfer.

If the one you added funds to (in this tax year?) isn't the one you're transferring? Then you can still transfer it ..... but you can't otherwise 'subscribe' to it this year.

Let's say:
October 08 I opened a ISA with bank A, I put £500 in.
Late April 09 I added £500 to the same ISA (bank A), but being already into the new fiscal year that works as subscription to a new ISA for this year, am I right?
Now I want to move the whole thing (£1000) from bank A to bank B, and it's quite obvious from what I read on this forum that this is not only possible but also a common habit.

My dilemma is about that sentence (it's on the Natwest eISA online application form): I have to answer YES to be able to go on, but in fact the real answer should be NO because of those funds I added a couple of weeks ago!:S

I guess I should just say yes and go on without worrying too much about the liability of such statement...

Mikeyorks

Conan wrote: »

My dilemma is about that sentence (it's on the Natwest eISA online application form): I have to answer YES to be able to go on, but in fact the real answer should be NO because of those funds I added a couple of weeks ago

As I said in my earlier response .... the ISA you are transferring (and which is your current year ISA, as you have added funds since 5.4.09) is correctly viewed as being the same ISA .... whether it is with 'A' or 'B'? You are merely moving the ISA between providers.

And can, therefore, honestly ... and correctly ... respond 'Yes'

Cathygh

Hi
This is my first post so I hope I am in the right place
I have about £20k saved up in a cash isa but have been advised it might be better to transfer all of it into a stocks & shares isa. Is it possible to do this and would be better in the long run. I want to carry on adding to it & use it for a pension in about 10 years time. The isa is now paying .75% so I need to move it anyway. Thanks

Baldur

Cathygh wrote: »

Hi
This is my first post so I hope I am in the right place
I have about £20k saved up in a cash isa but have been advised it might be better to transfer all of it into a stocks & shares isa. Is it possible to do this and would be better in the long run. I want to carry on adding to it & use it for a pension in about 10 years time. The isa is now paying .75% so I need to move it anyway.

Yes it's possible to transfer Cash ISAs into Stocks & Shares ISAs - whether it would be better or not is for you to decide, based on your attitude to risk.

It's also possible to transfer the funds to a different Cash ISA that pays a better rate.

JimLad

Well, abbey have resent the request to halifax. 2 months and counting...

Cathygh

Baldur wrote: »

Yes it's possible to transfer Cash ISAs into Stocks & Shares ISAs - whether it would be better or not is for you to decide, based on your attitude to risk.

It's also possible to transfer the funds to a different Cash ISA that pays a better rate.

Thanks .So am I right in thinking that any lump sum I invest could go down?

Baldur

Cathygh wrote: »

Thanks .So am I right in thinking that any lump sum I invest could go down?

Any 'investment', as opposed to savings, can go down or up, depending on the type and performance of the investments within the Stocks & Shares ISA 'wrapper'.

KittaKatta

Hi! Has anyone actually managed to transfer their previous years ISA to a NatWest e-ISA, without opening an ISA with them for 2009/2010? I have been at it since end of March and I have gone no-where: they keep on writing back insisting that I should open an ISA for 2009/2010 with them if I want to transfer, though when I ring them they say it's not the case. :mad:
I have specified on every single form I was sent that I only wanted to transfer. Going to the local branch is useless: tried it and they cannot even use the Internet there, or look into their own webpage!:eek:
So frustrated that, even though they pay less, I am thinking of giving up and going with M&S... At least they seem to have a customers service there...:T

focus888

Hi all, ive heard it can takes months for the transfers to complete so say it takes 2 months would i then be losing out on two months of interest? I mean once you fill out all the forms and start the process off its all left up to the banks to do, but this can take them however long they want.