ISA transfer question

greyster

I note that my NS&I interest last year was paid on 6th April.

Do I need to wait until this date before I initiate a transfer with another bank ISA so that I get the interest tax free?

I've never done a transfer before but I take it I can set up my 08/09 ISA now and then I have to wait until at least April 1st before I do a transfer?

Thanks

bristolleedsfan

greyster wrote: »

I note that my NS&I interest last year was paid on 6th April.

Do I need to wait until this date before I initiate a transfer with another bank ISA so that I get the interest tax free?

I've never done a transfer before but I take it I can set up my 08/09 ISA now and then I have to wait until at least April 1st before I do a transfer?

Thanks

U can transfer out when ever u like, NS&I will pay interest up and till the time that they transfer your funds out and it will be added to your capital balance

greyster

Hi bristolleedsfan just a little confused still. You say it will be added to my balance... what I am trying to understand is will it be added to my NS&I account which would now be empty or will they calculate the interest to the day I transfered, add it to my account and transfer it to my new ISA with all the rest of my capital... even if its before the normal interest date of 6th April?

Thanks.

Mikeyorks

They will calculate the interest to the date of closure add it to your capital ... and transfer the lot to your new provider. The 6th April normal date is overriden by the transfer request.

greyster

Thank you both for your replies.

IWasWondering...

Just check you won't lose any bonus payments if you transfer out.

northern_munky

Thought I'd jump in here instead of starting a new thread. I have a £3000 Halifax ISA saver paying only 5.2%, I fancy transferring it to Icesave but looking on the terms and conditions of Halifax, it says I will lose 180 days interest. What does this mean exactly, am I stuck with the Halifax for good, how can I get it transferred and put another £3600 in, in April without losing interest?