Is it worth switching ISAs?

eeetee

Hi, I have around £10k in a B&B ISAEasy Saver, which initially was competitive but is now at 4.25%. So I'm wondering is it worth switching, and what are to options for either the best variable and fixed rates, plus how easy is it to switch over?

emma396

very easy to switch, i switched 4 isas that i had with northern rock to abbey a while ago, personally had no problems, but i've read about people with problems on the boards. i think abbey is offering 6.25% now, quite a few providers offering 6%+. need to check out moneysupermarket and see who allows transfers in

Crabman

Check out the Cash ISA Transfer Article - the best-buy accounts are listed there.

I'll move this to the ISAs board

eeetee

So I've had a read on here and decided on the Icesave ISA, as without a bonus included i feel i can rely on it to offer a decent rate.

So my question is, do i incur a penalty from Bradford & Bingley for switching the ISA, and would the online process for opening the new one be appropriate for myself, as someone transfering from another provider, or do i have to request anything from them before hand? Also, any estimation as to how long this process should take?

jem16

eeetee wrote: »

So I've had a read on here and decided on the Icesave ISA, as without a bonus included i feel i can rely on it to offer a decent rate.

So my question is, do i incur a penalty from Bradford & Bingley for switching the ISA, and would the online process for opening the new one be appropriate for myself, as someone transfering from another provider, or do i have to request anything from them before hand? Also, any estimation as to how long this process should take?

There is unlikely to be a penalty unless it's a fixed rate ISA.

You can open an ISA online with Icesave to transfer. Just download the transfer form and send if off to Icesave once you have your account details.

eeetee

So I've opened the account, and filled in the transfer form, where it says Date of transfer, what do I put, as as far as i know there's no notice period from B&B?

eeetee

Well, account opened with no probs, all went smooth. Sent of the ISA transfer form and had confirmation. Does it normally take the 30 days to transfer, or is this just the maximum?

bristolleedsfan

eeetee wrote: »

. Does it normally take the 30 days to transfer, or is this just the maximum?

30 days is the statutory "maximum" time that an ISA provider has to transfer an ISA out.