Transfer my ISA?

typeractive

Hi all,

I know this is covered in many threads, but I'm not quite making sense of all the jargon :S.

Basically I have had an NS&I isa for the past 2 years. I have had no problems with this company, though it looks like they are not the best providers of stable interest at the moment? So I was thinking I would like to transfer my money from there and instantly add another lump sum of the £3600 (which I've been saving for a while) into the new account. Is this possible? Transfer the lot and then add my new maximum balance? Do NS&I charge a penalty for doing so?

I am a Barclays personal account owner - I read that they are good at the moment, but is this just an introductory offer? I don't want a great deal of fuss in moving my money around. I just want it all in one place, which is safe and offers a good rate - doesn't have to be the best. I'm looking for minimal effort I guess.

Does anyone have any advice? Perhaps there are people in the same position as me?

Thanks in advance for any help! :money:

bristolleedsfan

typeractive wrote: »

Basically I have had an NS&I isa for the past 2 years. I have had no problems with this company, though it looks like they are not the best providers of stable interest at the moment? So I was thinking I would like to transfer my money from there and instantly add another lump sum of the £3600 (which I've been saving for a while) into the new account. Is this possible? Transfer the lot and then add my new maximum balance? Do NS&I charge a penalty for doing so?

I am a Barclays personal account owner - I read that they are good at the moment, but is this just an introductory offer? I don't want a great deal of fuss in moving my money around. I just want it all in one place, which is safe and offers a good rate - doesn't have to be the best. I'm looking for minimal effort I guess.

!

If u put ISA money into Barclays ISA ( or any of the current "Best Buy" ISA (s) then u will have to be "prepared" to transfer the ISA(s) elsewhere at the end of the 12 Months.

( As long as you pick a new ISA provider whom backdates interest during the transfer cheque transit and banking period then transferring ISA (s) is no big deal, just a matter of filling in a few forms.)

Barclays do not accept transfers into its best paying ISA(s), its new ISA money only.

Current "Best Buy" ISA Providers that are known to fully backdate interest on ISA transfer In (s) are Abbey PLC,Lloyds PLC, Nationwide BS and Saffron BS.

http://www.moneyfacts.co.uk/savings/bestbuys/mini-cash-isas-accepting-transfers-in.aspx

http://www.moneyfacts.co.uk/savings/bestbuys/fixed-rates-isa.aspx

http://www.abbey-products.com/product/direct-isa-squirrel/

http://www.lloydstsb.com/savings/fixed_rate_cash_isa.asp ( 9000.00 + For Top Rate)


Bradford and Bingley are reported to be launching a 6.25% One Year Fixed Rate ISA from Friday for 2008/09 ISA New Money.

typeractive

Thanks for that.

I guess I don't mind doing another transfer in a years time - that's ok. As long as it's all just one transfer. I think having multiple ISA accounts would confuse me! lol

macgyver

Thqnks very useful post bristolleedsfan.

I was also looking for the same answers about the banks/BS who backdate the interest on transfers.
I think I will go with Abbey or Nationwide

typeractive

Bristolleeds - thanks for that further edit.

I think the Lloydstsb is right up my street! I hold a current account with them too! So I can shufty in my new saved money, and then shift over the NS&I balance into a highstreet mainstream bank, and at 6.5% - top stuff!!!!!

Thanks very much.

bristolleedsfan

typeractive wrote: »

I think the Lloydstsb is right up my street! I hold a current account with them too! So I can shufty in my new saved money, and then shift over the NS&I balance into a highstreet mainstream bank, and at 6.5% - top stuff!!!!!

Please be aware that should the balance be less than 9000.00 at any time then lower rates apply. ( 2008/09 ISA money can be added to any ISA transfer (s) in.

LloydsTSB 6.5% Fixed One Year ISA is reported to be available until end May 2008, although in theory can be withdrawn to new account openings at any time.

bristolleedsfan

macgyver wrote: »

I was also looking for the same answers about the banks/BS who backdate the interest on transfers.
I think I will go with Abbey or Nationwide

Would be good if others posted info as to whom backdates interest on ISA transfer In.(s)

Backdating of interest is ideally in the words of Nationwide BS "to date of outgoing transfer cheque"

Halifax backdate interest as they detail within link. ( most providers stop paying interest from the day before withdrawal so Halifax guarantee is not absolutely clear that they pay interest from date of outgoing transfer cheque despite the funds being in transit from the time the cheque goes into the post)

http://www.halifax.co.uk/isas/transferringyourisa.asp


Its been reported that neither A+L, Icesave or Loughborough BS backdate interest as above.

nightwatchman

I asked A& L regarding their 6.25% ISA and they told me that my money they may be in transit for up to a month. If one month interest is lost then there is no point to transfer from my current 5.25% ISA.
Let see if I have my maths right:
HALIFAX ISA 10,000 on 5.25% = £525 per year / 12 = £43.75 per month
A&L ISA 10,000 on 6.25% = £650 per year / 12 = £54.16 per month
If we assume that one month interest will be lost during the time your money are in transit then the benefit will be only a pathetic £10.41
£54.16 - £43.75 = £10.41
Ok a tener is a tener, however is anyone knows any good ISA accounts out there that are accepting transfers and will backdate interest during the transit time?

nightwatchman

Or at list having the money transferred in five days.

bristolleedsfan

nightwatchman wrote: »

anyone knows any good ISA accounts out there that are accepting transfers and will backdate interest during the transit time?

Abbey, Nationwide, Halifax, LloydsTSB, Saffron BS are known to backdate interest on ISA transfer ins to ensure that no loss of interest is incurred while the transfer cheque is in transit and being banked.

( Posters have reported that Icesave and Alliance and Leicester dont backdate interest on ISA transfer ins as described above.)


http://www.moneyfacts.co.uk/savings/bestbuys/mini-cash-isas-accepting-transfers-in.aspx

http://www.moneyfacts.co.uk/savings/bestbuys/fixed-rates-isa.aspx

http://www.abbey-products.com/product/direct-isa-squirrel/

nightwatchman

Thank you Lloyds TSB. :j