ISA Transfer Question

wackojackouk

Hi guys

Current Mini Cash ISA is with IF and I believe it's gone down to 5.3% now. Have used my allowance for 07/08 and now thinking of moving it to a different one with better interest for the 2008/09 allowance (maybe Lloyds/Barclays?).

Anyway do I have to wait until after April 6th to do this and if I transfer in say £9k can I still add a further £3.6k for the new tax year?

Sorry if it sounds a weird question but have never transferred an ISA before

Cheers

WJUK

10_66

You can transfer your previous years' funds whenever you want, check to make sure that there aren't any penalties for doing so with your existing provider. You can add 08/09 funds to it in the new tax year, as long as the product you transfer to permits additions once opened.

You mention that you're thinking of transferring to Barclays. If it's the Tax Haven you're thinking of, they don't allow transfers into that particular product. It's for new money only, so you'd only be able to open it with your 08/09 contribution.

wackojackouk

10_66 wrote: »

You can transfer your previous years' funds whenever you want, check to make sure that there aren't any penalties for doing so with your existing provider. You can add 08/09 funds to it in the new tax year, as long as the product you transfer to permits additions once opened.

You mention that you're thinking of transferring to Barclays. If it's the Tax Haven you're thinking of, they don't allow transfers into that particular product. It's for new money only, so you'd only be able to open it with your 08/09 contribution.

Cool - will probably go down the Lloyds TSB route then (I bank with them as well). Will check up on the penalties and additions permissions first though.

Thanks again

WJUK

sloughflint

wackojackouk wrote: »

Cool - will probably go down the Lloyds TSB route then (I bank with them as well). Will check up on the penalties and additions permissions first though.

Thanks again

WJUK

90 days loss of interest for withdrawals. Additions ok.

pennylyttle

before you go with Lloyds take a look at Icesave. I too have IF cash ISAs for last 2 years and am looking to move. There are no charges apparently to move money out of IF and ICEsave is looking goot to me. Barclays is no use to transfer to although you can just take out a new account for 08/09 as long as you visit a branch - you can't do it online unless you are an existing Barclays customer. Penny

sloughflint

pennylyttle wrote: »

before you go with Lloyds take a look at Icesave. I too have IF cash ISAs for last 2 years and am looking to move. There are no charges apparently to move money out of IF and ICEsave is looking goot to me. Barclays is no use to transfer to although you can just take out a new account for 08/09 as long as you visit a branch - you can't do it online unless you are an existing Barclays customer. Penny

I agree that Icesave is quite good for penalty free access and no short tern bonusses. However:
It is a variable rate ( currently 6.1%)
Lloyds fixed rate is 6.5% for funds greater than 9k.

sloughflint

You can also add funds to the Lloyds fixed rate one unlike some fixed term deals.