Transfering a Cash ISA

earlgrey_3

Mr._H wrote: »

Hmmm, that's interesting.

It says quite clearly £3000 minimum opening deposit. How did you get around that? (A transfer is not usually considered an opening deposit, because the account has to be opened and then the transfer procedure followed, which can take quite a while).

Bottom of the application form you signed, says "How do you wish to save?" with four little boxes. One box labelled "Lump sum", another labelled "Transfer from another ISA provider". Mine's got a X in the latter. The guy who did it told me he'd done hundreds over the last couple of weeks so I assume it's fine.

Mr._H_2

earlgrey wrote: »

Bottom of the application form you signed, says "How do you wish to save?" with four little boxes. One box labelled "Lump sum", another labelled "Transfer from another ISA provider". Mine's got a X in the latter. The guy who did it told me he'd done hundreds over the last couple of weeks so I assume it's fine.

Just to follow-up on this, the terms and conditions do contradict the marketing of this account* and it is possible to open the account without making a deposit, then transfer money in from older ISAs. Very pleased to have discovered this just in time (I expect Lloyds will pull this account now that the base rate's been cut), I've opened one for myself and one for my girlfriend online as we both have Lloyds current accounts. The process was painless and instant - just entered the national insurance number and password, clicked "OK" and the account was opened immediately!

* The marketing says: "To open this account you must pay in a minimum deposit of £3000, but you can also transfer balances from other ISAs" emphasis added by me, the "also" implies the £3000 should not be part of the transfer.

However, the Ts&Cs state: "You must open your FRISA account with a minimum deposit of £3,000. This may be by transfer from an ISA product or products subscribed to in previous tax years"

Aiadi

Is there a list or something of the banks that would allow you to move your money from their ISAs without penalty or restrictions? I mean I don't want to move my deposit to find that it will be locked in a different ISA with no possibility for future transfer.

whu

I opened the new ISA with Lloyds without having to put in any new money-the only money going in is the transfer of a minimum of 9k from old provider - after that can put in this years allowance also.

cashing_in

whu wrote: »

I opened the new ISA with Lloyds without having to put in any new money-the only money going in is the transfer of a minimum of 9k from old provider - after that can put in this years allowance also.

I know one thing for sure in Lloyds you need put new money when you are transferring.

Baldur

cashing_in wrote: »

I know one thing for sure in Lloyds you need put new money when you are transferring.

Incorrect - I have transferred two tranches of Cash ISA funds to LTSB without paying in any new money.