Full ISA Guide Discussion Area

ellenGB

I wanted to transfer my ISA held with Invesco to a money supermarket, but found they were unwilling to accept it as it was a 'no trail' fund. All I had read in the factsheets etc was the choice between income and accumulation. I choose income. The blurb in the magazine and transfer form suggests that one can move almost any ISA at no cost, but two of my three are no trail ISAs so not acceptable. There's an H and a L in the name of the company.

Now I find that my ISAs (both very well known unit trusts) are no longer listed on my account with the original provider. they've disappeared at one end and haven't appeared at the desired destination.

Isn't there a law agaisnt misleading people about transferring ISAs. I've checked forms and there's nothing in the paperwork. I never asked for a no trail ISA. I had no idea that it would cause problems. Be warned folks.

Advice from desired destination was to encash the unit trusts and transfer the cash. Not a good time to do that.

Legion90

Hi,

I have been investing in a halifax ISA for the past few months with about 1500 in the ISA with 2.8% interest. Is it possible for me to open a Santander ISA come April 6th and then open a Halifax ISA where my previous halifax ISA can have the higher rate of interest?

Also am I right in saying that once you open a current year Cash ISA and have funded that for a bit you can't then open up another ISA and transfer the current year ISA?

Apologies for sounding silly

Thanks!:j

Lokolo_2

Legion90 wrote: »

Hi,

I have been investing in a halifax ISA for the past few months with about 1500 in the ISA with 2.8% interest. Is it possible for me to open a Santander ISA come April 6th and then open a Halifax ISA where my previous halifax ISA can have the higher rate of interest?

As you are not happy with the rate of your Halifax ISA, you will need to look for ISA's accepting "transfers in". I believe that Halifax offer one at 3% interest which accepts transfers in, you may be able to call Halifax and get this transfered internally, or alternatively fill out an ISA transfer form from the Halifax website and send it off to them! :j Just note that your ISA provider (Halifax) must do the ISA transfer, you must not attempt to do it yourself otherwise you might end up breaking HMRC ISA rules!

As for the next tax year (April 6th onwards), Yes you can open a Santander ISA then and start using next tax years ISA allowance of £5340.

Legion90 wrote: »

Also am I right in saying that once you open a current year Cash ISA and have funded that for a bit you can't then open up another ISA and transfer the current year ISA?

Apologies for sounding silly

Thanks!:j

You have misunderstood slightly, an ISA transfer of your current or previous year's ISA does NOT count towards your annual ISA allowance, so you can transfer existing ISA's as many times as you like provided you are not locked into a fixed term deal

buzben

I have a cash ISA fixed rate bond from Yorkshire Bank taken out last year that doesn't mature until 2013. It doesn't allow top-ups. Can I still invest my new yearly allowance from this April elsewhere in a new ISA?

Lokolo_2

buzben wrote: »

I have a cash ISA fixed rate bond from Yorkshire Bank taken out last year that doesn't mature until 2013. It doesn't allow top-ups. Can I still invest my new yearly allowance from this April elsewhere in a new ISA?

Yes, as you will not be contributing to the Yorkshire ISA, you can then contribute to any other ISA from April 6th and use up your £5340 Cash ISA allowance :j

Luso

Hi,

I have a question that I was hoping you could help me with.

I currently have to ISAs with 2 different brokers HSBC and Santander, but would like to transfer both to the Halifax 3%.

My Santander account has just been paid for 3.5% so has interest, can I transfer this amount over without affecting my next years allowance?

Also I signed up last years allowance to HSBC to 1.75% rate with 1% bonus on top, however have checked my accounts for the payout they are only paying me 1.75%. I cannot find any details on the rate I signed up when I opened the account. Do you know where I can check these on the online banking?

Thanks

Lokolo_2

Luso wrote: »

My Santander account has just been paid for 3.5% so has interest, can I transfer this amount over without affecting my next years allowance?

YES you can, the interest earned on your ISA does NOT count towards next year's allowance, neither do ISA transfers, so you can transfer as many times as you like, provided you can find an ISA accepting transfers in.

Luso wrote: »

Also I signed up last years allowance to HSBC to 1.75% rate with 1% bonus on top, however have checked my accounts for the payout they are only paying me 1.75%. I cannot find any details on the rate I signed up when I opened the account. Do you know where I can check these on the online banking?

Thanks

Hmm this will depend on what information HSBC offers on your online Banking, normally the information is available on their website itself, but you could also give them a call to check.

If I were you, I would definitely transfer this ISA to another provider as you can easily beat that rate! :j

Luso

aaronmanz wrote: »

If I were you, I would definitely transfer this ISA to another provider as you can easily beat that rate! :j

So in Halifax I just create one account and fill out 2 transfer ISA forms,I don't setup two accounts?

Lokolo_2

Luso wrote: »

So in Halifax I just create one account and fill out 2 transfer ISA forms,I don't setup two accounts?

I have looked at the form and it seems you may need to fill out two forms but only open one account, that should work to get all your ISA's in the same place. :j

MorecambeChris

I opened an ISA with Halifax on 11 May 2010, which gave 2.6% for the 12 month reward period, and I filled it up. Do I have to wait till 12 May 2011 to upgrade to the 3% ISA? Or can I upgrade and fill it up again on 6 April 2011? Thanks,