Problems transferring my ISA - please help!

karen_newcastle

Thanks to you guys I realised that my Pearl ISA was underperfoming big style so I opened a new shiny one with A&L in March and sent off the forms A&L sent me to tranfer my Pearl ISA into my new one.

I still hadn't heard anything so I've just rang Pearl who told me that they wrote to me on 21 April to say that they are unable to transfer the ISA as I already have another cash ISA with A&L!!!!!!!!!! I have to surrender the policy and they will send me a cheque but I wont be able to pay that in as its over the 08/09 allowance.

I don't understand? What have I done wrong here? I thought transferring into new ISA Wwas pretty standard?

Baldur

karen_newcastle wrote: »

Thanks to you guys I realised that my Pearl ISA was underperfoming big style so I opened a new shiny one with A&L in March and sent off the forms A&L sent me to tranfer my Pearl ISA into my new one.

I still hadn't heard anything so I've just rang Pearl who told me that they wrote to me on 21 April to say that they are unable to transfer the ISA as I already have another cash ISA with A&L!!!!!!!!!! I have to surrender the policy and they will send me a cheque but I wont be able to pay that in as its over the 08/09 allowance.

I don't understand? What have I done wrong here? I thought transferring into new ISA Wwas pretty standard?

Is the Pearl ISA a Cash ISA? Sounds more like a Stocks & Shares or insurance-based one, from their website.

karen_newcastle

It's called an Pearl ISA Bonus Account.

Baldur

karen_newcastle wrote: »

It's called an Pearl ISA Bonus Account.

Doesn't really matter what it's called, it's the underlying type of ISA which matters. It does not appear to be a Cash ISA, so can't be transferred into a Cash ISA account. The only other type of ISA which is currently (as of 6th April this year) available is a Stocks & Shares ISA.

karen_newcastle

Just called them again and its a Stocks and Shares ISA.

I have to surrender it and the current value is £3808.80. The problem is I can't put this into my new ISA AND continue to save regularly so I don't know what to do!!!!!

whu

just a question - when you opened up the new ISA in March did you put last years allowance into it?

karen_newcastle

No. It was opened in readiness to transfer my PEARL one in. Have you got an idea?

whu

just wondering but actually it doesnt matter - my suggestion would be to use the money you are getting and put it in your new ISA (assuming you havent used this years allowance) but if you have used this years allowance why not put this money into a new S&S ISA if you are happy with that type of investment

karen_newcastle

The ISA was opened about 8 years ago to help me build up some savings for when my daughter goes to Uni. She is 16 now and will (hopefully) be going to Uni in September 2011. If I use up all my 08/09 allowance I wont be able to contnue saving in to my A&L ISA. I know I should have done this at the end of 07/08 an I know I've cocked up there.

So I need to look at my options. Can I put the £3808 in a high interest tax free savings account in my daughters name until she is 16 and then continue saving £50 per month in to my ISA?

Does anyone have any good ideas howI can maximise my small savings here?

whu

just trying to clarify things so hopefully a good solution can be found - not sure what you mean by if u use all your 08/09 allowance you wont be able to save into your A&L ISA - have u used this years allowance for a cash ISA?if not why not just use it from the money you are holding

karen_newcastle

I can only save £3600 in a cash ISA this year. Pearl are going to send me £3800 so I can't pay this into my A&L cash ISA it's too much. Am I right? Please tell me if I am wrong as I am a bit dim about these things!!

I also want to save £50 per month on top of this £3800 I have already saved and I have already set up a standing order into my A&L ISA.