We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
Want to transfer my ISA but HSBC told me no!
3dsmills
Posts: 200 Forumite
Hi All,
I am looking for a bit of advice if you'd be so kind as ive just visited HSBC and am now v confused!
I have an instant cash ISA with Nationwide which contains savings from previous years.
Today I went into my branch and made an electronic transfer of £3600 from my HSBC graduate plus account to the Nationwide ISA.
I told the lady in HSBC one of her colleagues had mentioned the HSBC e-ISA and i'd be interested in some more info and as i'd never transferred an ISA before if she could tell me how I go about it.
She asked if i'd wanted to do that why I'd made the transfer today, to which I replied I needed to do some research into the rates available and wanted to get the cash into an ISA asap. She told me that I was only allowed one ISA and would therefore have to close my Nationwide ISA then open the HSBC one but as i'd already made a deposit would have to wait until next year. I expained again that I was not trying to make another deposit, just move the money to a higher interest account but she insisted you could not do this and that I would effectively be starting again if I wanted to change banks - closing the Nationwide and depositing just £3600 next year.
Is this information specific to just this account?
I am looking for a bit of advice if you'd be so kind as ive just visited HSBC and am now v confused!
I have an instant cash ISA with Nationwide which contains savings from previous years.
Today I went into my branch and made an electronic transfer of £3600 from my HSBC graduate plus account to the Nationwide ISA.
I told the lady in HSBC one of her colleagues had mentioned the HSBC e-ISA and i'd be interested in some more info and as i'd never transferred an ISA before if she could tell me how I go about it.
She asked if i'd wanted to do that why I'd made the transfer today, to which I replied I needed to do some research into the rates available and wanted to get the cash into an ISA asap. She told me that I was only allowed one ISA and would therefore have to close my Nationwide ISA then open the HSBC one but as i'd already made a deposit would have to wait until next year. I expained again that I was not trying to make another deposit, just move the money to a higher interest account but she insisted you could not do this and that I would effectively be starting again if I wanted to change banks - closing the Nationwide and depositing just £3600 next year.
Is this information specific to just this account?
0
Comments
-
You can transfer your ISA at any time, but only to a bank that accepts transfers in. Unfortunately the HSBC e-ISA does not allow transfers in and this is probably what she was getting at. But she should never have advised you to close your Nationwide ISA. That is very bad advice.0
-
You can have as many ISAs as you like.
The amount you can put into them in total is limited each financial year (£3,600 in cash for 08/09).
Some accounts will not allow transfers in, which sounds like the case with the HSBC one.
You are not forced to close existing ISA accounts.0 -
Thanks guys!
Seems you can't transfer into this ISA as it is for new ISAs only, wish she'd just said that but nevermind.
Right, now to hunt down some decent rates i CAN transfer to..
0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 354.6K Banking & Borrowing
- 254.4K Reduce Debt & Boost Income
- 455.5K Spending & Discounts
- 247.5K Work, Benefits & Business
- 604.3K Mortgages, Homes & Bills
- 178.5K Life & Family
- 261.8K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.7K Read-Only Boards