Abbey ISA Transfers - Free Upgrades

Altruist

1 - Abbey ISAs can pay as little as 4.05% interest, but you can easily upgrade any of eight different Abbey types to Abbey Direct ISA (issue 2), this currently pays 6%, variable.
2 - Go to the Abbey website to download the form: "Transfer Savings between cash ISAs sold through Abbey" (SAVE 0271 MAR 08 T). To find this form follow the underlined links, starting on the home page in the right hand column: Abbey's Direct ISA...>see our interest rates>transferring in any cash ISAs>transfer form.
3 - The only condition appears to be that you tick to indicate whether or not you will also be contributing (making a new deposit) in this tax year. If you take the form to a branch then you need to take some ID such as a passport. You retain your old account number and receive a written acknowledgment. However, 13 months after opening the 6% preferential rate drops, so make a note to review then, if not before.
4 - Similarly, a form to transfer in from other providers is available on the last page, link name: ISA Transfer Form.
Happy form filling.;)

jofilan

I've done this myself. Sent the form off on 1st May, and received a letter on 23rd confirming the transfer. For some reason, the letter indicated that the transfer was completed on Sunday 11th !

If you have online banking, you can also keep track of it on there (to a point). My ISA was temporarily switched to an Abbey Account (the day after that indicated on the letter), before being renamed as a Direct ISA by the Friday.

I also believe you can do this over the phone. Apparently it's quicker that way, but their customer service is a bit of a random lottery, so I personally thought I'd avoid it.

ConstantineXII

That's great, thanks for the information! I'll go tomorrow to my local branch to transfer my 4.05pc Easy ISA into a Direct ISA (Issue 2).

Could I ask a silly question? Will the Direct ISA show up on the Internet Banking as the Easy ISA does? I like seeing all my accounts together and move money instantly between them, but the Direct ISA doesn't mention anything about online banking. Does that mean that it will "disappear" from my online banking screen?

Thanks!

Altruist

Rest assured ConstantineXII, you can manage Direct ISA (issue 2) online.

mooch

Just called Abbey to check the rate of my Direct ISA and told it is issue 1 at 5.5%. I mentioned the 6% rate and she said no problem, she'll transfer my ISA to issue 2. Confirmation should be with me within 7 days

elektra

I need to transfer mine to somewhere else completely as opened ( transferred from a TOISA) march last year so now rate is only 5 %.

I didn't realise rate dropped after 13 months. As non-taxpayer I may as well not have it as ISA at all.

Edit : went into branch and they couldn't really answer question re issue 1 or 2 so phoned today and got through and switched to issue 2 (6%) within a few minutes. Wish I had realised and done that months ago.

At least a bit better rate than I was getting, whilst I decide to have it as ISA or not.