Toisa Discussion & Questions Board (Merged)

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  • realaledrinkerrealaledrinker Forumite
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    I asked smile this question a couple of weeks ago & was told they could not accept a TOISA transfer into an ISA
    Ethical moneysaver
  • isasmurfisasmurf Forumite
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    Don't think that's quite right. If it was nothing more than a cash ISA then you could add £3000 to it every year, which of course you cannot. We have a TOISA and 2 cash ISAs in the Stroud & Swindon BS and the TOISA has a better rate of interest than the ISAs. I know that because the interest rates came in the post yesterday along with the notice of interest for last year.
    Yes, of course you cannot subscribe anything to an ISA designated as a TOISA, otherwise you would be be breaking the one cash ISA a year rule.

    Trying to find something official to back up my post, I notice that the Revenue have removed all references to TESSA only ISAs from their ISA booklet (confirming my thoughts that TOISAs no longer exist).

    Looking at the Guidance for Managers which has yet to be updated, it says Investors may subscribe their matured TESSA proceeds to a cash mini ISA, the cash component of a maxi ISA, or to a TESSA only ISA, within 6 months of the TESSA maturity date.

    I don't know how else I can convince you that a TOISA is a Cash ISA (but one you cannot subscribe to in the year you open it), but can be transferred to any Cash ISA at any time. Perhaps Martin needs to get an official line from the Revenue (unless he already knows), as this does seem to cause much confusion not only among lay people like us, but also journalists and banks.

    Trust me on this one you CAN transfer a TOISA into a Cash ISA.
  • isasmurf wrote:
    There is no such thing as a TOISA any more. Unfortunately many people have been (and still are) confused with these.

    You have ALWAYS been able to transfer a Matured TESSA into ANY cash ISA within 6 months of the maturity date.

    No such thing as a TOISA ?

    Thats not what the BS are selling all over the place, TOISA this, TOISA that ... :rolleyes:

    Can transfer a Matured TESSA into any cash ISA ?
    Have you actually tried to trasfer a TOISA into a cash ISA ? As last time I tried to do it I was told no sorry TOISA only into another TOISA..

    If they were treated the same then there would not be a problem...

    Take Kent Reliance - They offer a 2 year Fixed on the ISA at 5.35% but only offer a variable rate TOISA at 5.11% So nope they are not treated the same by the institutions.

    So anyone ? Have you managed to transfer a TOISA to a Cash ISA (and not another TOISA), i.e. changing the terms of the account so that £3k can be added in subsquent tax years to the balance in one account...

    If there were an institution that does convert TOISA's to ISA's then that would be wonderful as a stop gap to errr.... clean the money........ :rotfl:
  • isasmurfisasmurf Forumite
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    Okay, I'm not giving up on this one.:rolleyes:

    I have found this statistical reporting form which asks for matured tessa funds transferred into a Mini Cash ISA or Maxi ISA and these statistics which detail the amount of matured TESSA funds transferred into a Mini Cash ISA, Maxi ISA or TOISA.

    If HM Revenue and Customs is asking for and reporting this information then surely its got to be correct. And if they accept matured TESSA capital into an ISA straight away then there is no reason why you couldn't transfer a TOISA into a Cash ISA.
  • MJSWMJSW Forumite
    171 Posts
    My parents transferred their matured TESSA straight into a Cash ISA, so it certainly can be done in practice too.
  • isasmurf wrote:

    I don't know how else I can convince you that a TOISA is a Cash ISA (but one you cannot subscribe to in the year you open it), but can be transferred to any Cash ISA at any time. Perhaps Martin needs to get an official line from the Revenue (unless he already knows), as this does seem to cause much confusion not only among lay people like us, but also journalists and banks.

    Trust me on this one you CAN transfer a TOISA into a Cash ISA.

    Hi. Thanks fo the informative replies to my question! I also had an email from Abbey which reads:

    "Thank you for your e-mail regarding transferring your TOISA.

    I confirm that you are able to transfer your Tessa-Only ISA to your existing Cash Mini ISA. To do this, please give us a call on 0800... and ask us for a "Transfer In application form." When we've received this back from you, we'll need to contact your existing provider, so you should allow up to 30 days for the transfer to take place.

    If you have any other questions, please contact us again. "

    So that seems to answer that then. Thanks everyone for your help.
  • david78david78 Forumite
    1.7K Posts
    I think that all TOISAs technically became Cash ISAs as soon as first end of the tax year was reached after the accounts were setup by transfer from a TESSA. As all matured TESSAs have now been transfered or missed the 6 month deadline, there can't be any TOISAs anymore. Just as there aren't any TESSAs.

    All providers of Cash ISAs have a right to decide which transfers in they will allow. Most that allow transfers in will allow them from cash ISAs which were at one time TOISAs. They may even market these as TOISA transfers but this is just a "marketting" ploy really.
  • donerkebabdonerkebab Forumite
    177 Posts
    Hi,
    If this was the case can I transfer my A&L Toisa to its direct ISA and gain 1.1% interest (4.3 % ->5.4%) without being penalise the £25 transfer fee that Martin mentions in the main ISA link?

    Donerkebab :beer:
    In the words of Jerry Maguire "SHOW ME THE MONEY"
  • donerkebabdonerkebab Forumite
    177 Posts
    Hi,
    Could someone tell me if its possible to transfer within the same bank? Can I transfer my A&L Toisa to its direct cash ISA and gain 1.1% interest (4.3 % ->5.4%) without being penalise the £25 transfer fee that Martin mentions in the main ISA link?

    Thanks
    Donerkebab :beer:
    In the words of Jerry Maguire "SHOW ME THE MONEY"
  • donerkebabdonerkebab Forumite
    177 Posts
    Phoned up my A&L branch - no fee to transfer internally - however is this the best deal? Have rates peaked? Bearing in mind the drop at Abbey - am I better to get a fix rate deal - 5.7% at Halifax for four years.
    In the words of Jerry Maguire "SHOW ME THE MONEY"
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