A question I should know the answer to! - Transfer of ISA

edited 30 November -1 at 1:00AM in ISAs & Tax-free Savings
6 replies 706 views
scottp_2scottp_2 Forumite
149 Posts
edited 30 November -1 at 1:00AM in ISAs & Tax-free Savings
Hi,

I feel a little silly asking this question as i should really know the answer, working for a bank.
I have an ISA with RBS which i pay £250 into per month. I started from January this year so have £1500 in it, £750 from the last tax year and £750 from this tax year. The money is to be used on a deposit for a house, which is not going to be for a good 4 years (Too young to get a mortgage, my wage is still low and my girlfriend is also going through University so we want to wait until she qualifies as a Nurse).
The current rate on the ISA is 4.85%, as all the rates have been restructured, but it only really affects the people with a large holding (£9000+ still only gets 5.15% though). Obivously it will take me 3 years to reach that level.
So,I am wanting to transfer the ISA to another provider. As I don't touch the money at all (I ignore the money in the ISA as available funds) I dont mind not been able to withdraw it in a hurry. An Internet only provider would be ideal but also a small building society would be fine. As well, I have heard that YBS are quite good at the minute, and living in Yorkshire, there is no shortage of branches.
Can I do this now, or will I have to wait until I have finished investing in this tax year?

Thanks alot for your help!

Scott

Replies

  • jem16jem16 Forumite
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    You can do it anytime - you don't have to wait.
  • scottp_2scottp_2 Forumite
    149 Posts
    I have only dealt with people transfering into us, so how do I go about opening the account with YBS (As this one seems the best for me at the minute)? Do I just arrange the appointment with YBS and they will sort everything else out?

    Thanks for your comment!
  • jem16jem16 Forumite
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    I presume it's the e-ISA you are referring to?

    If so apply online and complete and send a transfer form to them.

    http://www.ybs.co.uk/savings/apply.jsp
  • scottp_2scottp_2 Forumite
    149 Posts
    Thanks for that. Had a better look at the website and got it all worked out.

    Printed the application so it just needs sending off once I have the ID Verified. Sadly I don't have 2 items off the Address Verification table so I will need to ring them on Monday to confirm what other proof I can use. I've got Passport, Driving Licence, Birth certificate and the most recent bank statement. You recon that will be enough?

    Thanks
  • jem16jem16 Forumite
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    I'm sure you have enough ID there.

    Are you not filling in the online application? Normally an electronic verification system is used and you may not need physical proof of ID.
  • scottp_2scottp_2 Forumite
    149 Posts
    All it does when you fill out the online application is then produce a printable version. The instructions then say to send off the proff of ID with the application.

    Thanks Alot!
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