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Toisa Transfer

Hi,

Can anyone tell me where the best rate is at the moment? I've been with the Halifax and they're paying 3.55% gross.

Thanks for your help.

Comments

  • david78
    david78 Posts: 1,654 Forumite
    Alliance and Leicester are 5.2%.

    Remember your TOISA is not a TOISA anymore, just a cash ISA, so you can transfer it to any cash ISA that will except transfers in. I think the Halifax cash ISA is 4.75% from today.
  • edda
    edda Posts: 1,057
    First Post
    Forumite
    See Martin's Savings zone (above) for Toisa comparison services. This points you to the Money Supermarket website, where you can enter you preferences (e.g. amount saved; instant access etc) and it lists candidate accounts.

    I agree that all TOISAs should be the same as cash ISAs, but a lot of providers have kept the differences - so they can give a lower rate on TOISAs!
  • Bernie
    Bernie Posts: 412 Forumite
    david78 wrote:
    Alliance and Leicester are 5.2%.

    Remember your TOISA is not a TOISA anymore, just a cash ISA, so you can transfer it to any cash ISA that will except transfers in. I think the Halifax cash ISA is 4.75% from today.

    I have a TOISA with Nationwide and a cash ISA with IF. I wanted to transfer the TOISA to IF in order to use it to offset a mortgage. IF have said they do not do TOISA anymore but did not offer me the option to transfer the TOISA into their ISA. Is this allowed?

    If it is, I'll go back to IF and interrogate them more harshly...

    Ta!

    :beer:
    “When I was a boy of fourteen, my father was so ignorant I could hardly stand to have the old man around.

    But when I got to be twenty one, I was astonished at how much he had learned in seven years.”

    Mark Twain
  • isasmurf
    isasmurf Posts: 1,999
    Name Dropper First Post First Anniversary Combo Breaker
    Forumite
    Matured TESSAs can, and always have been, allowed in a normal Cash ISA. Therefore there is no reason why a TOISA cannot be transferred into a Cash ISA.

    The terms Mini, Maxi and TESSA only are only valid for the year(s) when deposits goes into the account from outside an ISAs. After that year the ISA loses those terms, and the money in the account is regarded as being in the Cash Component. Any account that was originally opened as a TOISA will now be regarded as being an Cash ISA and can be transferred to any other Cash ISA. Any bank that tells you otherwise does not know the rules.
  • david78
    david78 Posts: 1,654 Forumite
    Yes it is allowed!

    You can transfer a TOISA to an ISA.

    Go back ask them if you can open the ISA and transfer your TOISA to it. If they don't know the rules, point out that your TOISA is a just a cash ISA.
  • david78
    david78 Posts: 1,654 Forumite
    Snap! .......
  • dihunny
    dihunny Posts: 88 Forumite
    Hi- Thank you all so much. A & L are saying I can't transfer my toisa into their direct isa2(recommended by this site)
  • edda
    edda Posts: 1,057
    First Post
    Forumite
    All providers can set their own rules for who can / cannot have one of their accounts.
    E.g. some accounts are limited to those living within the local area.

    Government rules do not stop you transferring from any one type of ISA to another - it's the provider who sets their own conditions. Yorkshire Building Society maintains the difference between a new cash ISA and a previously matured TESSA - and gives a lower rate on the latter.

    So - just choose one that is best for you and matches your own needs (regardless of the label).
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