ISA rate cut today - how to move

You can move ISAs between providers during the tax year and they will share details of your contributions so far this tax year so you will still have the ability to use the remainder of your allowance with the new provider.

Just pick a new provider, check they allow transfers in and then ask them to perform the transfer.

Alex

TheGardener wrote: »

Virgin sent me an email today telling me they are reducing the interest on my ISA from the end of October from 1.1 to 0.51. I opened this ISA 2 years ago but most of the contents in it were deposited this financial year. So can I now find another supplier and move the money (using ISA transfer) or should I/ do I have to wait until April?

Have you checked out their Defined Access e-ISA paying 1.11% (instant access with a limit of 3 withdrawals a year)?
https://uk.virginmoney.com/savings/find/defined_access_e_isa_issue_16/overview/

Might be easier than moving as the transfer would be instant.

The savings market is all about getting punters through the door with best buy rates then taking the customer through a journey to lower rates (while launching a new product with better rates to attract new punters) hoping the existing punters won't notice or care enough to leave.

Ideally the customer will continue to perceive the account to have a special quality (using bespoke terminology such as e-access) as they seek to reaffirm their original reason for opening it or they linger onto happy memories of the earlier interest payments.

So don't hold it against the providers (it's how you are getting access to unsustainable rates) just keep playing your part as the exception in the game moving to whatever will give the best return with the same or a new provider.

Don't get confused - it's not personal, loyalty doesn't pay (even when it does this is usually in support of cross selling) and it should be all about the money.

Alex

I was thinking of simply moving it from issue 7, to issue 16. However this year I opened a stocks and shares isa with cavendish....


Based on the below, I assume I am unable to transfer o this, as it will result in a second isa subscription this year?






Before completing your application please review the declaration below. If all details are correct select 'Confirm', alternatively select 'Back' to amend your details.
Tax Year: 2017/2018
I apply to subscribe for a cash ISA for the above tax year and to contribute to it for each subsequent tax year until further notice (subject to the terms and conditions of the account). Note this is an option, not an obligation.
I declare that:

- All subscriptions made and to be made belong to me
- I am 16 years of age or over
- I have not subscribed, and will not subscribe, more than the overall subscription limit in total to a Cash ISA, a Stocks and Shares ISA, an Innovative Finance ISA and a Lifetime ISA in the same tax year
- I have not subscribed and will not subscribe to another Cash ISA in the same tax year that I subscribe to this Cash ISA

Same for me. I just went to my online account, opened the issue 16 & ticked the box to transfer the existing ISA into the new one. Did it in about 30 seconds. Just waiting on the confirmation, but I'm not expecting any problems.