Transfer Cash ISAs Discussion Area

Options
1…312314316317318

Comments

  • zebedy
    zebedy Posts: 425 Forumite
    Options
    Hi, my 3 yr fix cash ISA will complete after i have left uk and relocated abroad. Will i be able to transfer to a new cash ISA fix even if not UK resident. I wont be paying in as such just switching old ISA to new provider. ?
    MS Stalwart. Used site for >10 years :j
    Make Do, Mend and Minimise member - focussing on upcycling/repurposing and sewing
  • masonic
    masonic Posts: 23,276 Forumite
    Photogenic Name Dropper First Post First Anniversary
    edited 3 February 2019 at 9:27AM
    Options
    zebedy wrote: »
    Hi, my 3 yr fix cash ISA will complete after i have left uk and relocated abroad. Will i be able to transfer to a new cash ISA fix even if not UK resident. I wont be paying in as such just switching old ISA to new provider. ?
    You will be extremely unlikely to find a new provider who would accept an application from someone who is not UK resident. But they might allow you to transfer into an ISA you open before you leave the UK, especially if you request the transfer with a suitable notice period before you leave. It would need to be a variable rate account as fixed term accounts require the funds to be paid in within a short time of opening the account.

    Or, you could break your current fix, pay the interest penalty, and re-fix for a suitable length of time before you leave.
  • meldrew58
    meldrew58 Posts: 16 Forumite
    Options
    spikeboy wrote: »
    Hi all,
    Probably a silly question, but just need some clarity please:
    I have just over 25k in a Halifax cash Isa which has built up over many years (it's now a dreadful rate). I'd like to transfer this to Virgin which has a much better rate.
    I have a Virgin savings account, is it simply just a case of logging on and opening an Isa with them? Also does all the money get transferred to them (only ask because of the 20k yearly allowance thing)?
    Many thanks.
    Spikeboy

    Just fill in the transfer request online and Virgin will do it all for you. Don't think you need to have any other account with them but I suppose it may help in checking your ID etc.
  • BarJK7
    BarJK7 Posts: 7 Forumite
    First Anniversary First Post
    Options
    Hi, 
    I have had an existing cash ISA account (NS&I) for quite some time that already had a balance (pre this tax year) and then I added this year's full allowance as well.  
    Now I have read about transfers of ISAs from various sources but unfortunately I am still confused. 
    Do I have to either transfer all of this years' allowance over* (if I want to open a stocks and shares ISA), or does the fact that I had an existing balance from a previous tax year's allowance mean that I can transfer a smaller amount to open up a stocks and shares ISA and maybe also an Innovative Investment one (leaving most in my cash ISA intact)?
    Alternatively, do I need to wait until April 6th when presumably I can transfer whatever proportion I want to other ISA account types?
    If that* is the case then to slightly complicate matters I am thinking of switching cash ISAs as mine currently has a low 0.8% rate. 
    Thanks in advance
  • masonic
    masonic Posts: 23,276 Forumite
    Photogenic Name Dropper First Post First Anniversary
    Options
    Answered here
  • MAnderson70
    MAnderson70 Posts: 3 Newbie
    First Anniversary First Post
    Options
    HI, just wondering of someone could clarify something for me?
    My wife has a cash isa with Virgin and has more than £20k in there. We want to open 2 new ISA's, one for her and one for me. 
    I know she can open one with up to £20k in her own name by transferring to a new provider, but would I be able to open one and asking for the balance from her account? 
    I'm not sure I can! 
    Thanks in advance! 
  • masonic
    masonic Posts: 23,276 Forumite
    Photogenic Name Dropper First Post First Anniversary
    edited 4 April 2020 at 6:20PM
    Options
    MAnderson70 said:
    HI, just wondering of someone could clarify something for me?
    My wife has a cash isa with Virgin and has more than £20k in there. We want to open 2 new ISA's, one for her and one for me. 
    I know she can open one with up to £20k in her own name by transferring to a new provider, but would I be able to open one and asking for the balance from her account? 
    I'm not sure I can! 
    Thanks in advance! 
    She could transfer her whole ISA somewhere else regardless of the balance. There is no limit to the size an ISA can grow and still be transferred as a whole unit. There are people with ISAs holding many hundreds of thousands of pounds. The first "ISA millionaires" were being talked about quite a few years ago.
    You could certainly ask her to give you some of the balance of her ISA and then you could pay it into an ISA in your name, subject to the £20k per tax year allowance. But I see no reason why she should agree :)
  • Shaje
    Shaje Posts: 11 Forumite
    First Anniversary First Post
    Options
    Have saved for yrs in cash isa & have added the 20k allowance and is now beyond 85k protection😬 what can I do? Can I take out 20k to bring back to 85k? Does it mean I am back to the start with saving 20k only & what can I do with this cash isa with more than 85k? Too scared and have not used it or any isa this yr. any advice pls TIA 
  • eskbanker
    eskbanker Posts: 31,051 Forumite
    First Anniversary Name Dropper Photogenic First Post
    Options
    Shaje said:
    Have saved for yrs in cash isa & have added the 20k allowance and is now beyond 85k protection😬 what can I do? Can I take out 20k to bring back to 85k? Does it mean I am back to the start with saving 20k only & what can I do with this cash isa with more than 85k? Too scared and have not used it or any isa this yr. any advice pls TIA 
    If you haven't paid into any ISA this tax year then you have free rein as to where you put this year's allowance - another cash ISA or maybe a S&S one might make more sense if you have more cash than you need access to?

    As a separate issue, if your prior year contributions into an individual cash ISA (or more than one with the same bank) now exceed £85K then you can transfer part of it elsewhere, using the new provider's ISA transfer process, as long as both providers support partial transfers.

    You can combine these or keep them separate, so if your current ISA is with Bank A, you can pay your 2020/21 money into Bank B and can transfer some prior year money from A to B or A to another bank altogether, let's say C....
  • WhiteSpace
    WhiteSpace Posts: 53 Forumite
    First Post
    Options
    Shaje said:
    Have saved for yrs in cash isa & have added the 20k allowance and is now beyond 85k protection😬 what can I do? Can I take out 20k to bring back to 85k? Does it mean I am back to the start with saving 20k only & what can I do with this cash isa with more than 85k? Too scared and have not used it or any isa this yr. any advice pls TIA 
    Although it's worth bearing in mind that with today's atrocious interest rates you are often only getting the relatively "OK" rate by investing at the top tier. For instance, NatWest's Cash-ISA only gives you 0.25% at £50K+.
★ ★ ★ Meet your Ambassadors

Categories

  • All Categories
  • 343.2K Banking & Borrowing
  • 250.1K Reduce Debt & Boost Income
  • 449.7K Spending & Discounts
  • 235.3K Work, Benefits & Business
  • 608.1K Mortgages, Homes & Bills
  • 173.1K Life & Family
  • 247.9K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 15.9K Discuss & Feedback
  • 15.1K Coronavirus Support Boards