ISA - transfering funds ?

Snow-Munki · 6 Apr 2009 at 21:57

Hi,

Just wanted to confirm, if I have a cash ISA with northern rock which matures tomorrow, and I want to open a new one with HSBC as the interest rate is higher, can I tranfer what I have already with northern rock and move it to HSBC then add £3600 for the 2009 / 2010 fund ?

As I have just called HSBC and they kept telling me it is not possible and the max is £3600, but I'm sure there is like a tax transfer form where you can move ISA's from bank to bank ?

Ironic Namesake · 6 Apr 2009 at 22:00

You can transfer yes, shouldn't be a problem.

I transfered from ING to Icesave around a year ago without problems. Can't remember which end I had to give the details to though, but definetely possible

.SJ · 6 Apr 2009 at 22:00

Zogger · 6 Apr 2009 at 22:01

depends on the bank. They don't have to allow transfers in, but they do have to allow transfers out (I believe)

Pho · 6 Apr 2009 at 22:12

http://www.moneysupermarket.com/savings/

If you want to find ones which allow transfers.

edit: Can I hijack this thread. I have an ISA from 2007-2008 which I really should move. I've not yet taken out this year's ISA (2009-2010). I take it I'm free to a) open a new ISA for this year's money and b) transfer my 2007-2008 ISA to a new provider (using transfer forms) ?

Chaos · 6 Apr 2009 at 22:12

What interest rate does hsbc have as from reading it seems Natwest has the best rate if your transfering in but it might drop later on in the year, so a fixed rate
might be worth looking into.

Gepetto · 6 Apr 2009 at 22:23

Pho said:
I have an ISA from 2007-2008 which I really should move. I've not yet taken out this year's ISA (2009-2010). I take it I'm free to a) open a new ISA for this year's money and b) transfer my 2007-2008 ISA to a new provider (using transfer forms) ?

Absolutely, although you may want to combine the two, instead of opening a seperate new one. It would be easier to transfer in from one ISA in the future should you find a good rate. Higher rates are sometimes only applicable to those transferring larger sums.

Rids · 6 Apr 2009 at 22:25

Check with the bank where you're opening the new ISA to make sure they accept transfers.

Certain banks will not accept transfers, and some will only accept transfers into some of their ISA products, not the complete portfolio.

Edit: This is why I should read the whole thread before replying - I fail as your question has already been answered!

Pho · 6 Apr 2009 at 22:29

Gepetto said:
Absolutely, although you may want to combine the two, instead of opening a seperate new one. It would be easier to transfer in from one ISA in the future should you find a good rate. Higher rates are sometimes only applicable to those transferring larger sums.

Cheers. I think combing them would be a good idea for my sanity

.

Do I need to transfer to a new account first, then add the new cash or does it not matter?

pull2808 · 6 Apr 2009 at 22:43

Not sure you can. Surely as your transfering it your putting last years £3600 into a new isa and therefore won't be able to invest anymore until next Apr. Not entirely sure but thats how i interpretate it.

Gepetto · 6 Apr 2009 at 22:46

Pho said:
Cheers. I think combing them would be a good idea for my sanity .

Do I need to transfer to a new account first, then add the new cash or does it not matter?

When you open the new account (make sure they accept transfers first) you should be able to complete the transfer form then and there. Takes up to 28 days to go through, but they should do it all for you. You should be able to deposit the new cash straight away, although there might be restrictions on a fixed rate ISA, so double check.

Chaos · 6 Apr 2009 at 23:06

pull2808 said:
Not sure you can. Surely as your transfering it your putting last years £3600 into a new isa and therefore won't be able to invest anymore until next Apr. Not entirely sure but thats how i interpretate it.

afaik you can transfer as many times as you want and it dosn't affect the years allowance.

Snow-Munki · 6 Apr 2009 at 23:07

hsbc fixed rate is at 3.10%

there variable isa is something crazy like 0.35% ???

Pho · 6 Apr 2009 at 23:10

Gepetto said:
When you open the new account (make sure they accept transfers first) you should be able to complete the transfer form then and there. Takes up to 28 days to go through, but they should do it all for you. You should be able to deposit the new cash straight away, although there might be restrictions on a fixed rate ISA, so double check.

Chaos said:
afaik you can transfer as many times as you want and it dosn't affect the years allowance.

Thanks again

. I really should sort this out.. I didn't get around to taking out my 2008-2009 ISA until the 1st of April

.

Geek · 7 Apr 2009 at 11:36

Yes it is possible.