NAT WEST ISA
Thu, 15/05/2008 - 02:46
Generally once you have opened an ISA with one provider they wont let you transfer to another better ISA product with the same company. Similar at Barclays when I tried to do the same thing. They will only let you place funds for a new ISA year into the new product. Better option is to look at best buy tables and consider transferring to a new provider. I am now with Yorkshire B/society currently 5.5% and that is online as an E-ISA. Contact Yorks B/s and they will arrange details for you. You can get better than 5.5% but who wants to keep continually making transfers. Yorks is OK and has been on many best buy lists over the last 12 months.
Whatever you do dont close the ISA yourself or you will lose the tax benefits.The transfer must be made for you between banks etc
Thu, 15/05/2008 - 11:24
I guess it depends on the terms and conditions of the account. You should be able to find these on their website somewhere...
I had an ISA with Alliance and Leicester that was paying around 5%. I opened a new ISA account with them this year which is paying around 6.25%, invested my £3600 for the year and then transfered in my existing funds from the other ISA I had with them (around £12,000)
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I HAVE A NAT WEST CASH ISA WITH £25000 IN THE ACCOUNT PAYING 5.10 AER.
I WOULD LIKE TO TRANSFER THE £25000 TO A NAT WEST E ISA PAYING 5.50 AER.
NAT WEST SAY THIS CAN NOT BE DONE BECAUSE I HAVE USED UP MY CASH ISA ALLOWANCE THIS YEAR.
I HAVE PUT THE MAX £3600 IN THIS NEW TAX YEAR.
I UNDERSTAND YOU CAN NOT OPEN TWO ISA IN THE SAME YEAR. BUT THIS IS NOT WHAT IAM TRYING TO DO. ALL I WANT TO DO IS TRANSFER TO A HIGHER RATE OF INTEREST
BUT MY FRIEND WHO HAS A CASH ISA WITH LLOYDS HAS TERMS & CONDITIONS THAT SAY THE ABOVE TRANSFER COULD TAKE PLACE.
COULD SOMEBODY TELL ME THE RULES WITH THIS REGARD.
MANY THANKS
DAVID