Mini cash ISA s Transfer

[ceejay123]

Am I correct in thinking that we can transfer money we have with the Halifax in mini ISA s to say National Savings even though it's more than �3000??

[dzug]

Correct.

Two points to watch. You CANNOT transfer the money yourself. You must ask the receiving institution to collect it.

And the receiving institution must accept transfers in - National Savings offer two cash ISAs, only one of which accepts transfers

[ceejay123]

Thanks fer that dzug.
After I had posted the question I "googled" it (as you do )and got the answers from H M Treasury,none other!

I then went to Nat' Savings and tried to find out if we could transfer money into our "direct ISA s but couldn't find owt out.
We have an ISA each in Halifax and Nat Savings and come April 7th are getting them out of the Halifax and into somewhere else and Nat savings would be our first choice.
Problem is I cannot find out, from the website, if we can do this!!
If the "direct ISA" with Nat savings wont allow this then we will have to look elsewhere. Chris

[dzug]

The direct ISA from NSI doesn't allow transfers - that's the one you set up by phone, etc. The mini cash ISA (that you can open at a Post Office) does - but pays less interest

[dzug]

Oh and you don't NEED to wait until April 7th. Transfers can be done at any time and don't affect the current year's allowance.

So you could put a new �3K in AND transfer previous years (to any amount) if you wish

[factor-fiction]

dzug is right- provided you haven't already used any of this year's allowance. The max you can put into cash ISAs is �3000 in a year

[ceejay123]

I think one can transfer more tham �3000 betwwen I S A s
Factor

[factor-fiction]

Yes, but you can only pay in �3000 of new money in any one year. In response to dzug I just wanted to make it clear that if you have already paid for example �2000 into an ISA this tax year bringing its value up to say �8000 and you then transfer all your �8000 ISA to another provider, you cannot then add in another �3000 this year as you've only got �1000 allowance left this tax year

[ceejay123]

Gotcha many thanks

[les1]

Hi my wife and myself have put all ours into Kent&Reliance paying 6.05%.Download a form off the net its dead easy.

[ceejay123]

les I assume thats an ISA ???
6.4 can be had in lots of places in high interest a/ccs
Will prob not be online for 24 hrs so will speak again Tues
Chris

[factor-fiction]

By all means look for teh best deal and maybe get an extra 1% or so- but ifanyone i sthinking of switching simply to get an extra 0.1% or 0.2% it may not be worth it as you often lose a week's interest while the transfer takes place as it takes time for funds to clear.