| Transfer Mini Cash ISA question [message #377797] |
Mi, 05 April 2006 22:22 |
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What are the current rules with reference to transferring a Mini Cash ISA to
another institution?
I had contemplated opening a new Mini Cash ISA this year having seen a new
one giving a better rate of return than my existing one. Once this was up
and running I had planned to transfer my existing one over to the new one
because I thought this was acceptable practice, but, I have seen in their
terms that this transfer is not allowed.
So, some do & some don't. Is there a code of practice?
dfrog
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| Re: Transfer Mini Cash ISA question [message #377799 ] |
Mi, 05 April 2006 22:51 |
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In message <49in5tFonqjsU1 [at] individual.net>, dfrog <dfrog [at] lineone1.net>
writes
>So, some do & some don't. Is there a code of practice?
No. The ability to transfer in or out is at the discretion of each
provider.
Cash ISA Interest rates are often used by deposit takers as 'loss
leaders' so they dont really want huge wodges of dosh coming in as
transfers.
--
John Boyle
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| Re: Transfer Mini Cash ISA question [message #377801 ] |
Mi, 05 April 2006 23:06 |
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"john boyle" <john [at] johnboyle1.demon.co.uk> wrote in message
news:8PaFpSAI3CNEFwFC [at] johnboyle1.demon.co.uk...
> In message <49in5tFonqjsU1 [at] individual.net>, dfrog <dfrog [at] lineone1.net>
> writes
>
>>So, some do & some don't. Is there a code of practice?
>
> No. The ability to transfer in or out is at the discretion of each
> provider.
>
> Cash ISA Interest rates are often used by deposit takers as 'loss leaders'
> so they dont really want huge wodges of dosh coming in as transfers.
> --
> John Boyle
Thanks John
dfrog
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| Re: Transfer Mini Cash ISA question [message #377802 ] |
Mi, 05 April 2006 23:20 |
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On Wed, 5 Apr 2006 21:51:20 +0100, john boyle
<john [at] johnboyle1.demon.co.uk> wrote:
>In message <49in5tFonqjsU1 [at] individual.net>, dfrog <dfrog [at] lineone1.net>
>writes
>
>>So, some do & some don't. Is there a code of practice?
>
>No. The ability to transfer in or out is at the discretion of each
>provider.
>
>Cash ISA Interest rates are often used by deposit takers as 'loss
>leaders' so they dont really want huge wodges of dosh coming in as
>transfers.
Which seems to includes NS&I's Direct ISA (*)
To which I can safely say this is the first time the goverment doesn't
want to take my cash :o)
(*) http://www.moneynews.co.uk/1792/ns-i-direct-isa-launched/
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| Re: Transfer Mini Cash ISA question [message #377806 ] |
Mi, 05 April 2006 23:17 |
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Bitstring <49in5tFonqjsU1 [at] individual.net>, from the wonderful person
dfrog <dfrog [at] lineone1.net> said
>What are the current rules with reference to transferring a Mini Cash ISA to
>another institution?
>I had contemplated opening a new Mini Cash ISA this year having seen a new
>one giving a better rate of return than my existing one. Once this was up
>and running I had planned to transfer my existing one over to the new one
>because I thought this was acceptable practice, but, I have seen in their
>terms that this transfer is not allowed.
>So, some do & some don't. Is there a code of practice?
Institutions are obliged to let you transfer out (but not necessarily to
make it easy). No-one is forced to let you transfer in (although iirc a
'CAT Standard' ISA will have to permit it - but then most are not CAT
standard).
--
GSV Three Minds in a Can
Advert:
My (European model) Garmin 60C GPS is currently available for purchase via
amazon.co.uk. £230 (and falling)..
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| Re: Transfer Mini Cash ISA question [message #377810 ] |
Do, 06 April 2006 03:15 |
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"dfrog" <dfrog [at] lineone1.net> wrote in message
news:49in5tFonqjsU1 [at] individual.net...
> What are the current rules with reference to transferring a Mini Cash ISA
to
> another institution?
> I had contemplated opening a new Mini Cash ISA this year having seen a new
> one giving a better rate of return than my existing one. Once this was up
> and running I had planned to transfer my existing one over to the new one
> because I thought this was acceptable practice, but, I have seen in their
> terms that this transfer is not allowed.
> So, some do & some don't. Is there a code of practice?
> dfrog
AFAIK they have to let you transfer out, but will hit you with a penalty
charge. They don't have to let you transfer in.
Marcus
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| Re: Transfer Mini Cash ISA question [message #377833 ] |
Do, 06 April 2006 17:26 |
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I think the CAT standard requires transfer in and out at no charge.
Thom
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| Re: Transfer Mini Cash ISA question [message #377839 ] |
Do, 06 April 2006 18:18 |
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"Thom" <t.s.baguley [at] lboro.ac.uk> wrote in message
news:1144337164.134233.81320 [at] e56g2000cwe.googlegroups.com...
>
> I think the CAT standard requires transfer in and out at no charge.
>
> Thom
Thank you all, - that's a little more knowledge under an inexperienced belt
:-)
dfrog
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| Re: Transfer Mini Cash ISA question [message #377863 ] |
Fr, 07 April 2006 04:19 |
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"Thom" <t.s.baguley [at] lboro.ac.uk> wrote in message
news:1144337164.134233.81320 [at] e56g2000cwe.googlegroups.com...
>
> I think the CAT standard requires transfer in and out at no charge.
Yeah, but I was talking about all ISAs in general, not just CAT standard
ones.
Marcus
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