From: "Eric Jones" 
Newsgroups: uk.finance
Subject: Re: How to transfer money from one ISA to another?
Date: Tue, 22 Mar 2005 21:56:39 +0000 (UTC)


"Wilson"  wrote in message 
news:1111526748.607383.45680@o13g2000cwo.googlegroups.com...
I have a mini ISA account at The Royal Bank of Scotland (RBS) which
has, for simplicity say, £3000 in it. I recently opened a new mini ISA
account at The Halifax and paid, say, £3000 into it. I can now no
longer pay any money into either of my mini ISAs until the end of this
tax year as I have reached the pay-in limit.

The Halifax ISA has a better interest rate than the RBS one so I wish
to transfer the £3000 from my RBS account to my Halifax account. If I
simply take out the money from my RBS account and then pay it into my
Halifax account, I won't be allowed to because I've already reached the
pay-in limit for this year. I don't want to do this at the end of the
tax year either because I want to be able to pay in an additional
£3000 income into my Halifax ISA after April.

How can I transfer the money from my RBS account to my Halifax account
this tax year? Or more generally, how can I do it without effecting my
pay-in limit for this tax year? I just don't know who to talk to or
what to say to set up this kind of transfer.

I've spoke to several people at the Halifax and RBS (including savings
managers) and they say they are not able to do this kind of transfer.
However, I've read on these newsgroup and on the internet that they are
possible.

It just doesn't make sense to me if you can't. If I had a huge sum of
money in one ISA and another bank starting offering an ISA with ten
times the interest rate, there would be nothing I could do to take
advantage of it.
.........................................................................................................................
Go the bank/building society that you wish to transfer to and ask them for a 
Mini cash ISA application form. Some institutions will have everything in 
one ie a transfer form which is what you require.
Fill in the transfer request together with documentary evidence of the ISA 
you want to close and hand in to bank/building society that you are 
transferring to.
( I would also write a letter telling them that your request is a transfer 
not a request to close)
Some will tell you that they are unable to do this and if so do the 
reverse -ie send the application form letter and ISA details to first ISA 
provider telling them that you want to transfer balance to new provider. 
Personally if any provider told me that they were unable to accept or help 
me transfer an ISA I would not touch them with a bargepole.
Eric