Cash Isa transfer problem

[chirpychippy]

This isnt the first time ive discussed my isa on here. My isa term expired with Natwest in August/September and its now sitting in a variable ISA natwest at an interest rate of 1.14% As ive said before im new to online banks not online the high street, so Ive avoided the issue until today.

Im trying to take advantage of Trading 212 variable rate of 4.53%, ive set up an account with them and am now trying to transfer the funds between natwest and trading 212.

Ive chosen Instant Bank Transfer on the Trading 212 app but when im redirected to Natwest it says "no valid accounts".
The other option is Bank Transfer which takes 2 business days which im not particularly comfortable with.

Can I transfer the ISA balance to a personal account held with another bank HSBC and then transfer to Trading 212?

Ive tried crappy cora but all I get is transferring isa's to natwest information which is feeling into my zero tolerance disposition.

Thanks in advance.


I

 

[big-all]

no expert
i think you need an isa account that specifically say "we accept isas in from other providers" or words to that effect
you cant have a middleman account as it would need to cashed up to get there
but just my understanding that can be wrong
another point i think these new breed off accounts need to be linked to your main account and any transfers must go via your main accout both in and out

 

[Murdochcat]

IIRC you have to go isa directly to isa - or it will be seen as a new deposit against this years allowance

Call the banks concerned is my advice

 

[big-all]

as an aside i have 2 vida accounts
the first one worked well so decided to go a second one via rasin for an extra 0.25% as i wanted to keep it simple but that didnt work as the 2 accounts are seperate with the one via rasin is only viewable via rasin

 

[Mottie]

Im trying to take advantage of Trading 212 variable rate of 4.53%, ive set up an account with them and am now trying to transfer the funds between natwest and trading 212.

You won’t get 4.53% on transferred in money, only on new cash deposited. You’ll get 3.85%. You can better that almost anywhere else. Do you want a variable rate or a fixed rate?

 

[chirpychippy]

You won’t get 4.53% on transferred in money, only on new cash deposited. You’ll get 3.85%. You can better that almost anywhere else. Do you want a variable rate or a fixed rate?

I was drawn to the T212 because of 4.53% and being variable i could continue to pay into it.
With a fixed, I cant.
But I wasn't aware you cant transfer ISA's.to T212.

My isa is held with Natwest currently and is variable, I topped it up today, but its doing nothing at 1.14%.

Variable would be better as I want to continue to pay into it.

 

[big-all]

other points to mention
if you are near to your 20k limit then you need to transfer
iff you are say 8k and unlikly to reach this years 20k limit you can just cash it in and open another isa and you will loose nothing
you are allowed to open more than one isa in a year so you can go for a fixed [savings rate full term] or an open isa where the interest rate can vary
iff you dont pay tax on your savings [around 22k in savings ] you can often get better fixed savings account rates compared to fixed isa

as an aside my comments above will probably not be valid for life time/right to buy/other specialist isas so please make detailed checks

 

[big-all]

martin lewis brilliant honest source

https://www.moneysavingexpert.com/banking/

 

[Mottie]

I was drawn to the T212 because of 4.53% and being variable i could continue to pay into it.
With a fixed, I cant.
But I wasn't aware you cant transfer ISA's.to T212.

My isa is held with Natwest currently and is variable, I topped it up today, but its doing nothing at 1.14%.

Variable would be better as I want to continue to pay into it.

If you don’t need the money immediately, why not transfer some or all of it to a 1 year fixed isa (Nat West 4.2% at the moment) and look for a non isa variable rate savings account to put into and take out of? Tesco bank are paying 4.2% variable at the moment. With variables they can obviously go down so you would have to look elsewhere if and when things change. Don’t forget, you can withdraw at any time from an isa if you really need to but you will lose a bit of interest - normally 90 days. There’s plenty of other big names to choose from out there.

 

[motorbiking]

you can get 3.8-4% on these and I have transferred ISAs in, you do have to follow the ISA transfer process to avoid dumping your tax free pot out and consuming your current allowance.

Cash ISAs | Our best Cash ISA rates | Fixed, Easy Access - YBS - YBS DXP Prod

Help achieve your savings goals with a Cash ISA from YBS. We offer a range of Fixed Rate and Variable Rate ISAs. Find out which is best for you.

www.ybs.co.uk

 

[chirpychippy]

In the end I left the isa in natwest transfered to a new 1yr fixed at 4.2%, just before I topped it up to £15k and can add further until the 6th of Jan 2026.

Natwest also have a digital saver account, max depositable limit of £5k for 1 year gets you 5.5%aer, which is better than £5k sitting in my business account doing stuff all.

My business account, which is actually a current account, is very healthy, its basically a figure that makes me feel secure should things go south "as they recently have done" but its still money that isnt working for me.

Its through reading various posts on this site that has widen my eyes to money management.

Stocks & Shares still make me nervous so ill leave that route alone, for now!

Thanks for your help, I may be back.

 

[motorbiking]

In the end I left the isa in natwest transfered to a new 1yr fixed at 4.2%, just before I topped it up to £15k and can add further until the 6th of Jan 2026.

Natwest also have a digital saver account, max depositable limit of £5k for 1 year gets you 5.5%aer, which is better than £5k sitting in my business account doing stuff all.

My business account, which is actually a current account, is very healthy, its basically a figure that makes me feel secure should things go south "as they recently have done" but its still money that isnt working for me.

Its through reading various posts on this site that has widen my eyes to money management.

Stocks & Shares still make me nervous so ill leave that route alone, for now!

Thanks for your help, I may be back.

don't forget to consider the tax on the savings.

It sounds like you haven't taken full advantage of your ISA allowance, this is less of an issue if you are a basics tax bracket payer, but that might not always be the case.
When comparing interest rates you should take account of any tax due on the savings. Today that might be zero, but in future you might regret not using up your allowance.

 

[Mottie]

Natwest also have a digital saver account, max depositable limit of £5k for 1 year gets you 5.5%aer, which is better than £5k sitting in my business account doing stuff all.

You won’t get 5.5% on that if you put £5k into it. £5k is the maximum you can put into it and get 5.5% BUT you can only put in a max of £150 a month so you won’t actually get anywhere near 5.5% on £5k until you have the full £5k in there and at £150 a month, that will take you nearly 3 years to build up! Find somewhere that gives you an instant access account with a decent amount of interest on the whole lot from day 1.

 

[chirpychippy]

You won’t get 5.5% on that if you put £5k into it. £5k is the maximum you can put into it and get 5.5% BUT you can only put in a max of £150 a month so you won’t actually get anywhere near 5.5% on £5k until you have the full £5k in there and at £150 a month, that will take you nearly 3 years to build up! Find somewhere that gives you an instant access account with a decent amount of interest on the whole lot from day 1.

Gotcha, Thank you, I misunderstood that, I have just read further, slippery b**gers aren't they!

The search goes on with your advice and others.

 

[motorbiking]

ideally an instant access ISA