Hi, Could anyone advise me please - I have money invested in a mini-cash-ISA with a building society and it has interest paid annually. Due to change in circumstances I now want my interest paid monthly instead. The building society involved do not offer anything with monthly interest. As there are several other companies which do give monthly interest on ISA accounts I'd like to know if it's possible to transfer all of the investment direct to another company's ISA or do you have to start off any new ISA with the £3000 per annum limit and build this up annually? Thanks for any help. dee
monthly interest ISA accounts
Oct 16, 2005
3 Replies
Your ask the new BS/bank for a transfer form, fill it in and send it to them and they will arrange the transfer of the funds from the old BS to themselves. The transfer will be for the whole of the funds and you will still have this year's ISA allowance free to use if you want.
Rob Graham
In message , Rob graham writes
All correct, I would only add that many ISA providers charge a fee or a penalty for transfers.
Also, almost the same effect as monthly income can be achieved by making monthly withdrawals but you would end up earning slightly less interest, but potentially losing less interest than that lost by transferring elsewhere and also the cost and hassle of such a transfer.
Many thanks for replies, will check if any fees involved before deciding if I want to proceed........ Cheers Dee
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