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
Transfer Mini Cash ISA question
Apr 05, 2006
8 Replies
In message , dfrog writes
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.
Thanks John
dfrog
Bitstring , from the wonderful person dfrog said
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).
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)
(*)
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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
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
Yeah, but I was talking about all ISAs in general, not just CAT standard ones.
Marcus
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