Isa: Who Does The Transferring?

[chrissa1]

Does my old bank do the transfer to a new and better interest rate account, or does the new bank do the transferring?

[237SJ]

You instruct the new bank to do it and they contact the old bank. There is a time limit for the old bank to hand over the money now because some of them used to drag their heels and take ages to do it.

[chrissa1]

Thanks, 237sj. Was with Halifax but that has dropped to 0.25%. Santander offering 1.6% easy access which is what I need.

[237SJ]

I don`t know which type of isa you had (online etc) but you can convert your old Halifax easy access online isa to their new one at 1.55%. There is a one year bonus which you have to keep an eye on though. I kept £5000 in an old Halifax isa purely because I want to be in their monthly prize draw. Thanks for reminding me that I need to transfer it.

[chrissa1]

My, pleasure. Lol.