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Those looking to transfer their cash ISA savings will be happy to hear that in 2017, 89% of all cash ISA transfers were completed within seven working days. An agreement between the Building Societies Association, the Tax Incentivised Savings Association and UK Finance, to try and complete at least 80% of transfers within that timeframe, is to thank for this.
Prior to 2017, only an estimated 66% of transfers were completed within seven working days, so there's clearly been a welcome improvement. Now, the three associations have committed to a goal of at least 85% for 2018, so there's even more reason to trust that ISA transfers can be handled quickly.
That said, any ISA transfer still needs a few working days to complete. This is something to keep in mind if you are looking to transfer ISA funds to a new account before the current tax year ends on 5 April.
While transferring ISAs from one account to another won't have any impact on your annual ISA allowance, if you want to both add new funds to an account and transfer money over, you may want to do so at least a week before the deadline.
If you're looking to transfer your Help to Buy ISA funds into a Lifetime ISA, you'll certainly want to do so well before the deadline. Not only can it take a bit longer than a straightforward cash ISA transfer, but you're only allowed to transfer more than the Lifetime ISA limit of £4,000 in this tax year. If your transfer doesn't go through until after 5 April, you could exceed your 2018-2019 allowance.
So, to avoid too much hassle, don't wait until just before the deadline. Have a look at the available cash, stocks & shares and/or Lifetime ISAs now to see if you want to make the most of this year's allowance.
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Moneyfacts UK Savings Trends Treasury Report data shows average fixed rates have seen their biggest monthly rises in over a decade. The average one-year fixed bond, longer-term fixed bond, and longer-term fixed ISA stand at their highest levels since 2019.
Moneyfacts UK Savings Trends Treasury Report data shows average fixed rates have seen their biggest monthly rises in over a decade.
Each week the moneyfacts.co.uk content team round up the very best savings rates available in the UK. Compare and apply today.
Each week the moneyfacts.co.uk content team round up the very best savings rates available in the UK. Compare and apply today.
Nationwide BS launched a new issue of its 1 Year Triple Access Online ISA today, offering a rate of 1%. It means this offer matches the market-leading rate from Marcus by Goldman Sachs®, SAGA, and Al Rayan Bank on our easy access ISA charts.
Nationwide BS launched a new issue of its 1 Year Triple Access Online ISA today, offering a rate of 1%.
Moneyfacts UK Savings Trends Treasury Report data shows average fixed rates have seen their biggest monthly rises in over a decade. The average one-year fixed bond, longer-term fixed bond, and longer-term fixed ISA stand at their highest levels since 2019.
Moneyfacts UK Savings Trends Treasury Report data shows average fixed rates have seen their biggest monthly rises in over a decade.
Each week the moneyfacts.co.uk content team round up the very best savings rates available in the UK. Compare and apply today.
Each week the moneyfacts.co.uk content team round up the very best savings rates available in the UK. Compare and apply today.
Nationwide BS launched a new issue of its 1 Year Triple Access Online ISA today, offering a rate of 1%. It means this offer matches the market-leading rate from Marcus by Goldman Sachs®, SAGA, and Al Rayan Bank on our easy access ISA charts.
Nationwide BS launched a new issue of its 1 Year Triple Access Online ISA today, offering a rate of 1%.
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