Transfer royal mail shares into an isa

This is Money's e-mail inbox is full of queries from baffled Isa savers languishing on low-paying accounts. Many are unsure over the rules on moving money to get a top new rate - others have been given confusing or misleading information from their bank or building society.

Here, we guide you through the process of Isa transfers so you can maximise your returns. We guide you through all you need to know about switching home for your Isa pot. It's a pain, but savvy savers are forced to transfer cash Isa nest eggs to a new provider as often as once a year to avoid a nasty rate-crash. Every year, banks take the knife to the returns they pay out to loyal customers, slashing rates as short-term bonuses expire and fixed terms mature. Sometimes as much as 90 per cent can be shaved off a best buy rate overnight.

With fixed deals, returns often fall to a mere 0. Savers need to stay vigilant to these harsh cuts. You can find the best rates by checking This is Money's five favourite cash Isas. Savers, who hate languishing on miserable returns, should be notified by post that their rate is about to plunge. It kickstarts many into action and, particularly at this time of year, millions of people scout out a new home for their Isa pots.

But many are surprised to find you cannot simply withdraw the cash and lug it across town to a branch at another bank. Taking out cash just to reinvest it elsewhere is THE cardinal sin in Isa saving. Because you lose the tax-free interest status of your money.

Here, we try to make the whole Isa transfer process crystal clear. Our five favourite Isas reveal which ones do and which ones don't. You can transfer different amounts or parts to as many providers as you like, as many times as you like.

However, not all providers accept 'partial' transfers. If they don't, first check with your old provider whether the transfer request has been received.

It can tell you where the delay is. How do I go about transferring an Isa? As a quick guide, here's how to transfer: See our guide to the top five Isas for some ideas. Also check the full tables. You will need to fill in a form with the account number and details of your old Isa.

If you do, it loses its tax-free status. Under rules introduced in Januarytransfers should be completed within 15 days. Nine in ten accounts now safely switched to a new provider within 15 working days. This equates to 21 days in total, an improvement on the 26 calendar days taken between and Following a review of the industry by the Office of Fair Trading, further safeguards have also been introduced, which mean interest must be paid by the new provider from the first day that interest is no longer paid by an old provider.

Some providers, such as Halifax and Nationwide, pay interest from the day they receive an Isa application. The good news here is that it really makes very little difference when you transfer old Isa cash. The rules around Isas are such: Crucially, a transfer does not count as 'paying in'. You can transfer as many times as you like, whenever you like. Yes, you're at full liberty to transfer previous years' savings to a better rate AND open a separate account — all in the same tax year — as long as you don't contribute to both i.

Savers are governed by a 'one cash Isa per person, per year' rule, but previous years' savings don't count. Today's best rates - be that a fixed deal or an instant access account - usually have an expiry date on them. With fixed rates, you need to wait until the end of the term before moving your cash. The penalties for early access can be severe, sometimes as much as days' worth of interest.

Savers can get back less than they put away if they're not careful. With easy access Isas, though, there is no problem. The whole point of variable rate accounts is to give you freedom to move the money whenever you like, penalty-free. If you're free to move money without penalty, as is the case with most variable accounts, you can transfer all your old Isa pots into one, single sparkly new account paying a far better interest rate.

You just need to fill in all the corresponding forms required by the new provider. Give the call centre a ring or pop into a branch if you're unsure at any stage.

The first step is to complain in writing to the provider. If you don't get a satisfactory response, complain to the free and impartial Financial Ombudsman Service.

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