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Can't transfer ISA
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notrich
Posts: 45 Forumite
I've read through the info here and I understand that I can transfer my ISA to a better paying one without affecting this year's allowance. As my current rate is now quite low I asked if I could transfer to their better account and was informed that if I did that I couldn't then use this year's allowance.
Is this correct?
Is this correct?
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Comments
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Your ISA provider may have such a rule but it's not general. Look further afield maybe?0
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I've read through the info here and I understand that I can transfer my ISA to a better paying one without affecting this year's allowance. As my current rate is now quite low I asked if I could transfer to their better account and was informed that if I did that I couldn't then use this year's allowance.
Is this correct?
It would help people to try to help you if you give more specific details, e.g. the current provider & account you currently have and the one to which you wish to transfer (it may be that the new one only allows one lump sum payment, for example).0 -
Whatever the specifics, the general rules (which ALL ISA providers must adhere to) to follow are:It would help people to try to help you if you give more specific details, e.g. the current provider & account you currently have and the one to which you wish to transfer (it may be that the new one only allows one lump sum payment, for example).
- Any request to transfer an ISA to another ISA provider must be acted on (subject to any notice requirements only)
- Any unused allowance for the current year you can be added to in the other provider's NEW ISA you transfer to once it is opened (subject to any opening restrictions only)
HOWEVER
If transferring within an ISA provider - to a different account - it depends on the terms of that new account - e.g you may be going from Instant Access into a Fixed Rate. Obviously the fixed rate is a one-off subscription. So unless you stump up the readies to use up your full annual allowance you are restricted by your means rather than any rule connected with ISAs
[Are we talking about Nationwide by any chance, as their ISA is technically a single account containing three different 'pots'. Subject to the restrictions on each 'pot', you can continue to add - within the same tax year- to the instant access 'pot' after transferring its contents].....under construction.... COVID is a [discontinued] scam0 -
If transferring within an ISA provider - to a different account - it depends on the terms of that new account - e.g you may be going from Instant Access into a Fixed Rate. Obviously the fixed rate is a one-off subscription.
Exactly my point, since the OP is obviously talking about an internal transfer: "e.g. the current provider & account you currently have and the one to which you wish to transfer (it may be that the new one only allows one lump sum payment, for example)".
Nationwide was the name that popped into my mind when I read the post too.;)0 -
Thank you for your replies, it isn't the Nationwide but the B&B. I've had the account for a number of years now and enquired about transferring to the better one which IS a fixed rate. I was thinking of transferring the whole amount from previous years, which they said was fine but I wouldn't then be able to add this year's allowance. They didn't say whether I could deposit this year's in a different account. I see it says from the website that you can use the whole of this year's allowance, which I would have assumed anyway.0
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sounds like they dont want your money - transfer the old years into the better rate and get this years elsewhere0
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I was thinking of transferring the whole amount from previous years, which they said was fine but I wouldn't then be able to add this year's allowance. They didn't say whether I could deposit this year's in a different account. I see it says from the website that you can use the whole of this year's allowance, which I would have assumed anyway.
I assume that you are looking at the B&B eISA Issue 4?
See Paragraph 4 (and its sub-sections) of the Terms & Conditions HERE - you can open it with a transfer from another eSavings account but no additional deposits can be made during the account term (sub paragraph 4.2.1).
You could use this year's allowance in a different account with any ISA Manager, including B&B - none of B&B's variable rate products look very appealing against something like the Barclays Tax Haven at 6.5% (this year's ISA funds only).0 -
How strange, my post has disappeared!
Well, the account is the issue 4 and it looks like you can only put in £3,600, yet the B&B said I could transfer all of my account which is more than that! But I see you cannot add more to it, so I will look somewhere else. I wish they had said that at the branch, I thought it was the case that I could either transfer or use my new allowance, but not both.
Thank you everyone for your help.0 -
Thank you Baldur, it isn't very clear and that is what I was told at the branch so maybe they aren't sure either.
I will search on here for good paying accounts and go for a transfer.0
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