We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
ISA Transfer
nbrewitt
Posts: 78 Forumite
Can someone please clarify my query relating to an ISA transfer. In April this year I opened and funded to the maximum a Direct ISA with NS&I, with the forthcoming reduction in the interest rate on this account I am looking to transfer to a better rate. Am I allowed to transfer into another ISA or does this count as opening and funding a cash ISA in the same tax year?
Many thanks
Many thanks
0
Comments
-
Transferring doesnt count as a new ISA. But you need to talk to your new provider and get them to transfer in. If you cash in the old maximum ISA and put the money with the new provider yourself then that will be a new ISA and not allowed.
I am assuming "April" is the 6th or later, otherwise its last year's ISA.0 -
Thanks for your swift reply, yes it was this tax year and I understand that I need to ask for a transfer in.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 354.3K Banking & Borrowing
- 254.4K Reduce Debt & Boost Income
- 455.4K Spending & Discounts
- 247.2K Work, Benefits & Business
- 603.9K Mortgages, Homes & Bills
- 178.4K Life & Family
- 261.4K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.7K Read-Only Boards