Opening new ISA

Options
katies_mum
katies_mum Posts: 2,345 Forumite
First Post First Anniversary
in ISAs & tax-free savings
Hi

Apologies if this question has been asked before but was wondering if you can open a new ISA with just a transfer in of an existing ISA or do you have to make an initial opening deposit first depending which account you choose? AA state opening deposit £100 and Leeds £1,000. The transfer would be about £32,000, didn`t really want to add to this unless I have to.

Thank you

Comments

  • badger09
    badger09 Posts: 11,206 Forumite
    First Post First Anniversary Name Dropper
    Options
    katies_mum wrote: »
    Hi

    Apologies if this question has been asked before but was wondering if you can open a new ISA with just a transfer in of an existing ISA or do you have to make an initial opening deposit first depending which account you choose? AA state opening deposit £100 and Leeds £1,000. The transfer would be about £32,000, didn`t really want to add to this unless I have to.

    Thank you

    Yes you can. Assuming the new ISA provider accepts transfers in of course.

    Many ISA forms, particularly transfer forms, are poorly worded.
  • badger09
    badger09 Posts: 11,206 Forumite
    First Post First Anniversary Name Dropper
    Options
    Extract from the AA FAQs

    How do I open the ISA with a transfer from another ISA provider?
    It should take no longer than 15 working days to transfer an ISA from one provider to another.

    When completing the online application to open your ISA, you'll be asked how you will fund the product you are opening.

    select 'ISA Transfer' from the drop down options and press 'Next'
    you'll then be shown how to complete the transfer form
    you may need to print a paper form, depending on which provider you are transferring funds from.
    Send the printed form to: AA Savings, PO Box 5417, Brighton, BN50 8HP.

    Your current provider may charge a fee to transfer your existing ISA to us – please check whether they will do so before completing the transfer.
  • katies_mum
    katies_mum Posts: 2,345 Forumite
    First Post First Anniversary
    Options
    thank both you so much.

    Yes the new provider does accept transfers in and the existing ISA I want to transfer is with Santander.
  • badger09
    badger09 Posts: 11,206 Forumite
    First Post First Anniversary Name Dropper
    Options
    katies_mum wrote: »
    thank both you so much.

    Yes the new provider does accept transfers in and the existing ISA I want to transfer is with Santander.

    There's only one of me. I am, in fact, unique :rotfl:
  • katies_mum
    katies_mum Posts: 2,345 Forumite
    First Post First Anniversary
    Options
    So sorry badger 09, think I need a glass of wine! :o
  • badger09
    badger09 Posts: 11,206 Forumite
    First Post First Anniversary Name Dropper
    Options
    katies_mum wrote: »
    So sorry badger 09, think I need a glass of wine! :o

    Wot - no dry January at katie's house:naughty:

    I'm just jealous really:o
This discussion has been closed.
★ ★ ★ Meet your Ambassadors

Categories

  • All Categories
  • 343.2K Banking & Borrowing
  • 250.1K Reduce Debt & Boost Income
  • 449.7K Spending & Discounts
  • 235.3K Work, Benefits & Business
  • 608K Mortgages, Homes & Bills
  • 173.1K Life & Family
  • 247.9K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 15.9K Discuss & Feedback
  • 15.1K Coronavirus Support Boards