Tell us you cash ISA questions

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  • veryintrigued
    veryintrigued Posts: 3,843 Forumite
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    Is anyone else troubled by the thread title - esp so from a member of the MSE staff.

    'Tell us you cash ISA questions'
  • Ian85
    Ian85 Posts: 59 Forumite
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    The ISA rules state that you can transfer an ISA opened in the current financial year to a different provider but you must transfer the whole lot and do it as a transfer as opposed to withdrawing the money and opening a new one.

    Fine with that, but a couple of queries:
    • If you transfer the current years ISA to a different provider can you still pay more money into this new provider (assuming you haven't reached the limit for the year)
    • Can you transfer the current years cash ISA more than once i.e. provider 1 -> provider 2 -> provider 3, or is there a limit of 1 transfer?
  • Archi_Bald
    Archi_Bald Posts: 9,681 Forumite
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    You can deposit up to your limit into the ISA with the new provider (subject to the terms of the new ISA). You can transfer as often as you like in the same tax year (subject to the amount of time each of the transfers takes).
  • AntoMac
    AntoMac Posts: 1,985 Forumite
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    I have a 2 year fixed ISA with TSB that matures this Thursday. I don't want another 2 year fix as I don't like their rate. If I don't renew and transfer the £12k to my normal savings account does this count as £12k of my £15k allowance used up for the year (i.e. I can only pay another £3k or so into my other ISA?) I expect the answer is yes so probably an obvious question although I understand these rules are due to change in 'the Autumn', to allow withdrawn amounts to be replaced. Thanks
    27/5/17 Mort 64705 BTs 1904031/12/17 Mort 59815 BT 1673007/04/20 Mort 49208 BT 1572128/07/20 Mort 47387 BT 1263414/11/20 Mort 45905 BT 10134 20/05/21 Mort 42335 BT 686811/08/22 Mort 32050 BT 2915Sealed Pot Challenge 16 Number 5
  • Vortigern
    Vortigern Posts: 3,243 Forumite
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    AntoMac wrote: »
    I have a 2 year fixed ISA with TSB that matures this Thursday. I don't want another 2 year fix as I don't like their rate. If I don't renew and transfer the £12k to my normal savings account does this count as £12k of my £15k allowance used up for the year?
    No. Withdrawing money from your ISA does not use any part of your allowance.
  • Sncjw
    Sncjw Posts: 3,509 Forumite
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    Hi I have an 18 month fixed isa that ends in October.
    I'm thinking of opening a Newcastle building society regular saver isa now: is it possible to transfer the the fixed isa over when it ends.
    Mortgage free wannabe 

    Actual mortgage stating amount £75,150

    Overpayment start date 1/3/23.

    Starting balance £66,565.45

    Current balance £63,787.16

  • Archi_Bald
    Archi_Bald Posts: 9,681 Forumite
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    Sncjw wrote: »
    Hi I have an 18 month fixed isa that ends in October.
    I'm thinking of opening a Newcastle building society regular saver isa now: is it possible to transfer the the fixed isa over when it ends.

    Se your question / my answer in http://forums.moneysavingexpert.com/showthread.php?t=5235054
  • vanillaspice
    vanillaspice Posts: 92 Forumite
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    Does anyone know why you can only pay funds into a Virgin cash ISA within 30 days. I would like to put funds it when I can throughout the year.

    To ensure funds are accepted into your new account we must receive all funds within 30 days from your account opening date. Any deposits received after 30 days may be returned to you. This includes any funds transferred in from existing ISAs, therefore please ensure that you initiate any ISA transfers in as soon as you receive your new Cash ISA details. After the 30 day period you may not be able to make any additional deposits into this Cash ISA.

    I am right in thinking this rule does not apply to all cash ISA's ?
  • colsten
    colsten Posts: 17,597 Forumite
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    It's probably a fixed term / fixed rate ISA. These sort of accounts usually have restrictions on deposits.
  • frank777
    frank777 Posts: 296 Forumite
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    My question is in relation to the new flexible ISA - any updates yet?

    As part of his Budget 2015 announcement, George Osborne unveiled plans to give ISA holders more freedom with the introduction of a fully flexible ISA.

    From autumn 2015 you will be able to withdraw money from your ISA, and put it back in without it counting towards your annual ISA allowance.The full flexibility promised by the Chancellor could mean the death of the ISA transfer between financial providers for new allowances, making moving your ISA subscriptions much easier. http://www.money.co.uk/article/1010838-what-are-flexible-isas.htm
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