Changing cash ISAs

My cash ISA supplier has brought out a much better ISA but will not accept transfers from their existing ISA holders. Is there any reason why I could not transfer to another supplier and then return to my original supplier as a new customer?

Comments

  • Lokolo
    Lokolo Posts: 20,861
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    Does the ISA accept transfers from elsewhere or is it new money only?
  • scr222
    scr222 Posts: 4 Newbie
    Yes it does accept transfers from third parties.
  • Lokolo
    Lokolo Posts: 20,861
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    Then yes, open up an instant access ISA elsewhere, transfer out, then transfer in.

    Mind you this could take a while.

    I could go in branch and explain you'll do this anyway they might transfer it there and then, if they're nice.
  • scr222
    scr222 Posts: 4 Newbie
    Thanks, I'll give it a try
  • scr222 wrote: »
    My cash ISA supplier has brought out a much better ISA but will not accept transfers from their existing ISA holders. Is there any reason why I could not transfer to another supplier and then return to my original supplier as a new customer?

    Wouldn't this fall foul of the rule that you are only allowed to open one cash ISA each tax year?

    Mark
  • Lokolo
    Lokolo Posts: 20,861
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    Wouldn't this fall foul of the rule that you are only allowed to open one cash ISA each tax year?

    Mark

    You can only contribute to one ISA a year. You can open as many as you like during the year as long as you only put money into one.
  • sheslookinhot
    sheslookinhot Posts: 1,956
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    scr222 wrote: »
    My cash ISA supplier has brought out a much better ISA but will not accept transfers from their existing ISA holders. Is there any reason why I could not transfer to another supplier and then return to my original supplier as a new customer?


    If your provider makes you go to this length, then are they worthy of your custom. They wouldn't be for mine.
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