Can I transfer in 5 years worth?

frames1_uk · 20 May 2013 at 8:50PM

I'm usually pretty good with financial stuff, but I've taken out a cash ISA every year since 2008 and even transferred a couple as rates dropped etc, but now I'm getting a bit lost with them all with bonus's ending, fixed terms ending etc etc....

My question is... can I transfer all 5 into a new one, so I have them all in the same place and just move the one lump in future if I have to.

More specifically I have a Coventry ISA with a rate that expires on 31st May 2013 but is offering 2.5% until 31st May 2014, for which I will just let the old Coventry ISA turn into the new fixed rate.

It says 'the new tax year began on 6th April and you can choose to deposit your full 2013/2014 cash ISA allowance of exactly £5,760 into your new ISA. You can do this between 1 June 2013 and 30 June 2013. During this time you can also transfer any previous years' ISA subscriptions, held with us or any other bank or building society, into your new ISA.'

Surely it's easier/better to have all 5 years worth in one?

Thanks for advice, am feeling a bit thick at the moment.

MoneySaverLog · 20 May 2013 at 9:12PM

Yes as long as the new ISA will allow a transfer in. You need to contact the new ISA provider to arrange the transfer by filling in their transfer form.

eskbanker · 21 May 2013 at 1:37PM

frames1_uk wrote: »

Surely it's easier/better to have all 5 years worth in one?

Easier: yes; better: not necessarily! If significantly better rates were to become available between now and this time next year, having all of your ISA funds stuck in one fixed pot would prevent you being in a position to take advantage (assuming withdrawal penalties, their site seems to be down just now so can't check this). However, back in the real world, this seems an unlikely scenario right now, so it's probably a gamble worth taking....

tronader · 23 May 2013 at 1:37AM

Yes, that's certainly possible (and it'd make things much easier to handle with future bonus's endings, etc).

If the new account is easy access and you transfer something right now and then in a few months something else becomes available in the market with a better rate, you could make a complete transfer or if you'd like to leave this years' contributions there, then in theory you could make a partial transfer of the previous funds to the new provider for the amounts that correspond to previous years, but in reality this possibility seems to depend on your current provider (ie, some of them offer it and some of them don't, and they will ask you to make a complete transfer).

If the new account is a fixed deposit for a longer term, then yeah... you might miss on better opportunities at some point in the future.

Can I transfer in 5 years worth?

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