What's counted as a "new" ISA?

jjlothin

I opened an ISA with Alliance & Leicester this April and have been trying ever since to get them to transfer the money I had in my account with Icesave.

I haven't put any new money in either account.

Is it possible for me to open an account with a 3rd provider and get the money moved there, as I'm totally unimpressed with both A&L and Icesave, or does that break ISA rules?

Thanks!

Rose

BruceyBonus

Yes - provided you haven't paid any money into any ISAs this tax year. You "subscribe" when you pay money into the ISA. If you haven't paid in, you haven't subscribed yet.

Oblivion

jjlothin wrote: »

I opened an ISA with Alliance & Leicester this April and have been trying ever since to get them to transfer the money I had in my account with Icesave.

I haven't put any new money in either account.

Is it possible for me to open an account with a 3rd provider and get the money moved there, as I'm totally unimpressed with both A&L and Icesave, or does that break ISA rules?

Thanks!

Rose

You can open as many ISAs as you like Rose, just so long as you only subscribe (put money in) to one of them in a tax year (6th April to 5th April), and you can transfer an ISA as often as you like without affecting your annual tax-free allowance.

I've spotted a few comments in these forums from people having a problem getting transfers in to A&L, even if you can manage to get an account open with them, a feat in itself. I have to say though that they were pretty slick about transferring our ISAs OUT to another provider recently. It's as if they want to get rid of their deposits and can't put themselves out to bring in new ones ... what a way to run a bank :rotfl:

Dave.

jjlothin

Many thanks for the helpful reply, Dave (thought I was signed up for automatic notification of replies but apparently not, so only just found it!)

So just to clarify completely, a transfer of previous years' ISA money is not counted as a current year subscription? In which case I'll transfer my old ISA money straight out of A&L (if it ever arrives!) and start again!