Opening a new ISA by tranferring old ones

lolly5648

Can I open a 2008/9 ISA just with a transfer from a bad paying account. I was looking at Skipton and they accept transfers but it is not clear whether I have to open one with new money and then do the transfer?

kingmonkey

They will ask during the sign up.

Paul_Herring

Transfer of funds (only) does not (using HMRC's terms) constitute "opening" an account, since you're not contributing new funds.

However you can transfer funds to another institution (providing they accept transfers, some don't) without having to add new funds (again, providing they accept this arrangement - I don't know of any that do require new funds.)

isofa

Always initiate the transfer from the new provider. They will give you the forms to complete, and will either then contact your older provider to start the transfer, or ask you to pass on the forms with account details to the old provider. Never close the old ISA and withdraw the money as you'll lose the tax status.

You won't have to add new money to the account, the transfer balance will be enough, providing it meets their minimum deposit terms.

As long as you aren't adding new funds to the "new" ISA, then it's not considered a new ISA subscription and doesn't affect your annual ISA allowance. So if you've already used up your £3600 allowance this year, you won't be able to add to the new ISA (or open another one), if you haven't you may want to either add to this new ISA, or open yet another for the money.

debbie42

Paul_Herring wrote: »

I don't know of any that do require new funds.

Principality. I wouldn't have known myself, but someone asked v. recently, and I read it in Kazza's thread.:D

Paul_Herring

debbie42 wrote: »

Principality. I wouldn't have known myself, but someone asked v. recently, and I read it in Kazza's thread.:D

Link to post...? (I'm lazy and I only scan the thread (I think you mention) when new posts appear.)

debbie42

Now that is lazy, and I'm only doing this out of the goodness of my heart...
http://forums.moneysavingexpert.com/showthread.html?t=401374

I'm amazed this hasn't been made a sticky before now as some that are really don't warrant it more than this one, IMO.