ISA subscriptions and Transfers????

brookerbabyisababy

I have two ISA - Cash ISA and a E-isa. I recently asked for the Cash ISA to be transfered, however the new provider has asked me to sign a form which states I will be subscribing for this tax year. I explained to them that I was already subscribed for this tax year with the e-isa. They explained that it wouldn't really matter that I subscribe, provided I don't put any money into the account. They say they can only initiate the transfer to a new account if I do this? What should I do?

brookerbabyisababy

come on - anyone?

brookerbabyisababy

still no response. i am confused. anyone?

Lokolo

Why to a new account? Why can't they just add it on top?

Who are the providers?

benjdr

brookerbabyisababy wrote: »

I explained to them that I was already subscribed for this tax year with the e-isa. They explained that it wouldn't really matter that I subscribe, provided I don't put any money into the account. They say they can only initiate the transfer to a new account if I do this? What should I do?

I don't really understand this.
You have already subscribed to the e-isa, but they say it doesn't matter if you subscribe "provided I don't put any money into the account"? Putting money into the account is subscribing.

From your question the provider of both the ISAs sounds like the Principality. You must subscribe to their e-ISA to be able to transfer into it.

That said I still don't understand the question.

brookerbabyisababy

The providers are Barclays and HSBC. What I wanted to know was if I open this new Cash ISA account with HSBC and tick that I have not signed elsewhere for an ISA to enable me to transfer the funds over into the account, does it mean that I have not subscribed as I have not entered new money into the account even though I have ticked the box on the form. The reason I ask is I just don't want to get in trouble with the bank or tax man. As you can tell I am clueless on ISAs.

brookerbabyisababy

come on guys. i am really worried about this.

Hungerdunger

Well, according to this HSBC web page you can't transfer in funds from other ISAs, so I don't see how they can help you.

How much is the Barclays ISA interest rate?

Are you in a position to lock the money up for at least a year? If so, have you looked at transferring the ISA to a fixed rate ISA bond?