Transfer question

marksandsparksgal

Hi everyone,

Apologies if this is a somewhat stupid question, but in reading all about ISAs I think I have confused myself.

I have £8.5k in an M&S ISA paying 5% at the moment, which is a bit poor (imo). Have used the full allowance of £3.6k this year putting money into it. I'd like to move it to something that is a bit better paying, possibly ICEsave.

However, can I move the funds partway through the year, as I've already used my allowance, or do I have to wait until the next financial year and then move & top up for that year all in one go?

Thanks for reading, and apologies if this is a silly question.

m&sgal

Paul_Herring

You may move this years contributions whenever you want. The only restriction is that they must be moved all together.

Previous year's contributions may be split up if you want. (And of course, 'this year's' contributions become 'previous years'' on April 6th each year.)

natman

marksandsparksgal wrote: »

Hi everyone,

Apologies if this is a somewhat stupid question, but in reading all about ISAs I think I have confused myself.

I have £8.5k in an M&S ISA paying 5% at the moment, which is a bit poor (imo). Have used the full allowance of £3.6k this year putting money into it. I'd like to move it to something that is a bit better paying, possibly ICEsave.

However, can I move the funds partway through the year, as I've already used my allowance, or do I have to wait until the next financial year and then move & top up for that year all in one go?

Thanks for reading, and apologies if this is a silly question.

m&sgal

Hi there..............
No worries at all.
I did something similar. I had invested this years allowance with ING, The rate dropped and i an now the owner of a new ISA with Newcastle Building society paying 6%.
Basically. Fill the application form out and highlight that you are not putting in new funds bt are transferring existing and previous funds. Most accounts have a seperate transfer request form.
Only thing to watch for is the new ISA allows transfers in and you get a decent rate.....happy saving!!!:cool:

marksandsparksgal

Hey guys, thank you for the helpful answers, I'll be looking into doing this at the weekend.