New To the world of ISA

keep_it_simple

Hi As the title say,s I,m new to the world of ISA,s so I have a couple of question,s for the ISA savvy.

I have a Alliance and Leicester Direct Isa Issue 4. at 6%.

Can I transfer my existing ISA to the New Leeds ISA 9% which I,ve seen advertised on their web site today, without loosing any of my this years interest or is there penalties ?

And can I leave some in the A/L ISA in order to open a few ISA,s next year ?

I understand I can put £3600 cash in an ISA in any year but what happens to the ISA I leave behind? Can I open another ISA with the same bank say next year if they then have a good deal?

Hope this is,nt a stupid question.

Thanks

Crabman

Welcome to the forums :hello:

In case you've not seen it already, take a look at the ISA Guide.

You're free to transfer previous year's ISAs whenever you like and as often as you like, however you should check whether the new provider will backdate interest to the date of transfer (otherwise, while the old provider sends the ISA cheque you could lose a few days' interest).

Each financial year brings a new cash allowance and you'd be free to open a new ISA account anywhere irrespective of the situation with previous year's accounts (the Cash ISAs article is always updated with the best buy accounts).