Toisa transfer question

trashcan_2

I have an instant access ISA plus a toisa. I have used all my This years allowance in my Instant access ISA.

I would like to transfer my Toisa to another provided.
Can I do this without opening one first with this years money.
I have a £12000 TOISA from previous years and I just want to transfer that and nothing else.
Is this possible please.
What I have been reading is that you have to open one with this years money and than transfer your previous one, but I do not want to do this.
i hope you can clarify this for me.

many thanks.

Baldur

Since the 6th April there is no such thing as a TOISA, they all became Cash ISAs.

You can transfer it at any time to any provider that accepts Cash ISA transfers (not all do so) - just complete your chosen new provider's transfer form and they will arrange the transfer.

trashcan_2

Thanks.

I know that I can transfer it, but can I transfer it without opening a ISA with this years allowance as i have already used that up. I only want to transfer the previous £12000.

Thank you for your help.

Baldur

trashcan wrote: »

Thanks.

I know that I can transfer it, but can I transfer it without opening a ISA with this years allowance as i have already used that up. I only want to transfer the previous £12000.

Yes, that's what I just said, I did not mention this year's allowance since you can't pay any new money in as you have already used your allowance - it's irrelevant anyway, you are simply transferring previous years' ISA funds.

trashcan_2

Thanks Baldur you have been very helpful.