ISA questions

paulb567

I started an Cash ISA with Halifax in 2004 and have placed £6000 over the last 2 years.

This april I am wanting to open a Maxi ISA so I can pay the full £7000pa into this. What are my options with the existing Halifax ISA. Can I transfer this to the MAXI ISA somehow? Or would it be best left as it is until I need it for something in the future?

Thanks

dunstonh

Can I transfer this to the MAXI ISA somehow?

No.

A cash ISA is a Cash ISA. It cannot be put into an equity ISA at a later date. Just as an Equity ISA cannot be put into a cash ISA.

isasmurf

You can transfer your Cash ISA to the CASH component of the Maxi ISA, but as dunstonh points out not to the Stocks and Shares component. However, why you would want to do this given the poor interest rates offered in Maxi ISAs.

belfastgal

I am in a similar position, I have an ISA which i have put two amount of £3000 in the last two years. When april 2006 comes can i put in another £3000 or what happens ? do you just keep adding to it ? or do you have to take it out after a certain amount of time?

isasmurf

You can keep adding £3000 every year. There's no time limit under the current regulations .