Moving Isa's about..

PineMartin

Hi all,
Bit new to this but here goes....

I'm after some advice about moving cash ISA's. I currently have 2 on the go. One "old" one with IF and one "new" one with Barclays that I opened this year. I want to move the old one to somewhere with a decent rate but have been told by one bank that I can only move the new one. Is this true?

I want to start separating my ISA savings to keep my savings protection intact for future years.

It's incredible how much conflicting information different banks will tell you!

Hope the above is clear - any advice out there!

whu

Hi-If a bank/BS accepts transfers in then they should accept transfers in from any financial year - I would double check that with the bank - if the new one has a good rate and accepts transfers in then why not transfer the old one into that?If you only have 2 ISA's even with the interest accrued on the old one it does not seem to me that you are near the threshold for protection so until you get there why not put all of your ISA's in one place until you are getting nearer to the threshold at which point you could open a new ISA?
Just some suggestions for you to think about

Baldur

PineMartin wrote: »

I want to move the old one to somewhere with a decent rate but have been told by one bank that I can only move the new one. Is this true?

The HMRC guidance permits transferring a Cash ISA at any time but stipulates that current tax year's Cash ISA funds must be transferred whole (whereas partial transfers of previous tax year's/years' funds are permitted).

ISA managers are not obliged to accept transfers but, as whu says, those which do accept them will normally accept transfers from any tax year.

PineMartin

Thanks whu and Baldur.

Yep, turns out I was given bad advice by the bank (don't they want my money?). I have now moved "old" ISA after getting back to them to explain how it works....