Consolodating ISAs

LouC

Hi there everyone - I hope you can help.

Me and the missus have a number of different cash ISAs from over the last few years. I've checked and some are receiving v.low interest rates now.

I've heard that it's possible to move ISAs around, from one provider to another - is that correct? Most banks, etc have a £3600 limit on new ISAs - or is it different for 'established' ISAs?

Also, is it possible for me and my wife to 'pool' our ISAs together, or must they be kept separate?

Any advice is greatly appreciated

Thanks!
Lou

Lokolo

Must be kept seperate (hence the individual in the name ).

You can consolidate all your existing ISAs into one manageable ISA.

You can only put a maximum of £3600 new money into an ISA each tax year. Moving existing ISAs does not count.

Not all providers allow transfers in.

When you have found a provider which allows transfers in you must fill in ISA transfer forms with the new provider. The transfer will take upto 30 days.

Arthurian

http://forums.moneysavingexpert.com/forumdisplay.html?f=18

earlgrey_3

Lokolo wrote: »

The transfer will take upto 30 days.

The bank/BS receiving the request from your new provider should complete their part of the transfer process within 30 days. The entire process can take as long as six months as witnessed in the Lloyds TSB thread in the ISA forum.

Make the arrangements through the provider you want to move to, be sure not to close your ISAs.

whu

earlgrey wrote: »

The bank/BS receiving the request from your new provider should complete their part of the transfer process within 30 days. The entire process can take as long as six months as witnessed in the Lloyds TSB thread in the ISA forum.

Make the arrangements through the provider you want to move to, be sure not to close your ISAs.

Yes - a lot of people have had their ISA transfers take longer than the guideline of 30 days -OP - remember though that if it takes longer you will still get interest from the current providers until the money reaches the new provider at which point the new provider will pay you interest