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Using a current ISA to fund another ISA
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fayraz
Posts: 625 Forumite
Hi,
I have a Halifax ISA Saver with an interest rate of 3.70% but want to transfer £3000 into a Halifax ISA Saver Direct with an interest rate of 5%, is there any problems doing this?
I have a Halifax ISA Saver with an interest rate of 3.70% but want to transfer £3000 into a Halifax ISA Saver Direct with an interest rate of 5%, is there any problems doing this?
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Comments
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no. You just to go the new provider and tell them you want to transfer your existing ISA to them. The full value will then be transferred over and it will not use your £3000 allowance.
Do not do the transfer of funds yourself otherwise it will use this years allowance.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
I did the very same thing with my Halifax ISA two or three months ago, just rang them up and asked for the account to be converted. From memory it took maybe 10 minutes at the most.Fiscal drag, that's my problem. Too many people dragging on my fiscals.0
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My wife has £13000 and i have £4000 in halifax isa only paying 3.85% would i be able to transfer the whole amount or just £3000?0
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STRAWB wrote:My wife has £13000 and i have £4000 in halifax isa only paying 3.85% would i be able to transfer the whole amount or just £3000?
The whole value.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
Will i still get the full 5% as i thought it had to be in there a full year?0
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STRAWB wrote:Will i still get the full 5% as i thought it had to be in there a full year?
If you are on a deal which has a tie in, then a transfer would terminate that deal and the penalties appropriate to that deal would apply.
So, if it said you had to be there a full year to get 5% and you transfer before that full year, then you are not going to get it.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
You can re-designate your existing book based isa to the isa saver direct - without opening a new one
or you can open a new isa saver direct as long as you have not funded the other isa within the same tax year
You dont need to transfer as same company - they can just redesignate
but you can't do it for the fixed rate isa's0
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