We're aware that some users are experiencing technical issues which the team are working to resolve. See the Community Noticeboard for more info. Thank you for your patience.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!

Using a current ISA to fund another ISA

Options
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?

Comments

  • dunstonh
    dunstonh Posts: 119,575 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    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.
  • BigDunc
    BigDunc Posts: 328 Forumite
    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.
  • STRAWB
    STRAWB Posts: 314 Forumite
    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?
  • dunstonh
    dunstonh Posts: 119,575 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    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.
  • STRAWB
    STRAWB Posts: 314 Forumite
    Will i still get the full 5% as i thought it had to be in there a full year?
  • dunstonh
    dunstonh Posts: 119,575 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    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.
  • 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's
This discussion has been closed.
Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 350.7K Banking & Borrowing
  • 253K Reduce Debt & Boost Income
  • 453.4K Spending & Discounts
  • 243.7K Work, Benefits & Business
  • 598.5K Mortgages, Homes & Bills
  • 176.8K Life & Family
  • 256.9K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16.1K Discuss & Feedback
  • 37.6K Read-Only Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.