Cash Isas Transfer discussion

isasmurf

Yes this is allowed. The so called 'one-isa-a-year' rule is not on the number of ISAs opened in a single year, but on the number of ISAs receiving a 'new' deposit (or to use HMRC speak subscriptions). Transfers do not count as subscriptions, therefore by opening an ISA and transfering existing ISAs into it you are not breaking any rules as long as you don't put any new money into it.

krishna

First Direct's competitive 6.25% only applies to new ISA money for current financial year. If transferring money from another ISA you only get the lower rate of 4.35%. At least that is what I was told on phone when I called up. So not worth transferring into this one; stick with A&L or Abbey.

Hobo_2

isasmurf wrote:

Yes this is allowed. The so called 'one-isa-a-year' rule is not on the number of ISAs opened in a single year, but on the number of ISAs receiving a 'new' deposit (or to use HMRC speak subscriptions). Transfers do not count as subscriptions, therefore by opening an ISA and transfering existing ISAs into it you are not breaking any rules as long as you don't put any new money into it.

I Never knew that thank`s isasmurf, so another provider will let you open an account (that allow trans in) on the reason that your transfer will be the opening deposit, and can you also transfer current yr £3k as well

ADC_3

Natwest don't accept isa transfers. Tried today. Don't know why they don't want to look after my millions but they don't.

Lychee

krishna wrote:

First Direct's competitive 6.25% only applies to new ISA money for current financial year. If transferring money from another ISA you only get the lower rate of 4.35%. At least that is what I was told on phone when I called up. So not worth transferring into this one; stick with A&L or Abbey.

can anyone confirm if true, that the FD 6.25% only applies to this year's subscriptions and not transfers from previous years??

isasmurf

In case you haven't seen the first post in this thread, martin's ISA transfer article has been completey re-written. Link in the first post.

t_i_g_e_rr

What is the difference between the "old" Abbey Postal ISA and the "Postal ISA, Issue 2, available from the 1st of May" ISA? (If this has been asked elsewhere, I'm sorry, I couldn't find it)

freebeer

Hi,

In the 3 past years I have invested £9000 in 3 different ISAs, not knowing I could add £3000 into the same ISA each year, or even transfering ISAs.

Now that I am a bit better informed, I am thinking about merging these 3 ISAs into a single one, and topping it up with another £3000 for this tax year.

Would merging the ISAs be a good idea?

jimclark1967

freebeer wrote:

Would merging the ISAs be a good idea?

Assuming you merge them all to the account paying the highest interest then yes!

Watch out for any transfer fees that might apply, and make sure the provider you're transferring to actually accepts transfers - most do, but some place restrictions on the amount etc...

:j

flix_2

isasmurf wrote:

Yes this is allowed. The so called 'one-isa-a-year' rule is not on the number of ISAs opened in a single year, but on the number of ISAs receiving a 'new' deposit (or to use HMRC speak subscriptions). Transfers do not count as subscriptions, therefore by opening an ISA and transfering existing ISAs into it you are not breaking any rules as long as you don't put any new money into it.

great news !! thank you very much for this help. I will get my application form and get out of nationwide !!
Thank you again.