Advice on transferring plus adding to ISA

edited 30 November -1 at 1:00AM in ISAs & Tax-free Savings
1 reply 507 views
frames1_ukframes1_uk Forumite
710 Posts
edited 30 November -1 at 1:00AM in ISAs & Tax-free Savings
Firstly, I apologise if this is a dumb question and it's been covered tons of times, I have had a good look around the forums and ISA guides but I'm still confused.

Situation: I opened my first cash ISA last year, fixed rate with B&B, now I'm realising it's coming time for maturity.

I can afford to put another £3,600 into a cash ISA for this tax year.

I am thinking that it's sensible to put the joint amount into one product, thus transferring from B&B and adding another £3,600.

So, do I just open another account, ask for a transfer and add another cheque for £3,600?

Thanks

Replies

  • BaldurBaldur Forumite
    6.6K Posts
    frames1_uk wrote: »
    Situation: I opened my first cash ISA last year, fixed rate with B&B, now I'm realising it's coming time for maturity.

    I can afford to put another £3,600 into a cash ISA for this tax year.

    I am thinking that it's sensible to put the joint amount into one product, thus transferring from B&B and adding another £3,600.

    So, do I just open another account, ask for a transfer and add another cheque for £3,600?
    Assuming that you paid the full £3,600 into the B&B FRISA since 6th April 2008, you can start the transfer process by completing your chosen new provider's transfer form (remember that not all ISA providers accept transfers) at any time from the date of maturity, the tax year start/end dates are irrelevant for ISA transfers - but you can't add your 2009/10 allowance to the new ISA until 6th April 2009.
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