Advice on transferring plus adding to ISA 30 March 2009 at 8:17PM edited 30 November -1 at 1:00AM in ISAs & Tax-free Savings 1 reply 507 views

frames1_uk

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

Baldur

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.