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Clarify rules of new ISAs and transfers of old
TightAndy
Posts: 8 Forumite
The rules as I have read them indicate that you can only invest £3,600 in a NEW Cash ISA in this tax year but the rules allow transfers as well.
The current best rate of 3.61% is with Barclays but they do not allow transfers and the current best rate allowing transfers is from Natwest at 3.51%. I have a number of previous Cash ISAs all now languishing at lower rates.
To maximise interest at current rates can I invest the full allowance for this year with Barclays and transfer my previous Cash ISAs to Natwest? This means I will take out NEW ISAs with more than £3,600 but only that amount will be new investment in ISAs.
Or do the rules mean that I have to open Natwests ISA with this years allowance and then transfer my previous ones into it?
The current best rate of 3.61% is with Barclays but they do not allow transfers and the current best rate allowing transfers is from Natwest at 3.51%. I have a number of previous Cash ISAs all now languishing at lower rates.
To maximise interest at current rates can I invest the full allowance for this year with Barclays and transfer my previous Cash ISAs to Natwest? This means I will take out NEW ISAs with more than £3,600 but only that amount will be new investment in ISAs.
Or do the rules mean that I have to open Natwests ISA with this years allowance and then transfer my previous ones into it?
0
Comments
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In short, what you want to do is allowed.
In long, you can only pay £3600 into one ISA in a tax year. You can open as many as you want as long as they are not funded with "new" money, i.e. money that hasn't been transferred.0
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