Can I transfer my ISA from one account to another several times per tax year?

Nadia

Hi

This is just a hypothetical question. As the title says are we allowed to transfer isa money from one acccount to another and then back again or even to a third one in the same tax year if the original bank's rate changes (assuming of course that only £3600 of this year's money is deposited and the remaining is from previous years)? Thanks.

Nadia

alastair_h

Yes you can transfer as many times as you like per tax year as long as the new ISA accepts "transfers in". Each transfer can take upto 30 days (in my experience they are usually completed in around 2 weeks) and not all ISA's back date the interest, so there is a potential of loosing a bit of interest if you transfer too often.

You can open as many Cash ISA's as you like in a tax year, however you can only contribute (pay in) to 1. Transferring doesn't count as contributing to an ISA and any interest earned doesn't count towards your contribution.

Nadia

Thanks for the explanation.

Nadia