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Transferring-In
aidso
Posts: 142 Forumite
Can someone explain what this actually means as I dont see a defiitiion on any of Martin's articles. If you transfer your ISA from one year to another does this mean your balance is cumultative ie move £3600 from last years A&L ISA to this years Halifax ISA means Halifax will allow you to lodge £3600 AND pay interest on both it and the transfer?
I.e. pay interest on £7200 for year 09-10?
I.e. pay interest on £7200 for year 09-10?
0
Comments
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If you transfer 2 different years ISA balances together plus any accrued interest then yes the interest is paid on the 2 years contributions and the interest earned.
eg 2008/9 contribution £3,600 plus £150 interest earned transferred to new ISA provider and pay in 2009/10 contribution of £3,600 = you would earn interest on £7,350. interest earned doesn't count as you contribution."Every Pounds A Prisoner "
"Loyalty to the Best Interest Rate"
:beer:0
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