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Number of ISA's & transferring??

gemmyjam
Posts: 5 Forumite

I currently have an instant cash ISA with the C&G however i am looking at starting to save a regular lump sum for the next year.
I have a first direct current account so i am thinking about opening one of their regular saver ISA's at the 7% advertised however my question is as i already have an ISA can i open another & close the C&G account as i know you can't have two ISA's in one tax year?
As i haven't "technically" opened an ISA in the 2009 tax year can i therefore open a new one?
I have a first direct current account so i am thinking about opening one of their regular saver ISA's at the 7% advertised however my question is as i already have an ISA can i open another & close the C&G account as i know you can't have two ISA's in one tax year?
As i haven't "technically" opened an ISA in the 2009 tax year can i therefore open a new one?

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Comments
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I currently have an instant cash ISA with the C&G however i am looking at starting to save a regular lump sum for the next year.
I have a first direct current account so i am thinking about opening one of their regular saver ISA's at the 7% advertised however my question is as i already have an ISA can i open another & close the C&G account as i know you can't have two ISA's in one tax year?
As i haven't "technically" opened an ISA in the 2009 tax year can i therefore open a new one?
I have a YBS ISA that was fully contributed in the 2008/9 tax year. I have opened a LTSB FR ISA with zero balance presently, and now a Halifax ISA Direct Reward which I need to present ID for tomorrow at a branch. I also want to open a NatWest ISA as an option. I will transfer my large YBS ISA between two of these new ones, and contribute to one of them as well for this year if I can when I have some funds available.0 -
savetilibleed wrote: »A regular lump sum is a bit of a contradiction in terms. Nothwithstanding, if you have a C&G ISA and you haven't contributed to it in the current tax year you can open and fund another ISA and fund it this year (or transfer or both). You can even open another ISA in the same year as you have contributed as long as you don't contribute to the second one in the same year (transferring is not contributing). I hope I understand that right.
I have a YBS ISA that was fully contributed in the 2008/9 tax year. I have opened a LTSB FR ISA with zero balance presently, and now a Halifax ISA Direct Reward which I need to present ID for tomorrow at a branch. I also want to open a NatWest ISA as an option. I will transfer my large YBS ISA between two of these new ones, and contribute to one of them as well for this year if I can when I have some funds available.
You can't just transfer balances between ISAs when you feel like it savetilibleed! You'll loose your tax free status if you do. Therefore, there's no point having several ISAs with nil balances. To move an ISA you have to go through official channels and fill out forms to get the bank to do it for you. This will automatically close the old one and open the new one.
But you definitely cannot just take a bit out of one, wonder down the road and stick it into another.Northern Ireland club member No 382 :j0 -
Money_Grabber13579 wrote: »You can't just transfer balances between ISAs when you feel like it savetilibleed!0
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I have a first direct current account so i am thinking about opening one of their regular saver ISA's at the 7% advertised however my question is as i already have an ISA can i open another & close the C&G account as i know you can't have two ISA's in one tax year?savetilibleed wrote: »I have a YBS ISA that was fully contributed in the 2008/9 tax year. I have opened a LTSB FR ISA with zero balance presently, and now a Halifax ISA Direct Reward which I need to present ID for tomorrow at a branch. I also want to open a NatWest ISA as an option. I will transfer my large YBS ISA between two of these new ones, and contribute to one of them as well for this year if I can when I have some funds available.
For money from previous years you can transfer it into an unlimited number of ISA accounts whenever you like using the ISA transfer process.
For money for the current year you can only be making new contributions into one cash and one S&S ISA at a time but you can transfer all of the current year contributions from those to another one and then continue paying in to the one you transferred to. Still limited by just the single year's allowance for this.Money_Grabber13579 wrote: »Therefore, there's no point having several ISAs with nil balances.0 -
Money_Grabber13579 wrote: »You can't just transfer balances between ISAs when you feel like it savetilibleed! You'll loose your tax free status if you do. Therefore, there's no point having several ISAs with nil balances. To move an ISA you have to go through official channels and fill out forms to get the bank to do it for you. This will automatically close the old one and open the new one.
But you definitely cannot just take a bit out of one, wonder down the road and stick it into another.0 -
If you don't subscribe (deposit new money) or transfer any money to it they will probably close it after 30 days anyway. HMRC sets a particular timeline that they are supposed to follow for this, so there aren't lots of idle accounts just lying around and having to be reported to HMRC with zero balance.0
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savetilibleed wrote: »No intention whatever of just withdrawing. I know to use the transfer process, (have done it before) for each transfer. I will probably split the ISA between 2, and definatately if it includes the Halifax. I already have a bond with Saga, one of the HBOS group so transferring the whole sum takes me over the guarantee amount. If I transfer into two as is likely, I will only have one with zero balance. I could close it then but doesn't really matter as far as I can see.
That's ok then!As long as you know what you're doing, that's fair enough! Once the tax free status is lost, it's pretty much impossible to get it back. Hope I didn't offend you.
Northern Ireland club member No 382 :j0
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