Can I transfer to a new ISA?

Senior_Citizen

I have an ISA that is not paying much interest that I took out last year 08/09. I now would like to transfer the money to a new better ISA for this year 09/10. However I have already taken up my £3600 allowance for this year with a separate ISA. Would transferring my existing last years ISA to a new one of the same value for this year be against the rules?

Baldur

You can transfer previous tax year's/years' Cash ISAs at any time, assuming that the new provider accepts transfers. You must complete the new provider's transfer form and let them arrange the transfer.

Transfers have no relevance to your annual ISA allowance.

Jake'sGran

Since the rules have changed I am going to transfer two year's worth of ISA cash into one or two funds. It works the same as transferring a cash ISA to another bank or building society i.e. you complete the form for transfers that the new company send to you and they do the rest - in my case of course after I have told them what I want to buy. These cash ISAs where I was tempted in with a good rate are now paying 1%. I am convinced I will make more money with the right fund especially as I stay in for the long term.