Transferring two ISA's

mr_scientist

Hi all,

I currently have two different ISA's that both now have poor interest rates. One of the ISA's I've had for 2-3yrs and haven't paid in any money for at least 2 of those years. The other ISA is just over a year old and has had money both paid into and taken out of in the new tax year (April '09).

What I would like to do is transfer the 'old' ISA into a new ISA with a better interest rate in a new bank. The second 'new' ISA I would also like to transfer into a new, better interest ISA with the same bank it is currently in, but keeping it separate from the 'old' ISA.

My question is, a) is this possible and b) is it the best way to go about doing things to maximise the potential interest etc?

Baldur

mr_scientist wrote: »

What I would like to do is transfer the 'old' ISA into a new ISA with a better interest rate in a new bank.

No problem there - just select a new provider, complete their ISA transfer form and let them arrange the transfer.

The second 'new' ISA I would also like to transfer into a new, better interest ISA with the same bank it is currently in, but keeping it separate from the 'old' ISA.

If the 'old' ISA is being transferred to a different institution, surely it will be separate? Whether you will be able to transfer to a different Cash ISA account with your current provider, or not, depends on the terms & conditions of the new account - some will not accept transfers from within the same institution.

mr_scientist

The second 'new' ISA I would also like to transfer into a new, better interest ISA with the same bank it is currently in, but keeping it separate from the 'old' ISA.

If the 'old' ISA is being transferred to a different institution, surely it will be separate? Whether you will be able to transfer to a different Cash ISA account with your current provider, or not, depends on the terms & conditions of the new account - some will not accept transfers from within the same institution.

Yes you're right the 'old' ISA will be kept totally separate from the 'new' ISA.