First Direct cash e-ISA transfer problems...

DeenieB

Many weeks after requesting a transfer of two previous years ISA subscriptions to the FD cash e-ISA, I've received a message which tells me my account will be available on my screen within 48 hours and wants me to agree to the declaration that:

I have not subscribed and will not subscribe to another cash ISA in the same tax year that I subscribe to this cash ISA That's fine - I didn't

I have not subscribed and will not subscribe more than £3600 of the overall £7200 total to a cash ISA; Also fine...

I apply to subscribe to a cash ISA for the tax year commencing 6 April 2009 and each subsequent tax year until further notice; I'm not wishing to subscribe to this tax year - I'm wishing to transfer previous years.

I've made this clear in all my correspondence with them - why have they sent me this declaration? Am I doing something wrong? Is anyone else facing this problem?

I wish I'd never started transfering the blooming thing!!!

Sparky47

It's just standard wording, you need to open the ISA to accept the transfer but as long as you don't pay in any new money then it's not a problem.
You can open as many ISAs as you want but only pay new money into one each tax year.

georgeASDA

Hope it's ok to piggyback on this discussion, I think it's relevant and recent enough not to start afresh.

Referring to this:

You can open as many ISAs as you want but only pay new money into one each tax year.

Do many ISA providers allow you to open an account without paying an initial deposit?

I recently applied for the first direct e-ISA and understood it required a minimum £1 deposit. I plan to transfer and top up this account so no worries there... however the OH has opened a Barclays golden (?) ISA.. she can fill this up no worries, but may wish to transfer her current ISA (Barclays) to one with a better rate... now with the golden ISA being a current subscription does this mean she can't open a new ISA? or just, as mentioned, add 'new money' ?

cheers

rb10

Generally, even if a minimum deposit is specified, it's ok to open it with £0 if you are transferring in.

georgeASDA

Nice one, thanks for the reply

DeenieB

Thanks for that. I didn't want to click online to agree to something that I wasn't intending to do! I also sent FD a message stating clearly my intent to transfer, not subscribe, and they've replied that this is ok, so I've saved this just in case the taxman comes knocking. I had a letter last year telling me that I'd subscribed two ISAs in one year a couple of years ago, when I'd actually only subscribed to one and transferred another, and I don't want another one!