Switching my money to the top payer

xClarencex

Hi all,

I have had 3k in an ISA since Jan this year. My intention was to add in another 3k at the beginning April.

My account is now not the top payer, so I want to switch.

Now, I know I need to tell the new guys to move my money for me, but because we are now IN April, will they count that money as last years, or this years? I won't switch it if it then becomes this years allowance, because I won't be able to open another one with the further 3k.

Am I making sense here?!?!

babe_ruth_3

Clarence, see this is your first post. This is only around the 10th post for me and I know there are more knowledgable folks out there but as far as I understand it last year ends on 5th April and this year starts on 6th April. You can move your existing isa at any time you like, make sure there aren't any penalties though for doing this.
If you put 3k in after 6th april for the new year you can still transfer your previous years isa to join it. Hope this helps.

xClarencex

Excellent!

sly_dog_jonah

1) Open a new Cash Mini ISA after April 5th 2006, put in up to £3000 for the 2006-2007 tax year. Ensure the new account provider accepts transfers in, and the old one allows transfers out without penalty or loss of interest. Also check your new provider won't charge you for a transfer out in the future (because they most likely won't be the top payer for very long).

2) Request the new or old provider (depends on the T&Cs whose form you need to use) to transfer the 2005-2006 subscription from the account you opened in January (do the transfer in FULL and they will add closing interest before sending cheque to new provider). This will not 'use up' any of this year's £3k subscription.

3) sit back and rest in the knowledge your ISA is growing tax free at a good rate of interest. Keep an eye on MSE Martin's Best Buy article on Mini Cash ISAs for the rest of the year to ensure your account remains top dog (or near enough).

david78

A problem can arise when you want to open an account soley to transfer into it. This can arise when you have already used your ISA allowance for the year and have decided it needs to be transfered and the end of the tax year is a long way off. Another possibility is you have chosen an ISA for this year, but it doesn't allow transfers in. In both cases, it is usually necessary for the new provider to sort out the transfer.

Ian85

Can you only transfer your ISA once in a tax year? If for example you open a new ISA and transfer you ISA from last year into it, can you then not transfer to another ISA until the next tax year?

jimclark1967

Ian85 wrote:

Can you only transfer your ISA once in a tax year? If for example you open a new ISA and transfer you ISA from last year into it, can you then not transfer to another ISA until the next tax year?

You can transfer your ISA every week if you wish!

The only restriction is that all subscriptions from the current tax year must move together (i.e. can't just transfer half of them)

No restrictions on splitting previous years subscriptions between as many providers as you wish :j

JC