Transfer from Lloyds Savings account to IF Cash ISA?

bigup7

hi guys

so last month i set up a Cash ISA with Intelligent Finance, all went ok, i linked it to my savings account at Lloyds TSB and asked them to transfer some money from Lloyds to IF.

Today i have checked my IF account and £0 have been transfered in, so i called them up and they said that they do not transfer from savings account to their Cash ISA and that the money needs to be in a current account for them to transfer it out.

Now im pretty sure i read on this forum that i shouldn't transfer the cash from savings to current because it may mean i get taxed on it. I cant seem to find where i read that so this post is basically to ask if i am ok to transfer money from my savings to my current account at Lloyds and then to ask IF to take the money from my current account into their Cash ISA.

Please advice

thanks in advance

KingL

You shouldn't remove cash from an existing cash ISA to put it into a new cash ISA. If the Lloyds TSB savings account isn't an ISA, then there's no problem.