Question about transferring Portman ISA

bad_bob00

Hi there,
I have about 4k in an Easy Access ISA with the Portman building society, i've had it for about a year, probably a bit longer. I realise that I can be earning a lot more in a different Portman ISA, but the money won't be so accessible. I was just wondering, what is the process for doing this? And also, will I be able to transfer the full amount to the new ISA? (I thought that mini cash ISA's had a limit of 3K?)
And another question, say I had an ISA in the last tax year, and its still running, am I allowed to open a new ISA with someone? Or can I only add to the ISA from last year?

Thanks a lot

lipidicman

£3k per year. So you can build up a nice sum

Portman wont let you move to another ISA with them for a better rate unless you withdraw the cash (DONT do this, you lose your allowance)

You should open a new ISA and pay something in, then ask your new provider to transfer the money from Portman.

If you have only had the account for a year then check the Terms. Portman introduced a transfer fee (£25?) just over a year ago

bad_bob00

Do you think I can open a new ISA with Portman then, and then transfer my other Portman ISA across? I'll have a look at the best rate ISA's too.

Thanks for your help lipidicman

lipidicman

No Portman insist on 'new money'. So I have left them

bad_bob00

Oh okay, thanks. Does anyone recommend a particular ISA? I've got about £400 at the moment which I can use to open a new ISA, and will then transfer my Portman ISA across (even if they do charge me) I have about 4k in the Portman ISA at the moment.
I shouldn't need to access any of the money really, so i'm not too bothered about being able to get to it.
Have had a look but i'm not too sure about the ISA's available at the moment, the Portman ISA i'm currently with offers about 4.5%

Cheers for any help:beer:

steady__eddie

Why not have a look on here http://www.fsa.gov.uk/tables/ and do a search ?
I've just had a look and guess who is in the number 1 spot ? You've got it, Portman with their regular saver I.S.A. (Issue 2) paying 8%, minimum £50/month.

bad_bob00

Cheers mate, i've been using the comparrison things but they change quite often and sometimes don't list all of them, maybe i'm doing it wrong.

Yeah i'm annoyed about the Portman thing, I can't transfer mine to that ISA either

lipidicman

The 8% ISA isn't suitable for transfers as it is a regular saver ISA. They do however have others' ISAs which take a lump sum and have a better rate than their easy access ISA, however they want 'new money' not existing customers. I am tired of institutions who don't value loyalty and I have voted with my feet