I have not subscribed and will not subscribe to another cash ISA in the same tax year

greyster

I have some cash in an A&L ISA, and this financial year I opened a Barclays ISA. I've only contributed £1000 so far this year so I can contribute another £2600.

I've just opened up a current account with First Direct. They offer transfers in to their First Direct ISA.

Can I transfer both my ISAs across to First Direct and then contribute another £2600? Or should I only transfer my A&L ISA and continue to contribute to my Barclays ISA?

Thanks

opinions4u

What rates are you getting at Barclays and A&L?

What rate are FD offering you?

The answers to that should help you decide which ISAs to transfer / leave.

You should be able to fund this year's ISA with the £2,600 before or after it's transferred. Just avoid doing it once you've requested the transfer as that's asking for trouble!

greyster

The first direct ISA has the best rate.

I thought this was the case but after reading the ISA T&Cs it says:

"I have not subscribed and will not subscribe to another cash ISA in the same tax year that I subscribe to this cash e-ISA and;"

However you and Martin's article says, you can transfer this years ISA and previous years.

opinions4u

You would be subscribing to the same cash ISA that you have already funded this year.

It's simply that you will have changed your provider for the tax year.