Transfering ISA

Chris11020

Hi,

Is it possible to switch to another ISA (e.g. my HSBC to FirstDirect) right now, given that I've already put a small amount (1000) in my HSBC ISA this tax year?

Baldur

Yes, but will First Direct accept transfers from HSBC ISAs?

<Edit> From a quick look it appears as though it should be accepted, as they only mention no transfers from other FD ISAs, but check to make sure.

Chris11020

Thats good, I wasn't sure what the rule' "you can only subscribe to one cash ISA per year" meant, does subscribe mean 'open the account'?

I think HSBC and FirstDirect treat each other seperately, but your right I should probably check.

Baldur

Chris11020 wrote: »

Thats good, I wasn't sure what the rule' "you can only subscribe to one cash ISA per year" meant, does subscribe mean 'open the account'?

No, 'subscribe' means 'pay new money into' - you can open as many accounts as you like but can only pay your annual Cash ISA allowance into one of them.

You will be able to continue subscribing this year's allowance into the ISA after transfer - effectively it is the same ISA, only the provider will have changed.