Advice sought - ISA transfer

pardal51

This must have been asked before, but here I come:

I've got £X.XX on cash ISAs that i've been building for several years.
I've also got £3.6K on a cash ISA for this year's allowance.
both at Natwest

I want to transfer my previous yearssss cash ISA £x.xx to Abbey @ 3% as the rate on this account has dropped to 0.95% @ Natwest.

Am I entitled to open an Abbey Direct ISA and transfer only my previous yearsss acccount or do I need to transfer everything or can I only transfer this year's account???

I hope this is not too confusing.

Comments are much appreciated.

Lokolo

pardal51 wrote: »

This must have been asked before, but here I come:

I've got £X.XX on cash ISAs that i've been building for several years.
I've also got £3.6K on a cash ISA for this year's allowance.
both at Natwest

I want to transfer my previous yearssss cash ISA £x.xx to Abbey @ 3% as the rate on this account has dropped to 0.95% @ Natwest.

Am I entitled to open an Abbey Direct ISA and transfer only my previous yearsss acccount or do I need to transfer everything or can I only transfer this year's account???

I hope this is not too confusing.

Comments are much appreciated.

Bit in bold, yes you can do this.

pardal51

Lokolo thanks (this was my understanding by reading the transfer form) - I have always transfer all cash isas to one account only, but this time I want to keep separate

Abbey transfer form is a bit confusing:

item 2d:
"It is important to note that under HM Revenue & Customs
regulations, only whole transfers of current tax year
subscriptions and interest can be accepted."

I want to transfer previous yearsssss and keep my current year at NatWest

Lokolo

That is only relevant if you wanted to split part contributions. So your prvious one, the one you are transferring, you can split, so like have X go into one account and Y go into another account. However you can only do that with previous years, so you wouldn't be able to do it with this years. But that doesn't matter to you as you are transferring previous.

The note is referring to this years contributions, which if you wanted to transfer, would have to be as a whole, not split in anyway.

pardal51

...and during the application it is clear that what you had said is true

cheers :T:T