Opening an ISA Account.

tillson

Is there a limit to the number of time I can move the funds in a Cash ISA account during one year? I understand the limits on the amount that can be invested.

For example, if I opened a new account today and moved an existing cash ISA balance into it, could I then open another new ISA in say 6 weeks and move the balance to that one? What I am really trying to say, is can you keep opening ISA accounts and moving the balance in order to chase interest rates throughout the tax year?

Thanks

Tom

RayWolfe

Yes you can. No limits.
However there will be delays in the transfers, so what you win on interest rates, you may lose whilst cash is in transit.

someone

NO

You can only open one ISA account a year, if you have ISA's from previous tax years your free to move your money arround in them but you may only pay in 'new' money to one account a year.

rb10

Someone, I think you have misunderstood the OP's question.

If you have an existing ISA, then you are free to transfer it around as often as you like (provided that they use the banks' ISA transfer system and don't try to do it themselves), as RayWolfe correctly pointed out.

However, it is a valid point that there will be a loss of interest whilst the money is in transit (unless you are changing accounts within a single bank).

someone

Oh, my bad, I just remember signing something saying that I was subscribing for the current tax year