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Transferring ISAs question
Jim_B_3
Posts: 404 Forumite
Chaps, I'm sure this question is answered somewhere else already; I have had a root through the threads but can't find exactly this question.
I currently have two cash ISAs with two different banks. I opened one this year, and it does have the maximum of 3k in it.
Am I permitted to open an ISA with a third bank and have them transfer in the 3k (+interest) from last years ISA? I would not be putting any more money into my ISAs, simply moving the ISA cash from one place to another.
I currently have two cash ISAs with two different banks. I opened one this year, and it does have the maximum of 3k in it.
Am I permitted to open an ISA with a third bank and have them transfer in the 3k (+interest) from last years ISA? I would not be putting any more money into my ISAs, simply moving the ISA cash from one place to another.
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Comments
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Yes, you can move it around to your heart's content.0
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As long as you get the transfer done by the institutions directly between each other. You MUST NOT simply withdraw the cash from one and pay it into the second.0
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No worries, then. Alliance and Leicester, we part company. You slimy gits. They've dropped my ISA rate by almost 1 whole percent since I opened it.0
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wonker wrote:I thought you would only get 1 isa per peron
D'oh after reading Martins guide:Only one mini-cash ISA per year. You can only have a Mini Cash ISA with one provider in any tax year – you can’t split it. However you can hold cash-ISAs from different years with different providers.
!!!!!! had the same one for 3 years, topped it every year and put the rest in an bog standard saving account :mad:0 -
surely you can only invest a maximum of 3k total no matter how many mini cash ISA's you have.......not 3k in each?!?!?0
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You can invest £3000 per tax year. So 10 years on, you could have put £30,000 into cash ISAs.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0
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carpy wrote:surely you can only invest a maximum of 3k total no matter how many mini cash ISA's you have.......not 3k in each?!?!?
That's not quite true: you can invest £3k in a Mini Cash ISA in any given financial year, when that year ends HM Treasury (or should that be HM Revenue and Customs) "give" you a new allowance; therefore wou would be able to build up £12k in ISAs by the time they are due to end (April 2010). 0 -
that's what i meant......only £3k per financial year
i can't really understand why anyone would want more than one mini cash ISA anyway.
i just transfer all my previous years allowance into the best paying one0
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