Unsure about begining to save

Lokolo

Dancarr56 wrote: »

Ahaaa, its all coming together.

Now, lets say i have had my HSBC ISA for 3 years, all 3 of those years were topped up with £5100, so i have £15,300 in my HSBC ISA.

BUT

I have only just opened my Lloyds TSB ISA, so my limit is £5100.

Am i right in saying that i won't be able to transfer since my limit isn't high enough? or is there some rules surrounding this that allows the exception?

Thanks again.

There is no limit with transfers.

So you have £15,300 in HSBC. You can transfer all of that to Lloyds.

So potentially after 8-9 years, you can be transferring £50,000 in ISAs.

Dancarr56

Lokolo wrote: »

There is no limit with transfers.

So you have £15,300 in HSBC. You can transfer all of that to Lloyds.

So potentially after 8-9 years, you can be transferring £50,000 in ISAs.

Excellent.

Theres so much i do not know about almost everything.

I honestly thought that all i'd do is "stick it into a savings account". Simple as.

Thankfully i found this site and learned so much so quick from the great community.

Big thanks to you all, especially yourself Lokolo.