ISAs: Frequently Asked Questions (FAQs)

dexter-boy

Thanks for this useful thread.

I have an ISA from the previous year with First Direct and the rate falls dramatically in June. Am I allowed to open 1 ISA with Barclays and put the full £5,100 for 2010/11 in now and then open a new ISA with Nationwide in June and transfer my First Direct ISA into that.

I will not have paid more than my allowance into an ISA but I will have opened two ISA's in one year (even though the second one will be just to shift a previous year's ISA to a better rate).

Is this allowed?

Thanks.

glider3560

dexter-boy wrote: »

Thanks for this useful thread.

I have an ISA from the previous year with First Direct and the rate falls dramatically in June. Am I allowed to open 1 ISA with Barclays and put the full £5,100 for 2010/11 in now and then open a new ISA with Nationwide in June and transfer my First Direct ISA into that.

I will not have paid more than my allowance into an ISA but I will have opened two ISA's in one year (even though the second one will be just to shift a previous year's ISA to a better rate).

Is this allowed?

Thanks.

Yes, that is allowed.

ncomben

Hi All

I've read the previous posts but I just want to be clear... can I open one new ISA in a year and start paying new money into that AND transfer existing ISAs into another new ISA... effectively opening two ISAs in one year but only paying new money into one?

Lokolo

ncomben wrote: »

Hi All

I've read the previous posts but I just want to be clear... can I open one new ISA in a year and start paying new money into that AND transfer existing ISAs into another new ISA... effectively opening two ISAs in one year but only paying new money into one?

Correctamundo.

jj4091

You say in the link to best isa rates in your first post that Satander offers guarantee above base rate, but when I rang this afternoon I was told that their variable rate with bonus cash isa's were not linked to the BOE base rate. Was I wrongly informed? I had the same thing at the Post Office last week.