Changing cash ISAs

scr222

My cash ISA supplier has brought out a much better ISA but will not accept transfers from their existing ISA holders. Is there any reason why I could not transfer to another supplier and then return to my original supplier as a new customer?

Lokolo

Does the ISA accept transfers from elsewhere or is it new money only?

scr222

Yes it does accept transfers from third parties.

Lokolo

Then yes, open up an instant access ISA elsewhere, transfer out, then transfer in.

Mind you this could take a while.

I could go in branch and explain you'll do this anyway they might transfer it there and then, if they're nice.

scr222

Thanks, I'll give it a try

MarkFromCornwall

scr222 wrote: »

My cash ISA supplier has brought out a much better ISA but will not accept transfers from their existing ISA holders. Is there any reason why I could not transfer to another supplier and then return to my original supplier as a new customer?

Wouldn't this fall foul of the rule that you are only allowed to open one cash ISA each tax year?

Mark

Lokolo

MarkFromMullion wrote: »

Wouldn't this fall foul of the rule that you are only allowed to open one cash ISA each tax year?

Mark

You can only contribute to one ISA a year. You can open as many as you like during the year as long as you only put money into one.

sheslookinhot

scr222 wrote: »

My cash ISA supplier has brought out a much better ISA but will not accept transfers from their existing ISA holders. Is there any reason why I could not transfer to another supplier and then return to my original supplier as a new customer?

If your provider makes you go to this length, then are they worthy of your custom. They wouldn't be for mine.