ISA's and moving cash around ?

shady99

Hi all

I see advice from Martin and others stating that cash tied up in an ISA on a good rate last year may not be as good this year after first year bonuses and incentives have been taken - and to avoid this you should move the cash from an underperforming ISA to a new ISA which accepts transfers in.

My question is this though, if you transfer cash from one ISA to another, does this come out of your allocation or can you move from one ISA to another AND open another with new cash ?

Yuo still have the same amount invested and are only INCREASING the amount invested by this years new allowance.

Is this right ? As I have about 4 ISA accounts over the years and I am sure this is not attracting as much as it could do. If this does come out of the allocation though - I will leave alone and invest next years amount in April into a new fund.


Cheers

ses6jwg

Yes as long as you go through the formal transfer procedure. DO NOT withdraw the cash and take it elsewhere.

shady99

Hi all

Sorry for the question, looks like this has been asked a number of times already - must look further before posting next time.

So, if I have 3-4 ISA'a in various locations over the past few years - could I transfer thw whole £12,000+ into whatever the best paying new ISA is - and if so, what is it ?

I am looking to invest my £3600 for 2010/11 as well after the 5th April.


Cheers

ses6jwg

shady99 wrote: »

Hi all

Sorry for the question, looks like this has been asked a number of times already - must look further before posting next time.

So, if I have 3-4 ISA'a in various locations over the past few years - could I transfer thw whole £12,000+ into whatever the best paying new ISA is - and if so, what is it ?

I am looking to invest my £3600 for 2010/11 as well after the 5th April.


Cheers

Yes provided the new provider allows transfers in.

ultrawomble

shady99 wrote: »

I am looking to invest my £3600 for 2010/11 as well after the 5th April.

The allowance for 2010/11 is £5100.

cottager

These may be helpful:
http://forums.moneysavingexpert.com/showthread.html?t=2302457
http://forums.moneysavingexpert.com/showpost.html?p=4603369&postcount=1

jamesd

Yes, no problem to combine them.

You can also split the money out into many different accounts in later years if you want to. Though not all providers will let you split when transferring out, so you might need to first transfer to one that allows partial transfers.