Isa advice please

LittleD_3

Hello all, could someone help me out here please?

I'm relatively new to ISA terms and conditions and could use some advice - I get in a right mess with this question!

Can I open a new ISA for 2010/2011 and still move my previous years ISAs this year?

I have last years ISA in Kent Reliance and the previous one in Nat West so I have around £7,500 combined amount sitting in these.

I was hoping to use NEW money paying into Alliance and Leicester ISA at 3.5% and move the OLD ISA money into a 1 year fixed at 3.0% such as Post office, Yorkshire or Brittania.

Have I got my facts right? Many thanks

Kay_Peel

Yes you have your facts right.


You can move old ones around and you can put new money with a Cash ISA provider when the 2010/2111 tax year begins.

LittleD_3

Thanks for the quick reply!

Now, just another one - I believe the timing needs to be right here.

When can I open a new account with A+L, is it after the end of the current tax year, is there a date? Also I think I have to apply to one of the other providers to transfer the OLD ISA and not close the previous accounts and then pay the money in or the ISA benefit will be lost.

thanks again.

Lokolo_2

You are right to transfer your existing ISA contributions to not lose tax benefits :j Also the date is 6th April to start new ISA tax year contributions, although some banks may let you open an ISA with nothing now and then you can contribute when the above time comes.