Only one Isa?

Wrinkly_Ninja_2

If I transfer my accumulated Isa from the previous provider to a new one in this 2010/2011 year does that count as my one and only Isa for this year?

I want to transfer to Nationwide (top rate for transfer in funds) but would like to start a new Isa with Santander for this years allowance as they offer a better rate and guarantee than Nationwide.

Can I do this?

Lokolo

Yes you can do this. Remember, transfers have to be done by an ISA transfer form.

Wrinkly_Ninja_2

Thanks for the quick reply.

Just to be sure, transferring the previous fund into a new provider doesn't count under the "you can only have one cash Isa in any year?

Sorry to ask again but I don't want to be caught out.

Lokolo

Wrinkly_Ninja wrote: »

Thanks for the quick reply.

Just to be sure, transferring the previous fund into a new provider doesn't count under the "you can only have one cash Isa in any year?

Sorry to ask again but I don't want to be caught out.

The "you can only have one Cash ISA in any year" is used a lot by us because it helps the newbies understand it easier.

Its actually "you cannot subscribe to more than one Cash ISA a year". Subscribe means, to put new money in.

So yes, you can transfer to one ISA, open up a new ISA for new money.

p00hsticks

You need to make sure that Nationwide will allow you to simply transfer across an existing ISa without adding any new money - from what I've read a lot of providers seem to expect you to open the ISA with a new sum of money (anything from £1 up) and will only then let you transfer previous years money across.

Lokolo

p00hsticks wrote: »

You need to make sure that Nationwide will allow you to simply transfer across an existing ISa without adding any new money - from what I've read a lot of providers seem to expect you to open the ISA with a new sum of money (anything from £1 up) and will only then let you transfer previous years money across.

I know with Halfiax they overide this. No idea about Nationwide.

Wrinkly_Ninja_2

Many thanks and good luck with the search for a Mazda Sport.
Have you looked on Pistonheads.co.uk?

Lokolo

Wrinkly_Ninja wrote: »

Many thanks and good luck with the search for a Mazda Sport.
Have you looked on Pistonheads.co.uk?

Ha my friends are addicted to that site

Wrinkly_Ninja_2

p00hsticks (my sailing dinghy was called that)...I've read the nationwide forms and the account is established using the Transferred in funds. Whilst it says the minimum opening balance must be £1 or more, the transfer amount would fulfil this requirement and they don't ask for any additional money so fingers crossed!