Transferring "old money" into a new ISA? How?

Nine_Lives

I was looking at what the top ISAs are paying & i noticed a trend.

ISA 1 ..... doesn't allow transfers in
ISA 2 .... doesn't allow transfers in

....and so on.

I have 12k with Nationwide which matures in June/July.

I'll soon have (when i decide to deposit) £5,100 with another provider.

Let's say £5,100 is the limit for the next 10 years. I don't want 10 different accounts with 10 lots of £5,100 knocking about.
I also don't want the interest rate in one account to drop after 12month & me then be unable to transfer out of a poor paying account.



What i >DO< want, is to eventually group my ISA money.

I have 12k as i said & will have a separate 5.1k as i said. I'd like to eventually combine that to make one combined 17.1k if that's possible


But with so many not allowing transfers in, i can't see (through limited knowledge) how or if i can get around this.

10_66

What I've done this year is, opened a variable rate ISA into which I'm transferring several different ISAs when they've matured. I will then transfer them into a better fixed rate (if the transfers go through in time, I've arranged for this transfer already, but it will fall flat if the transfers don't go through in time, though). Unfortunately, the variable ISAs into which you can transfer usually pay a lower rate of interest, but I accepted that this was the penalty I'd have to pay to have them all in one place. Generally, you can't add to fixed rate ISAs once opened (which would have been preferable to secure probably a better interest rate).

Nine_Lives

exactly, that was my thinking too.


Is there actually ANYTHING to gain at all from having them all pooled together like i mentioned? Will you not just get the same total interest with them all scattered about anyway, or will you get more for having them pooled together?

dqnet

I guess this kind of answers my question!!!!
What I cant understand is, do I have to fill out 10 different transfer forms in order to get all my money in the ISA that permits transfers in??
Every transfer form I see doesnt have more then one section to fill out for previous accounts!

Like lloydstsb (not that im going to use it) has a transfer in facitlity..
lets say i have 10 different ISA's from ING, Satandar, Abbey, First Direct, HSBC, blah blah blah... and I want to transfer ALL of these into LLoyds...
do I have to fill 10 forms out!?

10_66

K_P83 wrote: »

...Is there actually ANYTHING to gain at all from having them all pooled together like i mentioned? Will you not just get the same total interest with them all scattered about anyway, or will you get more for having them pooled together?

The main reason I've done this was to reduce the number of flippin' transfers next year. There's also a possibility that a provider may offer a more favourable rate for a higher balance, as does sometimes happen.

10_66

dqnet wrote: »

...lets say i have 10 different ISA's from ING, Satandar, Abbey, First Direct, HSBC, blah blah blah... and I want to transfer ALL of these into LLoyds... do I have to fill 10 forms out!?

Yes, if you want to transfer an ISA elsewhere, you have to complete a transfer form (from the provider you're transferring to) for each ISA you hold.

dqnet

Ok that answers almoooost all my questions... one last thing...
This is a probably obvious NO.. but... Once I transfer my old ISA's to a new account wherever it is... can i add like 10,000 in there and benefit from the tax free... obviously not right?

like i can add 5100 to my new subscribed ISA but I cant add to my old ISA's?

blueberrypie

dqnet wrote: »

Ok that answers almoooost all my questions... one last thing...
This is a probably obvious NO.. but... Once I transfer my old ISA's to a new account wherever it is... can i add like 10,000 in there and benefit from the tax free... obviously not right?

like i can add 5100 to my new subscribed ISA but I cant add to my old ISA's?

You can add to your old ISAs (assuming the terms of the individual accounts allow it) but if you did so during the 10/11 tax year, you would be using your 10/11 allowance, and would not be able to open a new ISA during the 10/11 tax year.

You would not be allowed to add 10k anyway, as the cash ISA limit is 5100.

dqnet

blueberrypie wrote: »

you can add to your old isas (assuming the terms of the individual accounts allow it) but if you did so during the 10/11 tax year, you would be using your 10/11 allowance, and would not be able to open a new isa during the 10/11 tax year.

You would not be allowed to add 10k anyway, as the cash isa limit is 5100.

gotcha!!!! Thanks!!