Transferring ISAs questions

andyj941

Hi me and my wife both have an ISA each with different providers that we set up a couple of years ago so we're not getting much interest at all really. I've researched transferring them to another provider for the next 12 months to get more interest. At present there is £6,000 in both. Can I transfer them both into one new cash ISA with say the Halifax with a balance of £12,000? Or is the max I can transfer £5,100 in which case we'd have to open 2 new ISAs and transfer each over to them? Please help as I'm finding it difficult to get my head around!

Lokolo

OK.

The £5,100 limit is for new money, not for old money.

ISAs = Individual Savings Accounts. So you cannot put them together.

You and your wife can each open a new ISA with the new provider and each transfer your £6,000 each into the 2 ISAs. Then, if you want, you can top up with £5,100 new money. (if you have it spare and the account allows multiple deposits) When you transfer ISAs you will in a form with the new provider.