Have i messed up this years ISA?

Simon_B_2

I was busy completing my second year at Uni when the tax year came around and have just realised that my ISA has been shifted down to 0.05% or whatever.

I've deposited a couple of £100 pounds into it since the start of the new tax year can i still transfer my ISA to another bank for a higher rate of interest?

Mikeyorks

Yes - you can transfer it anytime assuming it's not locked in in any way. And that normally only applies to fixed rate products.

Simon_B_2

Well that sounds positive i was going to move from A&L to the Scottish Bank

However on there application it asks the question

"Do you already have a cash ISA with us or any other provider and have funded it in this tax year? "

I assume as i've put some money in the A&L one i've funded it in which case i'm not allowed to proceed with the application?

Mikeyorks

If it doesn't allow you to qualify this is a transfer ....... then respond 'no'.

When you transfer an ISA you're effectively moving the same ISA from one provider to another.