Transferring ISA T&C's/"2nd account"

miller

isasmurf wrote:

After all a TOISA is a Mini Cash ISA

I thought TOISA's were different from Mini Cash ISA's, only for matured TESSA/TOISA capital.

isasmurf wrote:

Although don't know why you didn't just transfer the TESSA into your existing ISA in the first place (although we may have been through that before)

Threre may have been a small period of time when this was allowed (when Mini Cash ISA's were introduced), but I do not think you can do this now.

isasmurf

miller wrote:

I thought TOISA's were different from Mini Cash ISA's, only for matured TESSA/TOISA capital.

Yes, TOISAs are only for Matured TESSA capital, but at the end of the day they are just a Mini Cash ISA that you cannot subscribe to during the year you opened it. At the end of the year the account loses it's TOISA designation and becomes a Cash ISA. I suppose the TOISA label was given so as not to confuse people that you could have 2 Mini Cash ISAs in one year - one which is a normal Mini Cash ISA with one bank, and another (the TOISA) which you cannot 'subscribe' to.

miller wrote:

Threre may have been a small period of time when this was allowed (when Mini Cash ISA's were introduced), but I do not think you can do this now.

You were always allowed to deposit matured TESSA capital into a Mini Cash, Cash part of a Maxi or a TOISA. But you're right you can't do this now as all TESSAs have matured.

Paul_Herring

miller wrote:

A&L confirm the account is opened with a £0 balance so transfers from existing providers can be made where £3K has already been subscribed.

In addition you can open the account if you have already subscribed to a mini-cash ISA in this tax year. The T&C's state you will not subscribe to your A&L ISA in the same tax year, which is fair enough.

Did they happen to confirm or deny that there will be charges on transfers out of their ISA? (Not withdrawls - they are free)

(Edit: Clarification on the direction of transfers)

miller

Paul_Herring wrote:

Did they happen to confirm or deny that there will be charges on transfers out of their ISA? (Not withdrawls - they are free)

I didn't ask about the £25 fee, but I assume that would be payable for transfers out of the Direct ISA to another provider.