We're aware that some users are experiencing technical issues which the team are working to resolve. See the Community Noticeboard for more info. Thank you for your patience.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!

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

Options
2»

Comments

  • miller
    miller Posts: 1,682 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    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
    isasmurf Posts: 1,998 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    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.
  • 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)
    Conjugating the verb 'to be":
    -o I am humble -o You are attention seeking -o She is Nadine Dorries
  • miller
    miller Posts: 1,682 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    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.
This discussion has been closed.
Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 350.9K Banking & Borrowing
  • 253.1K Reduce Debt & Boost Income
  • 453.5K Spending & Discounts
  • 243.9K Work, Benefits & Business
  • 598.8K Mortgages, Homes & Bills
  • 176.9K Life & Family
  • 257.2K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16.1K Discuss & Feedback
  • 37.6K Read-Only Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.