Can I open new ISA in April if I've deposited current one this month?

Lokolo

Rogerb wrote: »

If anyone can confirm my understanding I would be grateful.

I want to open a new Halifax ISA solely to transfer funds from an existing cash ISA with another provider. I have not paid new funds into this account to be transferred this tax year, which was opened before the start of the current tax year.

I have however opened another cash ISA for new funds this current tax year with a third provider.

Given that the new Halifax ISA would be for the transfer only of old investments prior to this tax year, I think this is allowed?

Any advice appreciated.

Yes you can do this. I have found it best to go into branch to do this as the staff can override the system. Halifax usually requires a deposit when opening an account. Obviously you can't do this as you have a Cash ISA with someone else this tax year. The staff can override this.

You then need to fill in an ISA transfer form (which can be done in branch as well).

I think you can do it another way online, of which opinions4u or rb10 might know.

Rogerb_2

Lokolo wrote: »

Yes you can do this. I have found it best to go into branch to do this as the staff can override the system. Halifax usually requires a deposit when opening an account. Obviously you can't do this as you have a Cash ISA with someone else this tax year. The staff can override this.

You then need to fill in an ISA transfer form (which can be done in branch as well).

I think you can do it another way online, of which opinions4u or rb10 might know.

Thanks for responding. The Halifax online registration says you have 60 days to invest, but I think the problem is that you have to declare that you have not invested in another ISA.

To get past this obstacle you have to say no, which isn't strictly correct, but the response is I imagine aimed at new investment rather than transferred prior year funds, which is what I am aiming to use the account for. As it is less than 60 days to the new tax year you could answer the question as no with the tax year 2011/12 in mind, when I would be able to invest new money.

rb10

Lokolo wrote: »

I think you can do it another way online

Yes, you can.

Apply online through the Halifax website. Don't pay any money into the account.

You will have to say 'No' to the question 'Do you already have a cash ISA with us or any other provider and have funded it in this tax year?' I know that this isn't technically correct, but it's ok to do this.

Then complete an ISA Transfer Form and send it in to them.

Rogerb_2

rb10 wrote: »

Yes, you can.

Apply online through the Halifax website. Don't pay any money into the account.

You will have to say 'No' to the question 'Do you already have a cash ISA with us or any other provider and have funded it in this tax year?' I know that this isn't technically correct, but it's ok to do this.

Then complete an ISA Transfer Form and send it in to them.

Thanks for that. You can see we are of like thinking on this, as per our two responses that were made at the same time.

soulsaver

masonic wrote: »

You have until 4th April to top up your existing ISA and use the rest of your 2010/2011 allowance. Or you can transfer your current ISA to a new provider and then top it up.

From 5th April, you can open a new ISA and deposit money using your 2011/2012 allowance.

As has been stated tax year starts April 6th. This needs edited/corrected.

masonic

soulsaver wrote: »

As has been stated tax year starts April 6th. This needs edited/corrected.

I went one better than that and just deleted the post. Now, will you please edit or remove the quoted text if you are so worried about incorrect information appearing in this thread?