WHEN to transfer ISA's - Confused.

Funkyfreddy

scottmcgarvey wrote: »

If you have an existing ISA, that is still paying a good, competitive rate, you can add to it (if you've already put in the max allowed in that tax year) - got that bit.

What about the new (coming) tax year?

Could I (for instance), deposit £3,000 into the existing (old) ISA and open a new ISA with a different bank, and put the rest of that year's allowance into it? (£2,340)?? Or am I allowed to put money into one ISA only?

Many thanks in advance

Not as you describe no as you would be funding with new money two Cash ISA's - you can't do that.

You could in the new tax year deposit £3,000 into your "existing/old" ISA - transfer it to a different provider that may offer a better rate than you currently get - providing that product accepts transfers and then add the remaining £2,340 before the end of the 2011/12 tax year.


FF

scottmcgarvey

Funkyfreddy wrote: »

Not as you describe no as you would be funding with new money two Cash ISA's - you can't do that.

You could in the new tax year deposit £3,000 into your "existing/old" ISA - transfer it to a different provider that may offer a better rate than you currently get - providing that product accepts transfers and then add the remaining £2,340 before the end of the 2011/12 tax year.


FF

Thanks FF, that's cleared that up, cheers.