quick ISA transfer question

penny-counter

Hi all just need a quick bit of advice if anyone can help:

I've put the max amount into my ISA for this year (10/11) into the Barclays Golden ISA issue 2.
The bonus rate is going to end on April 15 2011.

I want to open a new ISA for the 11/12 tax year and deposit the max amount on 06 April. I am looking at the Barclays Golden ISA issue 3 which is currently top on rate, but doesn't accept transfers in.

My question is: if I open the issue 3 with 'new' money on 06 April, can I then transfer my 'old' money from the 10/11 tax year issue 2 to another provider (I am looking at Nationwide), when my bonus rate ends in April, which does accept transfers in - am I right in thinking this won't count as part of my 11/12 ISA allowance and therefore I can do this?

Sorry for what is probably a stupid question but if anyone can help it'd be much appreciated. Cheers

Lokolo_2

penny-counter wrote: »

My question is: if I open the issue 3 with 'new' money on 06 April, can I then transfer my 'old' money from the 10/11 tax year issue 2 to another provider (I am looking at Nationwide), when my bonus rate ends in April, which does accept transfers in - am I right in thinking this won't count as part of my 11/12 ISA allowance and therefore I can do this?

Sorry for what is probably a stupid question but if anyone can help it'd be much appreciated. Cheers

YES you can do this, ISA transfers do not count towards the annual ISA allowance. :j

Ximian

Yes, you can transfer your existing ISA after the 15th of April. The rules are that you can only open one cash ISA per tax year, but you can transfer an existing ISA within that tax year.

penny-counter

many thanks - much appreciated!