ISA Transfer & Confusion Re Allowances

moneyshy

Hi!

I am very new to all this and VERY confused. Last year my husband and I opened 2 cash ISA's filling them to the max allowance.

The interest rate on these accounts has now taken a nose dive so I want to transfer them.

My question is can I transfer them to a new account now that they exceed the personal allowance limit? If not how do I go about transferring them.

I have read Martins guide over and over and still don't understand this particular point. Can someone please

datostar

Yes, you can transfer them to another provider who will accept transfers in WITHOUT any new funding. Halifax will do this with their 3% Reward ISA and open the account before funds are received from the old provider, paying interest from the date they receive the application. There may be others who will accept transfers too. Under no circumstances can you put in additional funds in the current tax year. Come the 6th April, you will be able to subscribe a further £5340 each.

moneyshy

Thank you! Off to check out the Halifax.

Loughton_Monkey

moneyshy wrote: »

I have read Martins guide over and over and still don't understand this particular point. Can someone please

????????

I took the trouble to read these.

Clear as a bell! What part of it don't you understand?

Jake'sGran

datostar wrote: »

Yes, you can transfer them to another provider who will accept transfers in WITHOUT any new funding. Halifax will do this with their 3% Reward ISA and open the account before funds are received from the old provider, paying interest from the date they receive the application. There may be others who will accept transfers too. Under no circumstances can you put in additional funds in the current tax year. Come the 6th April, you will be able to subscribe a further £5340 each.

This is a bit misleading as you cannot transfer the ISA. When you decide where you want to transfer it to you contact the new provider and they will arrange it. Do not withdraw the money yourself. The new provider will send you a form to complete.

Maybe this was the point you did not understand in Martin's guide.

Oliver_Zarmy

moneyshy wrote: »

Hi!





My question is can I transfer them to a new account now that they exceed the personal allowance limit? If not how do I go about transferring them.

This doesn't make sense. If you can't transfer them you can't transfer them.