ISA's - confused

dazjw

Hi,

Hope someone can help. I currently have two ISA's with Nationwide, one a standard cash ISA and the other is their current e-ISA (e-ISA has only just been opened). I have been told that I should transfer the cash ISA to the Halifax 3% one that is currently available. My question is, can I leave the e-ISA with Nationwide and let it run for the next year whilst also having another ISA with Halifax.

Also (this may be a bit of a simple question), if I transfer the cash isa to Halifax which year will the money go towards when it has move to Halifax, is it this year or next year?

Many thanks,

D

lisyloo

can I leave the e-ISA with Nationwide and let it run for the next year whilst also having another ISA with Halifax.

Yes, but you can only contribute to one of them.
You can have as many old ISAs as you like but only one that you are actively using.

if I transfer the cash isa to Halifax which year will the money go towards when it has move to Halifax, is it this year or next year?

The allowance is for contributions in the tax year.
You can move the old ISAs from old tax years around as much as you like and it doesn't count as part of your allowance.

CLAPTON

the nationwide e-ISA pays 3.1% whilst the halifax pay 3%
why do you want to transfer the nationwide to the halifax?

spikyone

CLAPTON wrote: »

the nationwide e-ISA pays 3.1% whilst the halifax pay 3%
why do you want to transfer the nationwide to the halifax?

The OP was asking about transferring their other Nationwide ISA

dazjw

Hi,

Thanks for the responses. Apologies for the confusion, yes, I was talking about transferring the other Nationwide ISA. It is an instant access and pays 0.25% from what I can see.

OK, so as I understand it, I can leave the e-ISA to run for the next year and not pay anything into it.
The instant access I can transfer to Halifax, and then when the new tax year starts I can then start putting more money into the Halifax account?

Thanks,

D

le_loup

So why not transfer "the other NW ISA" to the NW E-ISA?

dazjw

I need to keep the two seperate, for reasons that you probably aren't that interested in hearing about .

Thanks,

D

dazjw

OK, just had a thought and confused myself a bit more. If I transfer an ISA to another provider, does the old ISA get automatically closed or do I have to close it, and what happens to the interest for the old ISA on the money paid in this tax year? Basically, if I transferred an ISA from now NWide to Halifax would I get this years interest from NWide or Halifax?

Thanks again,

D

sheslookinhot

dazjw wrote: »

OK, just had a thought and confused myself a bit more. If I transfer an ISA to another provider, does the old ISA get automatically closed or do I have to close it, and what happens to the interest for the old ISA on the money paid in this tax year? Basically, if I transferred an ISA from now NWide to Halifax would I get this years interest from NWide or Halifax?

Thanks again,

D

Nationwide will add any interest before they transfer it to Halifax. Not much by the sounds of it, if its only 0.25%.

le_loup

... and it closes your account.