Can I open another ISA to transfer?

andy013

Hey, I opened an ISA with Santander at the start of this tax year and soon the interest rate will drop. I want to transfer my ISA to Halifax.

Do I need to wait until after April 6th or can I open the account now?

It says the minimum opening balance is £1 and I'm not sure if opening the account would count as me opening 2 ISAs within the same tax year.


Thanks
Andy

Lokolo_2

andy013 wrote: »

Hey, I opened an ISA with Santander at the start of this tax year and soon the interest rate will drop. I want to transfer my ISA to Halifax.

Do I need to wait until after April 6th or can I open the account now?

It says the minimum opening balance is £1 and I'm not sure if opening the account would count as me opening 2 ISAs within the same tax year.


Thanks
Andy

As you are transfering your ISA to Halifax, you can do this whenever you like, and it won't impact your annual ISA allowance as transfers don't count towards that.

The opening balance will be funded using the existing ISA which you are transfering, so this will count as your £1+ of funds needed to open the Halifax ISA.

You can then also open another ISA when we hit the new tax year and deposit up to £5340 into it or you can add those funds to the Halifax one once the transfer is sorted.

There isn't a limit as to how many ISA's you can Open per tax year, the limit is that you can only FUND (with new money) one Cash ISA per tax year :j

andy013

Thanks for the quick reply. Going to apply for the Halifax one now