Yet another ISA question... 31 March 2011 at 10:45PM edited 30 November -1 at 1:00AM in ISAs & Tax-free Savings 5 replies 533 views

jennikitten

I have an Halifax ISA that's going to be dropping in interest very soon. Is it possible to transfer the money in it to another ISA of the same type that's also with Halifax? Or is it not possible to have two of the same ISAs with the same bank?

If it is possible, do I open the second ISA first and transfer the money in and close my old ISA? Or do I transfer the money to my current account, close the old ISA and then transfer money into the new one?

McKneff

All you do is

Go to the Halifax, tell them yu want to transfer that Isa money into a higher interest ISA, they will do it all for you.

You dont need to do anything apart from listen to them, answer some simple questions, simple as that.

jennikitten

The problem is that it's an online account with no branch support.

McKneff

Just read the t & Cs. You can open a new one online, ensure that it accepts transfers in, then get them to transfer it in, If youre not sure what you are doing, I'm sure there will be telephone support. (If its an 0870 or 0845 number go to SayNoto0870 to get a normal telephone number.

Youj can open as many ISAs as you like in the year and transfer around at will but the recipient bank must do the transfer for you, but it is important that you remember that you can only contribute to one. That is the main (rule.

To be honest, staff at Halifax are brilliant, if you go into a branch locally they will go through it with you on screen as if you were doing it at home, they really that helpful, at least they have been with me, go in, look for the one that is smiling and go for it.

Good luck
Annie

david78

jennikitten wrote: »

Is it possible to transfer the money in it to another ISA of the same type that's also with Halifax?

Yes

jennikitten wrote: »

If it is possible, do I open the second ISA first and transfer the money in and close my old ISA?

Yes. But just go to the branch or ring them and ask them up to do it for you. They will help you; it doesn't matter that your existing account has no branch support.

jennikitten wrote: »

Or do I transfer the money to my current account, close the old ISA and then transfer money into the new one?

No. Do not do this. If you transfer to the your current account it is classed as a withdrawl and you will not be able to put it back into your ISA without using up some of your allowance.

As McKneff says, the best option is to go to a branch or ring them, especially if you are not confident about what to do.

david78

McKneff wrote: »

look for the one that is smiling and go for it

That will be Clare. She's always smiling in my branch.