Can I open a new ISA with one provider and transfer old ISA's to another provider?

harri_dav

Hello.

This is something that I've been confused about. I want to open the new Barclays Golden ISA - issue 3 tomorrow but I don't want to leave my previous tax years of Barclays Golden ISA's Issue 1 and 2 where they are as their interest rates are terrible.

So I have two questions:

Can I open the new Barclays Golden ISA - issue 3 and later on, transfer my old Barclays ISA which are performing badly to another provider, is this allowed?

And secondly, if this is possible, where do I transfer them to? The banks I bank with have not to impressive interest rates and if I transfer to somewhere like Nationwide, I have to open a cash card account to be able to do it.

This is driving me around the bend as I don't really want to have bank accounts everywhere.

Any advice anyone?

Lokolo

Halifax has one which is 3% and allows transfers in:

http://www.halifax.co.uk/savings/accounts/cash-isas/isa-direct-reward/

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But yes you can open a new ISA tomorrow and transfer your old ones whenever.

Baldur

harri_dav wrote: »

Can I open the new Barclays Golden ISA - issue 3 and later on, transfer my old Barclays ISA which are performing badly to another provider, is this allowed?

Yes.

And secondly, if this is possible, where do I transfer them to? The banks I bank with have not to impressive interest rates and if I transfer to somewhere like Nationwide, I have to open a cash card account to be able to do it.

That's only true of Nationwide, for example you could transfer to the Halifax ISA Direct Reward without having to have any additional product - see this post for the current 'best buys' (scroll down to find those accounts that accept Cash ISA transfers).

harri_dav

Does anyone think that going into a 2 year fixed CASH ISA with Lloyds is a good idea for the old ISA's that I want to transfer. I'm not going to be needing the money in the next 2 years so that's no issue but what if the interest rates rise? Does anyone have a crystal ball?

Baldur

harri_dav wrote: »

Does anyone think that going into a 2 year fixed CASH ISA with Lloyds is a good idea for the old ISA's that I want to transfer. I'm not going to be needing the money in the next 2 years so that's no issue but what if the interest rates rise? Does anyone have a crystal ball?

Halifax and Santander are both offering higher rates than LTSB on their 2-year FRISAs, if you check the link that I posted above.

You need to check out the Terms & Conditions of the accounts to see if they will suit your needs.

As far as rate rises are concerned, afraid that any balls that I may possess aren't of the crystal variety.

harri_dav

Baldur wrote: »

Halifax and Santander are both offering higher rates than LTSB on their 2-year FRISAs, if you check the link that I posted above.

You need to check out the Terms & Conditions of the accounts to see if they will suit your needs.

As far as rate rises are concerned, afraid that any balls that I may possess aren't of the crystal variety.

At least you bought a smile to my face with that one!! :rotfl: