Halifax Direct Reward ISA - Transfers In

The_Bookman

My 2010-2011 ISA is a 1 year Fixed Rate with Aldermore (the MSE best buy at the time, thank you!), and it holds that year's full subscription, plus what I transferred in to it from 2009-2010.

It does not "mature" if that's the correct word, until August 2011.

I am struggling for clarity on the Ts & Cs of Halifax's current product, which states that it allows transfers in from previous year's ISAs. It does not, IMHO, explain or confirm to me, like I'm a 5 year old, that after I've put in the maximum £5340.00 for this year, which I can do today if I choose, that it will still allow me to transfer in to it, in August, the £8k-ish I will have in the Aldermore one.

Under the heading "Maximum Deposit", in the 48 page T&C pdf, it states "In the 201/2012 tax year, the maximum you can pay in is £5,340. This can include current tax year subscriptions transferred in from another ISA provider. You can also transfer in previous years' ISA subscriptions held elsewhere"

Are "transfers in" additional to/treated differently from a "maximum deposit"?

There seems to be no time limitation on when any such transfer can take place. Am I correct?

I would be grateful for any such confirmation/explanation, or just point me at the relevant link/URL which spells it out.

Thanks folks,

Book.

edinburgher

Are "transfers in" additional to/treated differently from a "maximum deposit"?

Yes, the section of text you've quoted addresses this:

This can include current tax year subscriptions transferred in from another ISA provider

Your existing funds are from previous tax years.

There seems to be no time limitation on when any such transfer can take place. Am I correct?

Other than within this tax year? No, I wouldn't think so. Obviously the sooner you transfer, the longer you get the improved rate for so it's advisable to do so asap.