ISA Transfers

jcb208

Im a little confused here,I have a cash Isa with Santander which reverts to .5% soon.Im thinking of opening a new isa with them which tracks at 2.8% above base but they only allow new money, no transfers in .So I want to transfer the old isa reverting to .5% to another provider ie halifax.can I do this .any help please

Lokolo

Yes you can. Halifax have some instructions on how to do this

http://www.halifax.co.uk/savings/accounts/cash-isas/transfer-your-isa/

jcb208

OK thanks so they dont take it as opening 2 ISA in 1 tax year then

pinkdalek

Why just not fire Santander off and open the 3% ISA with Halifax and transfer in your existing ISA thus getting 3% on two years ISAs? Halifax do not stop you from re-investing previous ISAs into their new products each year, seems a bit poor that Santander does not offer the same products to its existing customers if you ask me.

spikyone

jcb208 wrote: »

OK thanks so they dont take it as opening 2 ISA in 1 tax year then

This always causes confusion

You can open as many ISAs as you like in a year, but you can only subscribe - pay in new money - to one ISA in a year. So you're free to transfer money from previous years around whenever you like to get the best rate.
You can also transfer the current year's allowance, as long as you transfer all of it (for ISAs from previous years, you can transfer all or part).