Confused with ISA Transfers

shauninio10

Hi

New to this so hope i make sense!

I have had a santander ISA for 6 years paying some in and taking some out in each financil year. However the rate for 11/12 is very low and i want to transfer but despite reading lots i am am still confused about the following.

• I have already paid a small amount of my 11/12 allowance in to to the account. Can i open a new ISA with a different providor in this the same year and A) pay the remaining allowance in to it and transfer the balance from the santander acount ?

Any help apprechiated

Thanks
Shaun

Lokolo

Yes you can, as long as the new ISA allows transfers, not all do.

jem16

shauninio10 wrote: »

I have already paid a small amount of my 11/12 allowance in to to the account. Can i open a new ISA with a different providor in this the same year and A) pay the remaining allowance in to it and transfer the balance from the santander acount ?

Make sure you do B before you do A otherwise you will break the rules.

bigfreddiel

jem16 wrote: »

Make sure you do B before you do A otherwise you will break the rules.

not sure this really matters - it all depends if the new provider accepts transfers and new money

when you do a transfer its not new money so its not accountd for against your current year annual allowance - simple really