Transferring into an ISA

sharpee

OK so I have opened and deposited the full allowed amount into an ISA for 2011/2012.

Can I then still open another ISA (on a better rate than my current 2010/2011 & 2009/2010) and transfer the monies into it?

I am a bit confused about transferring my ISA money as I currently have 4 from previous years that have terrible interest rates and want to move them to better rates

Any advice much appreciated

Lokolo

Yes you can do this. You fill in ISA transfer forms with the new provider when you open the new account. You must not deposit any money into the new account, nor should you withdraw the money and deposit the money from previous ISAs - use the form.

Who were you thinking of going to?

Ark_Welder

You should also first check that the ISA that you are thinking about will accept transfers: not all of them do.

sharpee

I was looking at Northern Rock 3 Yr for 3.7%

But I also have £16k in an account earning 0.5%!!!!! I am so stupid to have left it so long. I am trying to get my money in order

Lokolo

http://www.northernrock.co.uk/downloads/transferAuthorityForm.pdf

Well theres the form you need to fill in (multiple of them)

The 3 year ISA is also only 3.4%, rather than 3.7% (which is 5 years)

I'd also look at the e-ISAs rather than the Branch/Postal ISAs as they attract more interest - the 3 year one is 4.26% rather than 3.4%!

sharpee

Northern Rock offered me a 3.7% 3 year ISA as an existing customer. Mmm will have to have another look around and see .