? pay into existing isa, open new one and transfer old one into it.

earthlover

hi there.

I know this has probably been answered somewhere but i can't find it.

If you have an old isa and have paid cash into it in the current tax year, is it possible to open a new isa and transfer the whole of the old isa into it?

I think probably not, but am not sure. I'm not sure what constitutes "new cash".

Would the transferred cash be classed as new cash?

Thank you to anyone willing to enlighten me.

le_loup

Yes you can. Transferred cash is not new cash.

earthlover

Le loup,

Thanks very much for your reply to my question.

Glad I asked, or I would have just assumed it was not allowed.

Cheers.

jamesd

You can transfer all or any part of any money from past years into one or one thousand different ISAs. There aren't any restrictions for money from past years, except the need to use an ISA transfer to get the move done and the bar on moving money from a S&S ISA to a cash ISA.

earthlover

Jamesd,

Thanks for your reply.

I know about the past years but in this case cash has been paid in this year into an isa that is three years old but still not a bad rate.

I didn't know if it was possible to transfer that money into a brand new isa that is not yet open. I was thinking of the N. Rock 3 year fixed.

xrjtg

Your old ISA is now also your ISA for the current year. You can still transfer it, but there is the added constraint that you must keep all of this year's subscriptions (not usually a problem as you'd rarely want to split them up).

jamesd

It's possible if NR will accept money from past years. ISA rules don't stop that, but account providers sometimes do.

Epoch

xrjtg wrote: »

Your old ISA is now also your ISA for the current year.

Hello, sorry for hijacking but I have a related question and didn't want to start a new thread. Please do tell me if I should.

I've had an Alliance & Leicester (Santander) Cash ISA since April 2010. In the last month I transferred the full ISA allowance from my A&L Cash ISA into a new, Halifax Cash ISA.

I thought I could transfer funds from my 2010 Cash ISA into a new ISA and still open another new Cash ISA. However, I've just tried to open a second Halifax Cash ISA to save 2011's allowance but the Halifax online system has refused my application on the grounds that I already have a cash ISA for this year.

Am I confused about what I'm allowed to do?

Grateful for any help anyone can offer.

xrjtg

If it's the Direct Reward ISA then you should just be able to deposit your 2011 allowance into the account that you have.

jamesd

How did you do the transfer?

Epoch

Thanks, Jamesd and xrjtg for your posts.

How did you do the transfer?

I did it online, via the halifax transfer form.

I spoke to customer services last night - it turns out that I can only have one of that particular type of ISA, although I can open other types (attracting lower interest).

Alternatively, I'm told I can still pay furnds for my 2011-12 allowance into the existing, transferred ISA and attract the same rate.