Consolidating ISAs ?

cslogg

I have three ISAs that finish at different times of the year.
I am thinking of opening a three year fixed ISA next and was wondering if it is OK to transfer each one into the new fixed ISA as and when each one finishes?

cslogg

McKneff

Not a problem at all, as long as the New Isa accepts transfers in.
The new provider must do the transfer for you.

System

Check the Terms and Conditions for the new three year fixed ISA that you are looking at. Make sure that there is no restrictions applied to when you can arrange for these ISA transfers.

Many fixed type ISA accounts have a restriction on when you can deposit new subscription cash into the account, often only allowed for a few weeks after opening the account, there could be similar restrictions placed on transfers.

Do not withdraw the cash from the existing Cash ISA accounts, use an ISA transfer form from the new account provider (one transfer form for each of the old accounts) so that the new account provider arranges the transfers for you at the appropriate times.

Vortigern

Some fixed term ISAs allow only one deposit. A solution would be to transfer all three into a single instant access ISA, then transfer that to a fixed term ISA.

cslogg

I have not fully investigated yet but was looking at the Northern Rock three year fixed.
Cslogg

System

cslogg wrote: »

I have not fully investigated yet but was looking at the Northern Rock three year fixed.
Cslogg

That will be a Virgin Money account then now that Northern Rock have been sold.

The Key Facts for the Northern Rock 3 year fixed Rate e-ISA state :

Additional deposits are accepted for any amount from £1 up to the maximum investment, currently £5,340. This amount does not include Cash ISA subscriptions in respect of previous tax years transferred in from other providers or an existing Northern Rock Cash ISA, which are allowed regardless of the balance.
To ensure funds are accepted into your new account we must receive all funds within 30 days from your account opening date. Any deposits received after 30 days may be returned to you. This includes any funds transferred in from existing Cash ISAs, therefore please ensure that you initiate any Cash ISA transfers in as soon as you receive your new Cash ISA details. After the 30 day period you may not be able to make any additional deposits into this Cash ISA.
Subscriptions are not allowed to any other Cash ISAs in the same tax year(s) that you subscribe to this Cash ISA, even if you have not used your full annual allowance(s). Current year’s subscriptions can be transferred too.