Transfer Question...

Nemo

I've got a Halifax ISA Direct Reward where the rate is going to drop around the end of this month.

In the past I've opened ISAs in a new tax year, and transferred my previous years at the same time.

I've used up my current year allowance in the Halifax. If I try and open an ISA with a new provider to transfer all my balance into, will this cause any problems? I mean will the new provider automatically assume when I do the application, that I'm trying to open an ISA to add current year money to?

I've got this recollection in the past of having to put in the amount to open with, minimum £1 or something. I don't want to do all the groundwork of finding where to put it, then find there's problems.

I know I can redesignate to a Halifax ISA, then sort out this in the new tax year. It's just if I see a rate I like the look of before then. I'm considering fixing for a couple of years.

Thanks.

lisyloo

If I try and open an ISA with a new provider to transfer all my balance into, will this cause any problems? I mean will the new provider automatically assume when I do the application, that I'm trying to open an ISA to add current year money to?

No it shouldn't cause problems, I do it every year.
I have already filled my ISA and recently transferred it.
Obviously it's partly your responsibility to make sure you don't go over the limit.

I've got this recollection in the past of having to put in the amount to open with, minimum £1 or something.

Some say that, but in practice you do not have to put in a min deposit.
That happened with Halifax I think.
I don't think it should be a problem.

If you want to fix for a few years then 3.7% for 2 years with Halifax looks good.

Mikeyorks

Nemo wrote: »

If I try and open an ISA with a new provider to transfer all my balance into, will this cause any problems? .

No. Provided you either respond 'no' to the question asking if you've already contributed to an ISA this tax year - or scribble 'transfer only' across it. (Which is difficult if online)

I've got this recollection in the past of having to put in the amount to open with, minimum £1 or something.

Misinformation from Branch staff? ...... as you shouldn't do that, or need to. The Halifax 2 year fix at 3.7% was an option? But is now reduced to 3.5% ..... unless you already have a letter promising the 3.7% and with a closure date not yet arrived.