ISA confusion

mdr86

I was just applying for a cash ISA to transfer an existing ISA into, but in the declaration you have to tick it says

"I have not subscribed and will not subscribe to another cash ISA in the same tax year that I subscribe to this cash ISA"

But I have subscribed to another cash ISA this year; that's the one I want to transfer in! What's going on?

Lokolo_2

Which ISA were you looking to transfer your existing ISA to? As not all ISA providers allow transfers in! Also, rather than opening a new ISA, there should be an ISA transfer form to fill in and send to the new ISA provider, who will then arrange the transfer from the existing ISA provider.

dave_ave

The question is referring to "new" cash this tax year. Opening a cash ISA to transfer previous tax year money into doesn't count. Assuming you don't have an ISA this tax year, you could open a cash ISA to deposit "old" ISA cash and open another for this years ISA cash.

The ISA transfer form I had from Santander had this same statement

MoneySaverLog

Indeed asked the same question when I did a transfer from the AA to Lloyds TSB, effectively had to open up a new ISA account with lloyds, but not actually subscribing to it. i.e. paying new money in at this time whilst the other one is open where I've paid money in this year.

Then I've had to complete the transfer form, which they sent out to me for the magic to happen. Just waiting now for the transfer to take place which I'm told can be upto 15 days. However told I get interest from the day the transfer form has been received, no acknowledgement yet though after a week.

I'm wondering if during the transfer period I can effectively get two lots of interest, one from Lloyds whilst I'm waiting for the transfer and another lot from the AA :-)

EDIT: Just checked the AA account and the money has left, just not on Lloyds at the moment

mdr86

Thanks for your answers!