ISA transfers

thandeh

Can I transfer an existing ISA to a new provider in one year and start a brand new ISA with a different - new - provider in the same year? I also want to keep some old existing ISAs where they are with existing providers.

Tyranter

I'm after similar info to this.

I have all previous my years ISA's currently in a 1 year fixed rate deal which expires in November 2012. This I cant add to so need to open a new one in April for the 2012/13 allowance.

But once open are you allowed to transfer previous years ISA's in at a later date? Or is it a yes but depends on the ISA provider?

Can you only open one new ISA account in the tax year. Or can I, once the 1 year fixed rate deal expires in November, open another new (possible 1 year fixed rate deal) and tranfer the 1 year fixed rate to it along with the 2012/2013 account i will have opened to it?

Or do I need to choose something in April for 2012/13 that will allow me to transfer in the money from the 12 month fixed rate deal ending in November and then look again come 2013/14 allowance?

Sparky47

thandeh wrote: »

Can I transfer an existing ISA to a new provider in one year and start a brand new ISA with a different - new - provider in the same year? I also want to keep some old existing ISAs where they are with existing providers.

You can only put new money into one ISA in any one tax year, up to the limit which is currently £5340.

You can also transfer an ISA containing previous years money to a new provider when you want.

Sparky47

Tyranter wrote: »

But once open are you allowed to transfer previous years ISA's in at a later date? Or is it a yes but depends on the ISA provider?

That depends on the provider, if it is an instant access ISA that accepts transfers and the product is still available, then the answer is probably yes.
However if it is a fixed rate ISA then these do not normally allow additional deposits.

thenudeone

thandeh wrote: »

Can I transfer an existing ISA to a new provider in one year and start a brand new ISA with a different - new - provider in the same year? I also want to keep some old existing ISAs where they are with existing providers.

yes you can.

mbailey

thandeh wrote: »

Can I transfer an existing ISA to a new provider in one year and start a brand new ISA with a different - new - provider in the same year? I also want to keep some old existing ISAs where they are with existing providers.

I was under the impression you can only open one new cash ISA in a tax year where as you are wanting to open 2 ISA's although only put new money into 1 ISA in the year. I didn't think that was allowed but I am happy to be corrected if someone knows differently...

Lokolo

mbailey wrote: »

I was under the impression you can only open one new cash ISA in a tax year where as you are wanting to open 2 ISA's although only put new money into 1 ISA in the year. I didn't think that was allowed but I am happy to be corrected if someone knows differently...

You can open as many ISAs as you want, however you can only subscribe to one every tax year.

antio

Sparky47 wrote: »

You can only put new money into one ISA in any one tax year, up to the limit which is currently £5340.

You can also transfer an ISA containing previous years money to a new provider when you want.

Just make sure your new providers accepts 'transfer-ins' (i.e. that they will let you transfer your ISA from the previous provider and it's not an account only for new contributions).

thenudeone

mbailey wrote: »

I was under the impression you can only open one new cash ISA in a tax year where as you are wanting to open 2 ISA's although only put new money into 1 ISA in the year. I didn't think that was allowed but I am happy to be corrected if someone knows differently...

You can only have one LIVE ISA (i.e. into which you are putting new money) at one time.

You can TRANSFER an infinite number of ISAs, including splitting or merging prior year ISA balances, if you want, regardless of their value. The only condition for transfers is that all of your subscriptions for the current tax year must stay together (so that the new provider can keep track of how much allowance you have left).

mbailey

OK thanks. So you can open as many ISA's as you want in a tax year, but you can only deposit *New* money in 1 provider in a tax year.

Yorkie1

mbailey wrote: »

OK thanks. So you can open as many ISA's as you want in a tax year, but you can only deposit *New* money in 1 provider in a tax year.

Sort of. You can only put new money in 1 ISA in a tax year. However, you can transfer the provider during the tax year.

E.g. open an ISA with Halifax in May, deposit £1K. You can transfer the ISA to Nationwide in October, and then deposit £1K in it in November. You can open another ISA with Barclays at any point but you cannot put any new money into it.