ISA query

Buzzybee23_2

Morning all,

This question (or something similar) may have been asked by others before so sorry for asking it again!

I transferred my ISA last June from Santander to Halifax and topped it up by making several payments over the course of the financial year. Halifax interest is fixed for 12 months. So, from April to June 2011 I got Santanders interest rate and from June 2011 to April I get Halifax rate.

For the 2012-2013 financial year I plan to put the full amount in asap.

My questions:

i) When can I make my 2012-2013 payment? 6th April?
ii) If another bank/building society offer better interest than Halifax can I transfer my ISA before the end of June?
ii) After the 12 months with Halifax am I free to transfer all my ISA savings to another bank/building society?

Many thanks

10_66

Buzzybee23 wrote: »

Morning all,

This question (or something similar) may have been asked by others before so sorry for asking it again!

I transferred my ISA last June from Santander to Halifax and topped it up by making several payments over the course of the financial year. Halifax interest is fixed for 12 months. So, from April to June 2011 I got Santanders interest rate and from June 2011 to April I get Halifax rate.

For the 2012-2013 financial year I plan to put the full amount in asap.

My questions:

i) When can I make my 2012-2013 payment? 6th April?
ii) If another bank/building society offer better interest than Halifax can I transfer my ISA before the end of June?
ii) After the 12 months with Halifax am I free to transfer all my ISA savings to another bank/building society?

Sorry, but I'm a bit confused by what you're saying, so my answer may not be pertinent depending on what you mean.

You mention that you transferred to a Halifax fixed rate account in June, so if it's a fixed rate account (rather than a variable rate, instant account account) you'd pay a penalty if you transferred out of it before the 12 month period, which would be June 2012 (not April 2012 as you mention). If it's an instant access ISA then you can transfer out of it whenever you like (but you may still pay a penalty depending on the terms and conditions, ie, not receive a bonus if not left in for 12 months).

You can make your 2012/2013 subcsription into an ISA on or after the 6 April 2012, but if you wanted to make it into an existing fixed rate account, they rarely permit additions, which is another reason I'm a bit confused by what you say, because you state that you've been adding to it regularly over the last year. Are you sure it's a fixed rate ISA? Sorry if this hasn't been much help to you.

thenudeone

In general, ISAs can always be transferred in full at any time, unless the account has specific conditions, notice periods, or penalties; so you need to check the specific terms of your account.