ISA Help

ihavenoname24

psychic_teabag wrote: »

No, that's not true. You can open as many cash ISAs as you want in a year. You can only "subscribe to" (pay new money into) one per year. You can open more to receive transfers, and you can open more and leave them empty just for the fun of it.

As I "subscribed" to the online E-ISA does this mean I need to wait until August to transfer to another account?

psychic_teabag

Sorry, it's per financial year, not calendar year. Your ISA was opened during 2011/12 financial year, and so you cannot subscribe to another ISA until next financial year (6th April).

But transfers can happen any time, independently of subscriptions / financial-year changes. The only constraint between transfers and subscriptions is that you must keep the current year's subscriptions together, ie if you transfer them you must transfer them all (no partial transfer).

So today, you'd have to transfer the whole E-ISA (since it contains 2011/12 subscriptions). If you wait until 6th of April, that money is no longer the current year's subscription (A new 2012/13 allowance starts), so you could (if you wanted) do a partial transfer from your E-ISA to another account, leaving some behind. (No particular reason to do so - just to illustrate the rule.)

evenasus

ihavenoname24 wrote: »

Again thank you all for the help, my questions may sound stupid but that was my first ISA.

I know the Northern Rock was your first ISA.
I thought you were unsure as to whether you could transfer without any penalties.

Also, psychic teabag said they couldn't find the old NR accounts/interest rates.