ISA question

FurryPaws

Hi! :j

I've a question I don't fully understand about my ISA situation.

I have about 2 years of ISA allowance (up until 2011-2012 allowance, so I've not opened a new one for 2012/13 yet)

I opened last years ISA in August and it allowed me to transfer my old ISA allowance from the previous year. Stooging for best rate..

The new Flexaccount linked Nationwide ISA at 4.2% is tempting to open for this year but it doesn't allow transfers.

So, is it possible to transfer the old ISA into a new account to get the best rate (mine expires soon and I don't want to leave it festering on pittance until next April) and still open a new ISA for this tax year for new money only?

I'm sorry if I haven't made it clear above, I am so confused!

Thanks

BobQ

Provided the ISA in a previous year like 2010-11 is not locked in (eg a 3 year fixed term) you can transfer it to a new provider. Find the new provider, check they accept transfers in, and if so open the account. They will do the rest to transfer the money.

FurryPaws

Thanks BobQ. I was only confused as it means I end up opening 2 new cash ISA's in 2012/13. Granted only 1 of them will have new money in it but I wasn't sure if it was allowed.

Thanks again!

psychic_teabag

You can open as many ISAs as you like. The restriction is only that you can only "subscribe to" (pay new money into) one per year. A transfer is not a subscription.

davefromkent_2

I've transferred my last years isa to santander @ 3.3% and opened a nationwide isa at 4.25%. This is currently the best way to maximise interest with the instant access isas currently available, as long as you meet their criteria.