Going From Natwest Isa to Santander

Big_Adam_2050

psychic_teabag wrote: »

Some would say that's always a risk when dealing with Santander - they have a bit of a reputation for screwing things up !

Oh the confidence this fills me with :rotfl:

I'll fill in the transfer form, take it with me tomorrow and ask, if they mess me about I'll just close the account and go else where.

Thanks for all the advice, I will be sure in future to ask and annoy first before going to the bank.

edit

On last thing (I hope), on the transfer form there is this question, what does it mean?;

"Do you want to transfer your current tax year subscriptions as part of this
transfer?"

psychic_teabag

Big_Adam_2050 wrote: »

On last thing (I hope), on the transfer form there is this question, what does it mean?;

"Do you want to transfer your current tax year subscriptions as part of this
transfer?"

One of the (many) ISA rules is that the current year's subscriptions must stay together : they must either all be transferred together, or they must stay behind together.

You are allowed to keep using the same ISA year on year, but the ISA manager must internally "tag" this year's money.

Say you had £5000 in the account from last year, and had already added £1000 this year. When you transfer out £5000, you could either take all of the old money and leave behind the new money, or take £4000 of the old money plus £1000 of the new money, leaving behind £1000 of old money. This question is asking which one applies. This in turn decides whether the ISA you are transferring to becomes the "current" ISA for this year's allowance.

For you, I guess the answer is "no" since you haven't added anything to the ISA this year, and even if you had, it's old money you want to transfer.

Big_Adam_2050

@psychic teabag
When you say subscription do you mean allowance?

innovate

Big_Adam_2050 wrote: »

@psychic teabag
When you say subscription do you mean allowance?

not really, no - - - "subscription" is best translated into "new money"

If you only pay, say, £100 of new money into your current year's ISA, you have "subscribed" £100. Your allowance for this year is £5,640 overall, but you have now used £100 of that allowance, and can only pay in another £5,540 of new money in total.

Once you have paid in £5,640 of new money, you have used up your entire allowance.

Just to re-iterate: any transfers-in of previous years' ISA money does not count towards your current year allowance, or the current year subscription.