Transferring from one ISA to another??

cazarol

Just wondered if anyone can help me with a quick enquiry. I currently have an ISA with maximum savings from the last 2 years, it is with the Nat West. I am very new to this moneysaving but am wondering if it is possible to transfer it into a better rated ISA but not lose out on the allowances - if that makes sense. I think I mean I want to close the Nat West ISA and open another but not lose the benefits!! Help please if anyone can.
Many Thanks

tyllwyd

My understanding is that it is possible to transfer all or part of the money to a new ISA. Not all ISAs will accept transfers, so you will need to check when you are deciding which one to open. The most important thing is that you mustn't just close the original ISA and take the money out, you have to apply for the new one and follow the new provider's instructions on how to get the money transferred.

There is an ISA sub-board, and a thread on ISA transfers here
http://forums.moneysavingexpert.com/showthread.html?t=15155

RayWolfe

Yes you can. Find a new provider and get them to do the transfer for you. You cannot close and reopen another one yourself or you do lose the tax benefit. Tell your new provider that you want to do a transfer in, tell them the details of the current provider and they will do the rest.
Some, very few, providers dont's accept, transfers in.