Cash ISA Transfer

descant

I already have a cash ISA this year and want to transfer one from previous year to another bank. The bank I want to transfer to is asking me to put £1 in to open the ISA before the transfer takes place but surely this means I will be opening 2 cash ISA's in the same year.
Help please

Joe_Bloggs

Perhaps name the ISA provider to which you want to transfer to.
Can you get hold of the cash ISA transfer form for this provider. If you can then fill out it and send it in by post/hand it in branch. It is a lottery trying to do ISA stuff with call centre staff. I spent 90 minutes on the phone this year and got nowhere.

J_B.

droopsnoot

Yes, that doesn't sound right. I opened a Nationwide one purely to transfer some old Barclays ISAs, and although the paperwork implies that it must be opened with at least £1, I did it in-branch and they just glossed over that bit because I was transferring in.

thenudeone

Many ISA application forms imply that you have to make an opening deposit, even though in most cases you can open the account with just a transfer in.
You can only put new money into one Cash ISA in a tax year (subject to very limited exceptions) so don't put even £1 in unless you want to use your allowance there. You can transfer it later but why bother?