Transfer & open new ?

wmonkey

Over the last 3 years I've opened new ISA's all with different providers depending on the best rate. They've never allowed me to transfer previous years money in.

One of these is getting a very poor rate at the moment, but I'd like to put it all into 1 account anyway.

Am I allowed to open an Abbey ISA to transfer the £9k in, and open a Barclays ISA for my 07/08 allowance ?

So in effect I'd be opening 2 ISA's in 07/08, but only paying my 3k allowance into 1.

Thanks!

Beate

No you cannot open 2 ISAs in one tax year, sorry.

wmonkey

Thanks, that was super fast!

Martin's_ISA_page wrote:

Always check every six months or so that your rate is still competitive. If not, transfer to a better payer.

How does this work then ?

:T

masonic

wmonkey wrote: »

Am I allowed to open an Abbey ISA to transfer the £9k in, and open a Barclays ISA for my 07/08 allowance ?

So in effect I'd be opening 2 ISA's in 07/08, but only paying my 3k allowance into 1.

Yes, there's absolutely no problem in doing this. You can transfer previous years ISA contributions as much as you like, without any effect on what you can do with your current years funds.

Sillychuckie

Beate wrote: »

No you cannot open 2 ISAs in one tax year, sorry.

Of course you can... that is incorrect advice.

You simply can not SUBSCRIBE to more than one mini cash ISA each year, where the term 'SUBSCRIBE' means... pay NEW money in.
It doesn't include transfers.

Beate

Oops, sorry - I must have confused something here.

wmonkey

Thanks people, I shall get on to that once I've had my interest paid.

:T

masonic

There is no need to wait. Any outstanding interest will be paid when you close the account(s).