Confused - transfering isas

LizzieW1

Hi there,

I have isas from previous years that now have very poor rates, and I've been meaning to do something about that for ages, but not got round to it. I have an isa that I set up this year and am regularly paying into it. Can I set up another isa purely to move the previous years isa money into? Or does the fact that I already have an isa set up this year for new money prevent me from doing that? Hope that makes sense!

Thanks!
Lizzie

molerat

You can set up as many as you wish to transfer previous into.

badger09

molerat wrote: »

You can set up as many as you wish to transfer previous into.

Assuming those you set up will allow transfers in - not all do.

LizzieW1 wrote: »

Hi there,

I have isas from previous years that now have very poor rates, and I've been meaning to do something about that for ages, but not got round to it. I have an isa that I set up this year and am regularly paying into it. Can I set up another isa purely to move the previous years isa money into? Or does the fact that I already have an isa set up this year for new money prevent me from doing that? Hope that makes sense!

Thanks!
Lizzie

Lizzie, yes you can set up another ISA (or more than 1) purely to transfer in previous years ISA funds.

If the ISA you are paying into this year is paying a decent rate and allows transfers in, you could also arrange for previous years to be transferred into that.

Whatever you do, make sure you use the new provider's transfer process; don't try to do it yourself or you'll lose the tax free status of those previous years funds :eek:

LizzieW1

Thank you all for that help!
Lizzie