Query opening Virgin ISA

MotheroftheKid

The rate for my 2011/2012 ISA with the Nationwide is due to reduce at the end of this month. I decided to transfer to the Virgin (Northern Rock) easy access ISA. I've set up an online account and started the process of opening the ISA for year 2012/2013.

Whilst filling in the form on the declaration it states:-

"I have not subscribed and will not subscribe to another Cash ISA in the same tax year that I subscribe to this Cash ISA"

I do have an existing ISA for this tax year which I have filled, I only want this account to transfer my old ISA.

Am I misinterpreting this? Does this mean that I cannot open an ISA with Virgin for this tax year as I already have one?

I understood I could open more than one but only contribute to one.

Confused!

innovate

""I have not subscribed and will not subscribe to another Cash ISA in the same tax year that I subscribe to this Cash ISA"

means that you need to confirm that you have not paid any new money into the same ISA in the same tax year. Transfers-in (if done properly*) do not count as new money, so you are perfectly ok if you follow the official transfer procedures.

*Make sure you ask Northern Rock to perform the transfer - do not do it yourself.

Read more about ISAs: http://www.moneysavingexpert.com/savings/best-cash-isa#whatis