Easy Access ISA question . . . . .

The_Salad

Hi . . . . . . . I have not yet subscribed to any ISA in the 2012/13 tax year . . . can I open a new easy access ISA with the Post Office (3.01%) now (full £5640 allowance plus £2k transfer in) and then in April 2013 transfer the lot in to a new ISA hopefully with a better rate of interest?

1. Is it allowed?
2. Will the Post Office allow me to do it and will I still receive interest on the £7640 for the period between now and 1st April 2013?

Hope you can help, thanks.

pqrdef

So long as you're transferring at least the whole £5640 you can transfer it at any time. If you see a good deal in February or March, you don't have to wait until April, it might go away.

Can't say I'm too hopeful of a better rate being available though. Grab that 3% quick, because 2,5% is a good rate now.

techno79

Sorry to hijack the thread but my question is related. I want to open the ISA offered by the Post Office but their application only allows one previous year ISA to be transferred in. Is it possible to transfer more than one previous year's ISA into the account when opening? (I have two old ISA's that need consolidating).

TIA

innovate

Why do you think they only allow one ISA to be transferred in? I can't see anything that says so.

Best if you call them on 0800 169 7500, 9am - 7pm Mo-Fri, 9am - 1pm Sat.

ANGLICANPAT

The_Salad wrote: »

Hi . . . . . . . I have not yet subscribed to any ISA in the 2012/13 tax year . . . can I open a new easy access ISA with the Post Office (3.01%) now (full £5640 allowance plus £2k transfer in) and then in April 2013 transfer the lot in to a new ISA hopefully with a better rate of interest?

1. Is it allowed?
2. Will the Post Office allow me to do it and will I still receive interest on the £7640 for the period between now and 1st April 2013?

Hope you can help, thanks.

Yes you can.Ive moved to the PO for the same reason. There may well be no better rates around by then, but incase there are Im going to do a very quick check on here every day as whatever does come up thats half decent, probably will only be on for a day. Thankfully we have folk on here who ar eagle eyed!

techno79

innovate wrote: »

Why do you think they only allow one ISA to be transferred in? I can't see anything that says so.

Best if you call them on 0800 169 7500, 9am - 7pm Mo-Fri, 9am - 1pm Sat.

Sorry, I badly worded my post. Their application FORM only has space for details of one previous year's ISA account. That part of the form is entirely taken up by page 3. Could I just print one copy of page 3 for each previous year's ISA I wish to transfer in?

innovate

Yes, each ISA requires a separate transfer form. But please do confirm with the PO that they will be able to process more than one form.