Transferring in + Paying In

RedWing_2

Hi there,

Was wondering if anyone could let me know if I'm right about this... I'm a bit new to ISAs so I could be wrong, and despite attempts to the contrary, I couldn't really understand what the guy at my local bank had to say on this!

I had an existing ISA opened for the 2012/13 tax year. I decided to transfer that ISA to a Santander ISA for the 2013/14 tax year (although the new ISA account was opened before April 5th, so I guess officially it's a 2012/13 tax year account). The new account accepts transfers.

The old ISA will only transfer to the new ISA account after April 5th. I also want to pay in some money for this (2013/14) tax year into the new ISA account, this may reach the new account before the transfer comes in.

I was just wondering if there's any issue with the fact that the new ISA account was opened before the start of this tax year. And am I also correct in that the annual interest paid will be paid on the full sum (transfer in + payin), will be paid on the 5th April next year or will it be paid on the date (next year) when the last cash was paid into the account this year, e.g. say 20th April for the transfer ISA + cash-paid-in for 2013/14 to reach the new account.

Thanks to anyone for any help!

innovate

There is no issue with what you described.

Interest gets paid whenever they pay interest for the ISA you opened. It may be April 5 or some other date. Should be in your ISA material/T&Cs.