Isa transfer question

shazspice

Hi

Im going to be transferring my isa to another provider and was wondering should i pay in this years allowance to the new provider or do i have to pay it into my curent provider and then transfer the money over?

david78

You can do it either way. Where is the account now and who are you transfering to?

shazspice

marks and spencer thinking of transferring to santander

david78

You need to check carefully or act quickly (tonight/tomorrow) since Santander may be changing (reducing rates) their accounts on Monday.

But if you go ahead, in this case I would transfer from M&S and add new money to Santender when you open it. Or you can transfer and add new money later.

shazspice

thanks just been looking at leeds building society might go for that one if santander do reduce rates before i apply

Gordon_the_Moron

I'd act quickly whatever you do as the top deals might go any time (they won't stay around long) and when one the top one goes down, the others may well follow.

As for the original question, you can split up previous year's allowances if you want, the current year's you can't, if it is transferred it must be done in full. You can either transfer the lot then add the new money or add the new money then transfer, either way works.

If you want the best possible return without fixing, open a Leeds BS account for the transfer and a Coventry BS Poppy Saver for the new money. If you want all the money together put the lot in Leeds BS.

shazspice

ok so do i just open up a new isa now and put in the allowance for this tax year and then transfer my m&s isa at a later date. Is that ok?

badger09

shazspice wrote: »

ok so do i just open up a new isa now and put in the allowance for this tax year and then transfer my m&s isa at a later date. Is that ok?

Yes.

Best to get your ISA open & funded with at least the minimum specified, to secure the rate, then start the transfer process.

Gordon_the_Moron

shazspice wrote: »

ok so do i just open up a new isa now and put in the allowance for this tax year and then transfer my m&s isa at a later date. Is that ok?

Either way do it quickly whilst the top buys are there!

Either fill the M&S ISA with this year's allowance then transfer the lot or transfer last year's then top up the new ISA, either is allowed.

CanonAxe

Here goes, I have two full ISA one from last year 2012/23 and the other from the year before 11/12. Could I transfer one of these into the other and then transfer the whole lot to another provider once my rate has dropped? Is there a limit of on how much you can transfer into an new ISA is it just the £5760. Find it really difficult finding the transfer limit out.

innovate

CanonAxe wrote: »

Here goes, I have two full ISA one from last year 2012/23 and the other from the year before 11/12. Could I transfer one of these into the other and then transfer the whole lot to another provider once my rate has dropped? Is there a limit of on how much you can transfer into an new ISA is it just the £5760. Find it really difficult finding the transfer limit out.

Provided your ISA allows transfers in, you can transfer anything from previous years. You need to check the T&Cs of your ISA, and use the official transfer process.

Unless your provider stipulates a limit for transfers, there is none. Also, transfers do not count towards your annual allowance.