Transfer old ISA's - help please...

Kim_Barnae

Hi,

I have a 2012/13ISA that is with the Halifax (now early 0.5% interest). I have also just opened a new Halifax ISA for 2013/14 (earning 1.75%).

I want to transfer my 2012/13 ISA into a new provider at a better rate - but not sure what my options are, can I:

1. Transfer my 2012/13 ISA to a new provider - e.g. Nationwide, at a better rate BUT keep my 2013/14 ISA with halifax. So only transfer an old ISA not a new one.
2. or do i have to transfer both my 2012/13 and the new 2013/14 ISA's to the same provider?
3. or....could I transfer my old Halifax 2012/13 ISA into my new Halifax 2013/14 ISA

Hope someone can advise me suitably.....

Lokolo

You can do any of them.

Halifax to Halifax can be done in branch quite quickly I believe. Whereas transferring outside would take a couple of weeks.

If the Nationwide pays more interest, I'm not sure why you opened the Halifax one though.

Kim_Barnae

Thanks Lokolo,

I want the Halifax one for 2013/14 just because its easy to manage my money online as all my other accounts are Halifax! but for previous ones it doesnt matter as much as I leave them alone.

I thought you can only have one ISA open for the current tax year, so if I want to transfer 2012/13 can I open a totally new ISA (with say Nationwide) JUST to transfer the 12/13 one whilst leaving my Halifax open and using that for 13/14?

Lokolo

Kim_Barnae wrote: »

Thanks Lokolo,

I want the Halifax one for 2013/14 just because its easy to manage my money online as all my other accounts are Halifax! but for previous ones it doesnt matter as much as I leave them alone.

I thought you can only have one ISA open for the current tax year, so if I want to transfer 2012/13 can I open a totally new ISA (with say Nationwide) JUST to transfer the 12/13 one whilst leaving my Halifax open and using that for 13/14?

Yes. The rule isn't "open one", it is "subscribe to one" which means to put new money in.

Transferring - you open a new ISA which allows transfers, you open it with £0, don't deposit any money in. And you then fill in an ISA Transfer Form with the new provider (Nationwide). They will then transfer the ISA(s) over for you.

Kim_Barnae

Thanks Lokolo, i think i finally get it!!

badger09

Lokolo wrote: »

Yes. The rule isn't "open one", it is "subscribe to one" which means to put new money in.

Transferring - you open a new ISA which allows transfers, you open it with £0, don't deposit any money in. And you then fill in an ISA Transfer Form with the new provider (Nationwide). They will then transfer the ISA(s) over for you.

Kim

This is important - you need to check that the particular Nationwide ISA you're interested in, allows transfers in. Many of them don't