Isa Interest Query

burdenja

Hi,

I ran some quick numbers and it turns out it seems it would be better at least for now to have 2 isas (open one this year now) as not many allow transfers, and it wont be worth my while interest wise if they arnt 2.4%+ to put this years money in the same isa as last years.

my question is would it be possible say in a few months time to open a new isa if i found one that did offer transfers and transfer last years and this years money from the new isa in to it.

-one additional question is, would it be possible to transfer a previos years money into a new isa (to get a better rate)
and then open another isa that you are going to pay into so you don't pay into the one you had transferred from the previous years

Cpu2007

The maximum amount you can put in one ISA account is £5760, if the new operator allows you to transfer the ISA account then you can transfer it from your previous ISA accounts and you can do this as many times as you like if I'm not wrong - so if you do a transfer and after a few months you find a better ISA account,which allows transfer, you can transfer everything to the new one.

You can have one ISA account a year, so if you had one and want to open a new one this year, you can do this.
This is usually good when an ISA account that doesn't allow transfer from previous year, so what you can do is keep your previous ISA account and on the new fiscal year open another ISA account where you put the rest of your money.