ISA question

MatthewB123

Hi all just a quick question one of you may be kind enough to help me with…
I currently have a direct ISA (Issue 9) with Santander, this is the first ISA I’ve ever had. I opened this account on the 20th of April 2012. Recently I received a letter explaining that from the 20th of April 2013, the rate will drop as the year long ISA is finished and will become an ISA Saver.
My question is would I be able to open a new ISA and put in the 2013 limit of £5,760, then transfer my old/existing ISA into that account too. Or will I have to wait until after the 20th of April to do this, when the account reaches maturity?
I’ve checked and the new ISA I wish to sign up to allows transfers, it’s just a matter of if I have to wait until account maturity or If I can do so as soon as possible?
Hopefully the answer isn’t plainly obvious, if so my excuse is I’m only 21 and my only prior knowledge to this first ISA was an old school passbook saver account I’ve had since the age of 13. :-)
Any help would be appreciated.

xylophone

You can open your 2013-14 ISA immediately and complete a transfer form from your new provider asking to arrange the transfer on the date you require see this example of the Halifax transfer form at section 4. http://www.halifax.co.uk/savings/pdf/cash-isa-transfer-form.pdf

Your new provider's form should be similar?

david78

No you don't have to wait. You can transfer now if you like (or at least start the application - it could take a few weeks anyway).

When the money is transfered, any interest due will be credited and transfered as well.

MatthewB123

Thank you both for your responses :-)