ISA - Question regarding transfers in

Colin297

I'm currently looking at potential ISA cash a/c's for 2013/14.

I've got one from last year from the Post Office which a rate, including bonus, of 3.1% for 18months. That runs until Oct 2013.

My question therefore is, if i find a good account which takes transfers in, can i start accruing money into it and then come Oct can i transfer my other account's balance? Or does that have to be done right away?

This is important because right now im contemplating Coventry B.S who offer 2.6% but no transfers in. I'd have to take a lesser rate, circa 2.2%, to find an account that takes transfers in. If i won't be able to transfer anyway, then it's not worth it, but it will be otherwise as i can't have my last years full balance sit there from Oct until next April with little or no interest, either.

All help and assistance much appreciated!!


Thanks,

Colin

innovate

Colin297 wrote: »

My question therefore is, if i find a good account which takes transfers in, can i start accruing money into it and then come Oct can i transfer my other account's balance?

Yes, if it allows transfers in then.

If it doesn't, you could just find another ISA that does in Oct. You do not have to keep your previous years' ISA funds in the same ISA as your current year's.

Colin297 wrote: »

Or does that have to be done right away?

No

xylophone

You could open the Coventry for this tax year - transfer the PO ISA to the best rate you can find in October - don't forget new provider must handle the transfer.

Colin297

So can i actually open up two ISA's accounts this tax year?

I.e. one for new cash, this year, and one to transfer my old allowance into???

That sounds like a good option...

t0rt0ise

Yes, just make sure when you open the one for the old allowance that you don't pay any new money into it. Open with £0 and then fill in a transfer form.