Cash ISA question

Gordon_the_Moron

Hmmmmm... this is a bit embarrassing lol, I'm usually one of those quick to answer the easy and basic ISA questions asked on here regularly as I thought I knew all the ins and outs and ISA rules! I now have an ISA question to ask...

You can only transfer the current year's allowance whole as we all know, you cannot break it up.

I have an instant access ISA with roughly 9k in it, last year's allowance + interest and some of this year's allowance.

Can I transfer 1k to another provider from it now, in doing so will I be transferring some of last year's allowance (perfectly acceptable) or trying to break up the current year's subscriptions (not permitted)

oldfella

yes you can - as long as the new provider allows you to open without subscription

westy22

AFAIK providing you leave whatever you have contributed this tax year where it is then you are free to transfer any part of the balance.

Gordon_the_Moron

westy22 wrote: »

AFAIK providing you leave whatever you have contributed this tax year where it is then you are free to transfer any part of the balance.

Me too, the "AFAIK" part worries me, it is "as far as I know" too, I need a certain answer!

Gordon_the_Moron

oldfella wrote: »

yes you can - as long as the new provider allows you to open without subscription

Thanks, do you know how much I can transfer over?

I put £5640 in last year, earned some interest, put some more in last year...

I know this year's contributions can stay in

I THINK I can transfer out last year's contributions ...

What about the interest? It isn't a contribution this year or last ???:eek:

These ISA rules are trickier than I thought, and that is coming from a 'seasoned pro' or at least that is what I was called a few weeks ago by a newbie who sent me a PM thanking me for my help answering a very very basic straightforward ISA question.

dzug1

Interest is not a contribution whatever year it's paid in.

innovate

Gordon_the_Moron wrote: »

I put £5640 in last year, earned some interest, put some more in last year...

If you did that, you broke the first rule of cash ISAs - - you deposited more than your allowance. But may be you didn't do it?

As to your original transferring Q : just look at the transfer form and all should fall into place.

bsms1147

Gordon_the_Moron wrote: »

I put £5640 in last year, earned some interest, put some more in last year...

I bet that second 'last' is actually a 'this'.

Yes, that's fine. Subtract whatever you've put in in this tax year, from what's in there in total, and that's the amount you can freely move around.

Vortigern

Gordon - check the wording on your new provider's ISA transfer form.
for example Santander's asks if you are closing your existing ISA and transferring all to them?
If not, it asks if you are transferring current year funds, or previous year funds.
All should be apparent from the transfer form.

helptoyou

Hi Gordon what are you trying to achieve , you can certainly transfer all or part of previous years ISA funds plus any interest accured by them to a new provider (providing they accept transfers in and there are no penalties from your current provider for doing so) . this years allowance must stay with one provider. why do you only want to transfer £1000 if you have found a better rate why not transfer it all ??

Gordon_the_Moron

innovate wrote: »

If you did that, you broke the first rule of cash ISAs - - you deposited more than your allowance. But may be you didn't do it?

As to your original transferring Q : just look at the transfer form and all should fall into place.

Oooops, the second last was supposed to be this!