Cash ISA question

Gordon_the_Moron

helptoyou wrote: »

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 ??

The £1000 figure was just an example, I will actually be transferring £1. I have a Nationwide Flexclusive ISA issue 1, I am going to open a First Direct instant access ISA so I can transfer the lot in when the bonus runs out (I have 3 other fixed rate ISAs that mature at nearly the same time, they will put it over £40k to earn 3%)

I am assuming the account won't still be open to new applicants in a few months time and hoping they don't drop the rate, if the plan fails, nothing lost!

Gordon_the_Moron

dzug1 wrote: »

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

I know it isn't a contribution as it doesn't affect the amount you can add to the account, didn't know if the current year's interest (interest paid in the current year) had to stay with the contributions for that year or not.

helptoyou

Hi Gordon Understand what you are trying to do now dont forget you will need a first direct 1st account to open the isa, the current account does come with conditions monthly contribution etc see there website for details

http://www1.firstdirect.com/1/2/banking?WT.ac=FSDT_HEAD_BA1313

To apply for a Cash ISA you must already hold a first direct current account - our 1st Account. If you already have a 1st Account, you can open a Cash ISA online, by telephone or by post.

Gordon_the_Moron

I know you need a 1st account, I've already got one of those for its nice regular saver