Moving ISA

Frugalbride

Hi, I have maxed my ISA allowance for this year. My money is currently in Lloyds at a pitiful rate of interest. I have nearly 10k. I would like to move it to a fixed rate, ideally Santander. Can I open another ISA this year? I know I can transfer the money across eventually but just wondered if I'm allowed to open another in the same tax year? Or do I need to wait until April?

Archi_Bald

Provided that you can move all contributions made in the current financial year, you can move you existing ISA.

If you have not made any contributions in the current financial year, you are free to open & contribute to a new cash ISA, with a new or your existing provider.

thenudeone

Read this first http://www.moneysavingexpert.com/savings/cash-isa-transfers

But you MUST use the formal ISA transfer procedure of the new ISA provider - don't just do a bank transfer or cash withdrawal, which would count as an ISA closure and lose the tax-free status.