New ISA

zcrat41

Hello, after a bit of advice please.


I currently have an ISA with NatWest paying a paltry 1%. So far this year I have paid in £1200. There is also money from previous years in there making a total of about 6k.


I'd like to transfer to Virgin where I'll get a slightly less paltry 1.75%.


Can I transfer midway through the year or can I only transfer money from previous years and have to stay with NW for this year?


Hope that makes sense.


Thanks


ZC

xylophone

The rule is that if you wish to move the current year's ISA within the current year, it must be transferred in its entirety - subscriptions for previous years can be split. http://www.hmrc.gov.uk/isa/transfer-isa.htm

You want to move both previous subscriptions and the current year's subscriptions to Virgin now and that can be done - you can then subscribe up to £4560 in the current year to your Virgin ISA.

Don't forget that you need to ask the new provider (Virgin) to organise the transfer.

zcrat41

Excellent, thank you very much for your very helpful response x