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Quick question re old ISA's

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Tayus
Tayus Posts: 313 Forumite
in ISAs & tax-free savings
Hi everyone,

If I have an old Isa that is paying a low rate of interest, I understand that I can transfer it to a new provider but does that then mean that I can't get a new isa for this year?

Basically, does transferring old isas effect your allowance for a new tax year?
Aoccdrnig to a rscheearch at an Elingsh uinervtisy, it deosn't mttaer in waht oredr the ltteers in a wrod are, the olny iprmoetnt tihng is taht frist and lsat ltteer is at the rghit pclae. The rset can be a toatl mses and you can sitll raed it wouthit porbelm. Tihs is bcuseae we do not raed ervey lteter by it slef but the wrod as a wlohe.

Comments

  • Archi_Bald
    Archi_Bald Posts: 9,681 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    Tayus wrote: »


    Basically, does transferring old isas effect your allowance for a new tax year?

    No it does not.
  • ColdIron
    ColdIron Posts: 9,832 Forumite
    Part of the Furniture 1,000 Posts Hung up my suit! Name Dropper
    Tayus wrote: »
    Basically, does transferring old isas effect your allowance for a new tax year?
    No they have no affect on each other, if the new provider has the best rates and allows transfers it usually makes sense to put them in the same place though
  • jimjames
    jimjames Posts: 18,664 Forumite
    Part of the Furniture 10,000 Posts Photogenic Name Dropper
    Tayus wrote: »
    Hi everyone,

    If I have an old Isa that is paying a low rate of interest, I understand that I can transfer it to a new provider but does that then mean that I can't get a new isa for this year?

    Basically, does transferring old isas effect your allowance for a new tax year?

    How much is in your ISA?
    Remember the saying: if it looks too good to be true it almost certainly is.
This discussion has been closed.
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