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ISA question
Steve_xx
Posts: 6,999 Forumite
If I wait until July and then open a cash ISA with Coventry BS at 2.75% fixed for 5 years and fill it with 15k, can I then open another ISA with another company in order to transfer previous years ISA's to this proposed second ISA. Assuming that the company allows tranfers-in of course.
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Comments
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In a word, yes (assuming you haven't already paid any new 2014/15 money into any ISA before opening the Coventry one)0
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In a nutshell, yes.Stephen Covey once said that "when you teach once, you learn twice". That is the primary reason for my participation on the forums as an IFA.
Although I strive to provide accurate information in my posts, there may be the odd time when I fail. Yes I know it's hard to believe but even Your Hero can make mistakes. Apologies in advance.0 -
In a word, yes (assuming you haven't already paid any new 2014/15 money into any ISA before opening the Coventry one)
No I haven't opened another one this year.
I thought you could do this but I wanted to check.
I seem to remember doing something like it a few years ago where I think I opened a Natwest ISA and then another with a different company became available within about a month. In that instance I think I shifted the current years ISA from Natwest to another company.0 -
If I sort the Coventry one out and then applied for another as suggested in my first post, wont the second one want me to declare that I haven't subscribed to another ISA in this year?0
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No I haven't opened another one this year.
Just to be 100% clear on terminology, it's not a case of whether or not you've opened one this year, the test is whether you've paid any new money into one since 6 April! Probably not a relevant distinction given your stated intention to put the whole annual allowance of £15K into a new one next month, but best to be sure....0 -
If I sort the Coventry one out and then applied for another as suggested in my first post, wont the second one want me to declare that I haven't subscribed to another ISA in this year?
Yes they do, but to my understanding you can ignore this. The wording in the declaration is generic for all ISAs, i.e. they do not have separate ISA declarations for ISA transfers vs new ISAs.
You will not have broken any ISA rules by doing the said actions in your OP.Stephen Covey once said that "when you teach once, you learn twice". That is the primary reason for my participation on the forums as an IFA.
Although I strive to provide accurate information in my posts, there may be the odd time when I fail. Yes I know it's hard to believe but even Your Hero can make mistakes. Apologies in advance.0 -
Yes they do, but to my understanding you can ignore this. The wording in the declaration is generic for all ISAs, i.e. they do not have separate ISA declarations for ISA transfers vs new ISAs.
You will not have broken any ISA rules by doing the said actions in your OP.
Ok thanks for the information.
Now, turning to Coventry BS application. It asks whether I want to transfer past ISA's into it. The answer may be yes to that but I think I'm tied to 3oth July with the one I'd like to transfer in. Is it possible, do you think, to state "yes" on the Coventry application and will it then present me with a date option for when the transfer in should take place?0 -
Ok thanks for the information.
Now, turning to Coventry BS application. It asks whether I want to transfer past ISA's into it. The answer may be yes to that but I think I'm tied to 3oth July with the one I'd like to transfer in. Is it possible, do you think, to state "yes" on the Coventry application and will it then present me with a date option for when the transfer in should take place?
Some providers do and some don't I'm afraid.
If this is an online application, why not just run it all the way through to the penultimate step to see if there's an option to specify a date?Stephen Covey once said that "when you teach once, you learn twice". That is the primary reason for my participation on the forums as an IFA.
Although I strive to provide accurate information in my posts, there may be the odd time when I fail. Yes I know it's hard to believe but even Your Hero can make mistakes. Apologies in advance.0 -
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