Moving ISA's and Opening new ones

PennyPenny

I have had an ISA for a few years and want to move it. I also want to get a good rate for this year, but most of the good rates are for new ISA's without transfers in.
Am I allowed to open a new ISA (with a good rate) and also to transfer my current ISA to another scheme with a better rate than I have at the moment?

Mushy61

Yes you can open a new ISA with a different provider as long as you haven't contributed to an existing ISA this financial year.

Kazzas ISA thread gives all the best deals on ISA's including best transfer rates.

http://forums.moneysavingexpert.com/showthread.html?t=401374

Gordon_the_Moron

You are only allowed to subscribe to one mini cash ISA per year, that means putting money (new money from a non ISA account) into one, opening an account and leaving it empty, closing accounts and transferring between ISAs do not count as subscribing, only adding money from a non-ISA source.

If you do have more than one account though, a couple of things to remember.

1) You can only put this year's £3000 subscription limit into one of them, even if you stay within the £3000 limit you are not allowed to spread it around the accounts.

2) If you move the money you have put in this year, you have to move it whole, you are not allowed to split it. Previous year's subscriptions can be split.

If you are wondering why the above two rules apply, ask someone else, they seem rather silly to me too.

Da Moron