Transferring ISAs

woodsmith

Whilst I know you can consolidate several old ISAs into one new one, does opening the new one (even if you only transfer funds in rather than depositing new money) constitute your one new ISA for the year?

So by way of an example, could I transfer my existing ISAs into a new one with say the Coventry BS and also open a Post Office one with other (non ISA) savings?

Thanks.

xylophone

If you have not subscribed to an ISA at all in this tax year, you can open one now with a provider of your choice and pay in up to £15000.

You can also transfer your ISAs for previous tax years to the same provider as above or to another provider.

Remember that you must ask your new provider to arrange the transfer (s).

If you have subscribed to an ISA this tax year, the whole of that subscription would need to be transferred to any new provider - you cannot leave part with the old provider and transfer part to new provider (s).

woodsmith

Thanks for coming back so quickly. I don't think I fully explained myself so to try again: -
I have subscribed to an ISA this year (15,000) but it is a fixed ISA (matures in 2017) so I can't add any money to it - hence it is out of the equation for now.
I have other older ISAs and a normal savings account and what I'm really asking is can I only open a single new ISA after 6th April and transfer my old ISAs and some new money into this?

Archi_Bald

woodsmith wrote: »

I have other older ISAs and a normal savings account and what I'm really asking is can I only open a single new ISA after 6th April and transfer my old ISAs and some new money into this?

You can request the transfers now or after April 6, doesn't matter, as transfers (as long as done properly) do not count towards your allowance. You just cannot pay any new money into any ISA before April 6th.

enthusiasticsaver

Incidentally if you are going for the Coventry BS fixed term isa they will not accept transfers in so you can open with new money after 6 April but you will not be able to add to it.

Rollinghills

I think you are asking whether you can open an ISA now with 0 funds and then transfer into it. I am not sure but I think that is risky as you already opened an isa this year. You can only subscribe once and opening an account could count as subscribing.

Is it possible to only open an isa upon transfer of funds from another ISA? then it would be clear it is not a new subscription.

Archi_Bald

Rollinghills wrote: »

I think you are asking whether you can open an ISA now with 0 funds and then transfer into it. I am not sure but I think that is risky as you already opened an isa this year. You can only subscribe once and opening an account could count as subscribing.

It is not in the least bit risky. Transfers, as long as done properly, do not count towards your allowance. A proper ISA transfer is one that you request the new ISA provider to do, by filling in their transfer form.

You can open as many ISAs as you like each year. You just cannot subscribe to (i.e. out new money) into more than one.

Rollinghills

Archi_Bald wrote: »

It is not in the least bit risky. Transfers, as long as done properly, do not count towards your allowance. A proper ISA transfer is one that you request the new ISA provider to do, by filling in their transfer form.

You can open as many ISAs as you like each year. You just cannot subscribe to (i.e. out new money) into more than one.

I understand what you're saying. But I did this once (quite a few years ago) and Halifax messed it up so that the transfer came as a new ISA. They did sort it out in the end and I could subscribe to a new ISA but it was a hassle. Like I say, it was more than 5 years ago, maybe their systems are better with transfers now.

Archi_Bald

If the provider messes up, it doesn't really matter which tax year they mess up in. They will need to correct it, and they need to compensate you for any costs.