question

uklad2k

I am looking to open up a 2015-2016 ISA with Halifax 1.4%.


I have a 2014-2015 ISA with Halifax.


Can I;


1 - open up a 2015-2016 isa with Halifax
2 - then transfer my 2014-2015 ISA from Halifax into Post Office, once the rate with Halifax drops from 1.55%?


thanks

bsms1147

You can do that.

Hammer_Time

I would like to transfer money from an old ISA to santander, however I would like to put new money in the Coventry, can I do this?

bsms1147

You can do that, too.

Eric_D

Hi, I'd like to open a new ISA that does not accept transfer ins. I hear from everywhere that I shouldn't withdraw the money from my current ISA and I should always do a transfer. But I've just earned an interest on the old one and I'd like to know what's stopping me from withdrawing everything I've got in there into my current account, setting up a new ISA and then put all the money into the new one? I'm just very confused at the moment. Thanks for your help in advance.

jimjames

Eric_D wrote: »

I'd like to know what's stopping me from withdrawing everything I've got in there into my current account,

Absolutely nothing. You'll probably find you get vastly better interest leaving it in a current account if you just stop at that point rather than opening an ISA.

bsms1147

Eric_D wrote: »

Hi, I'd like to open a new ISA that does not accept transfer ins. I hear from everywhere that I shouldn't withdraw the money from my current ISA and I should always do a transfer. But I've just earned an interest on the old one and I'd like to know what's stopping me from withdrawing everything I've got in there into my current account, setting up a new ISA and then put all the money into the new one? I'm just very confused at the moment. Thanks for your help in advance.

If you deposit your old money into a new ISA that way, it uses some (or all, depending on how much you have) of this year's allowance, so bear that in mind if you decide ISAs are definitely for you.

Eric_D

jimjames wrote: »

Absolutely nothing. You'll probably find you get vastly better interest leaving it in a current account if you just stop at that point rather than opening an ISA.

So, I had a look at how much interest my current account pays me and I found out that it's 3% which beats any of the best buy ISAs currently, but only up to £2500 each month. So, would it be possible to use the money from my old ISA (which is currently at 1.25%) to pay up to £2500/month into my current account and then transfer it, after the interest is paid each month, into my new ISA? Is this a good idea and would it be o.k. to do this? Sorry if it's a sily question but all these interest rates and shuffling the money is a new thing to me...

jimjames

You need to leave the money in your account to earn interest.