Cash ISA Curious problem

edited 30 November -1 at 1:00AM in ISAs & Tax-free Savings
2 replies 626 views
DennypDennyp Forumite
1 Post
edited 30 November -1 at 1:00AM in ISAs & Tax-free Savings
I've read all the ISA guides but can't find the resolution to this problem.
I have two cash ISAs. One (Coventry BS) is a 5-year fixed rate ISA that does not allow further additions or transfers in. It was opened in May 2015 i.e. in the current tax year.
The other ISA (Tesco Bank) was opened in November 2014 i.e. in the previous tax year. It has now come to the end of the bonus period and I wish to transfer it to some other new ISA.
Is this possible, given that I have already opened on ISA in this tax year/ Or does a transfer not count as opening a new ISA?

Replies

  • colstencolsten Forumite
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    The only restriction is that you cannot subscribe (i.e. put new money in) to more than one cash ISA in the same financial year.

    An ISA transfer does not count as a subscription, as long as it is carried out properly, i.e. by the new ISA provider.
  • eskbankereskbanker Forumite
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    OP: at the risk of parroting the usual Pavlovian response on here, are you sure that cash ISAs represent the best home for your money, given their poor rates compared with other accounts (even allowing for tax)?
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