Transfer Cash ISA to H2B ISA

AlunGwil

Hi,

Apologies if this has been answered elsewhere, my head is spinning at the moment after reading all sorts of different things.

Basically I subscribed to a HSBC Loyalty Cash ISA earlier this year, and paid in a fair amount, but eventually took it all out again (stupid I know). I now have a cash ISA with nothing in it, but want to open a H2B ISA, what options do I have if any? If all the cash I'd put in the cash ISA was still there I reckon it would be pretty straight forward but I'm not sure where I stand.

Any help would be appreciated.

Thank You.

jimjames

If it's empty then just open the HTB ISA

AlunGwil

But will I then not have subscribed to more than one ISA in the same tax year?

Thanks.

AlunGwil

Anyone able to shed any light on the above for me? I've asked HSBC if I can transfer the (empty) Loyalty Cash ISA into a H2B ISA and they've said that I can't because I've subscribed to the cash ISA this year, and that I have to wait until April.

Thanks.

colsten

Jut read the last few posts in http://forums.moneysavingexpert.com/showthread.php?t=5371330

AlunGwil

Having had some guidance from this forum these are the steps I plan to take :
- Transfer my HSBC Cash ISA to a Nationwide Cash ISA (even though I have subscribed to the HSBC ISA during this
Tax year, and then taken it all out again so the balance is £0)
- Open up a H2B ISA with Nationwide so then I'll have a cash ISA and H2B ISA which I can split my allowance between.

Can anyone reassure me that I'm not breaking any rules here? The only reason I admsk is that on the transfer form I have received from Nationwide I have to sign a declaration that states amongst other things ;
"I have not subscribed and will not subscribe to another cash ISA in the same tax year that I subscribe to this cash ISA" - This simply isnt true so how can I sign it?

Thanks again for any help.

AlunGwil

As I side note the staff at my local Nationwide had no idea about this - I had to convince them that I was allowed to do this, so they weren't of any real help!

colsten

Subject to HMRC ISA regulations, you can split your cash ISA annual allowance between all or any of our cash ISA products

That's from http://www.nationwide.co.uk/support/support-articles/terms-and-conditions/isa-general-terms-and-conditions

Alternatively, portfolio ISAs allow you to hold multiple ISA products within a cash ISA wrapper. You can still only have one active cash ISA but it can be made up of one or more standard cash ISA products, including a Help to Buy: ISA. With a portfolio ISA, you can save into a cash ISA and a Help to Buy: ISA at the same time. The standard cash ISA and Help to Buy: ISA allowance limits will still apply.

- See more at: https://www.helptobuy.gov.uk/help-to-buy-isa/faq/#sthash.CF83O5gN.dpuf