Transferring Isa

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I've been watching Martin Lewis and he was talking no tax on savings accounts from April.

Now I opened a htb isa with nationwide and the cash isa wrapper in Jan but technically haven't opened the cash isa bit due to problems with them.

Anyways In April could I transfer the htb USA and the cash isa to Halifax which is my bank anyways to get their 4% rate and then open a savings account with them.

The money from my isa with nationwide were with Halifax before I transferred.
Is this allowed or is it breaking the rules
Mortgage free wannabe 

Actual mortgage stating amount £75,150

Overpayment start date 1/3/23.

Starting balance £66,565.45

Current balance £63,787.16

Comments

  • eskbanker
    eskbanker Posts: 31,588 Forumite
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    If you haven't funded the non-HTB cash ISA then there's nothing to transfer, so you can just transfer your HTB ISA from Nationwide to Halifax at any time, no need to wait until April.

    The April tax changes mean that non-HTB cash ISAs make even less sense than this year but I seem to recall you were determined to stick with them anyway from posts on previous threads?
  • Sncjw
    Sncjw Posts: 3,511 Forumite
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    Yes but I thought they were taxed but now there isn't any tax to pay really.

    Also if I put funds into the cash can I transfer that money to Halifax or not. I have money from Halifax isa sitting there to move to nationwide so can I move it back
    Mortgage free wannabe 

    Actual mortgage stating amount £75,150

    Overpayment start date 1/3/23.

    Starting balance £66,565.45

    Current balance £63,787.16

  • eskbanker
    eskbanker Posts: 31,588 Forumite
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    Sncjw wrote: »
    Also if I put funds into the cash can I transfer that money to Halifax or not. I have money from Halifax isa sitting there to move to nationwide so can I move it back
    I'm struggling to follow exactly what's happening here - are you saying that you have money in a cash ISA with Halifax that you were going to transfer to a non-HTB cash ISA with Nationwide but that this didn't happen for some reason and now you want to keep it at Halifax (rather than moving it back as such if it hasn't actually gone anywhere)? If so, this may be possible if it was money from a previous tax year but not if it's 2015/16 money - if you're going with a Halifax HTB ISA then you can't put any 2015/16 money into a Halifax cash ISA unless it's with a provider who offers split ISAs such as Nationwide.

    Or, at the risk of labouring the point from other posts, put the money in one or more high-interest current accounts and/or regular savers where you'll get a better return on it, even allowing for tax!
  • Sncjw
    Sncjw Posts: 3,511 Forumite
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    Il explain what happens.


    Right I went to open a htb isa with nation wide under the wrapper scheme. I was with Halifax and had a fixed isa for 18montjs and hasn't paid any money in since starting that which ended on October. As it ended they changed it to the crap easy rate

    I went to nationwide and opened the account for htb. I went in a couple of weeks later when I knew the money has gone from my Halifax account I had 2200 in there and transferred the 1200 to the htb. I was going to put the remaining amount in the cash isa which they told me they would open when I went back to branch. Anyways they found that the person actually opened a cash isa not htb .

    After aloy of faffing around they changed that to the htb and I have a passbook for it. I have yet to open the cash one as they said it was best to wait till htb was sorted. I was going to open the cash one but I then saw Martin Lewis talking about tax free savings accounts from April.

    So I'm asking if I continued to open he cash jsa with nation wide can I transfer that and the htb to Halifax 4% htb or not
    Mortgage free wannabe 

    Actual mortgage stating amount £75,150

    Overpayment start date 1/3/23.

    Starting balance £66,565.45

    Current balance £63,787.16

  • Sncjw
    Sncjw Posts: 3,511 Forumite
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    I was then going to put the cash isa Amoubt into a savings account with Halifax as well
    Mortgage free wannabe 

    Actual mortgage stating amount £75,150

    Overpayment start date 1/3/23.

    Starting balance £66,565.45

    Current balance £63,787.16

  • eskbanker
    eskbanker Posts: 31,588 Forumite
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    Sncjw wrote: »
    So I'm asking if I continued to open he cash jsa with nation wide can I transfer that and the htb to Halifax 4% htb or not
    No, all HTB ISAs are constrained by the £200 monthly limit (other than the first month) so the maximum you can currently have in one is £1600 if you started it in December.

    So you can't have all of your £2200 in an HTB ISA with anyone for now, although you can drip-feed the rest in over the next few months at £200pm.
  • Sncjw
    Sncjw Posts: 3,511 Forumite
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    So I can't transfer just my htb isa over to Halifax.

    Can I close the normal cash Ida account without any affect on htb and put that money into a savings account?
    Mortgage free wannabe 

    Actual mortgage stating amount £75,150

    Overpayment start date 1/3/23.

    Starting balance £66,565.45

    Current balance £63,787.16

  • Sncjw
    Sncjw Posts: 3,511 Forumite
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    I'm
    Going to check to see if the cash is a part has been opened of not il not open that one and just keep the money to put in savings account can j do that leave the money in the dormant isa
    Can I then transfer the whole amount of my htb isa to Halifax or not
    Mortgage free wannabe 

    Actual mortgage stating amount £75,150

    Overpayment start date 1/3/23.

    Starting balance £66,565.45

    Current balance £63,787.16

  • eskbanker
    eskbanker Posts: 31,588 Forumite
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    Sncjw wrote: »
    So I can't transfer just my htb isa over to Halifax.
    Yes, you can transfer the HTB from Nationwide to Halifax, I was saying no to "can I transfer that [non-HTB ISA] and the htb to Halifax 4% htb or not".
    Sncjw wrote: »
    Can I close the normal cash Ida account without any affect on htb and put that money into a savings account?
    Not only can you close the non-HTB ISA but you must if it has 2015-16 money in it, so you'll need to close that ISA and put the money into a non-ISA account.
  • Sncjw
    Sncjw Posts: 3,511 Forumite
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    So close the non htb and then transfer help to buy.

    Also close my Halifax cash isa and put that money into the new savings account.

    Is that a good plan.

    Thank you for your help
    Mortgage free wannabe 

    Actual mortgage stating amount £75,150

    Overpayment start date 1/3/23.

    Starting balance £66,565.45

    Current balance £63,787.16

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