HSBC wont accept cash mini ISA transfer in?

PauliPauli

Not the best rate around but wanted my ISA under same umbrella as my other accounts.

But customer rep said I can transfer in ONLY if I have NOT added to my ISA in THIS year, which I already have (full £3k)?

(will be transfering in all current and previous years ISA - closing current cash mini ISA)

He said its a ISA rule, although I've never heard of it before ??

Ian_W

I opened this years ISA with YBS in April then transferred previous years ones from A&L to them.
FAQs
at the top of the page make no mention of this.

Not all providers accept transfers in but if they do, whether you've used this years allowance or not shouldn't come into it AFAIK.

EDIT: Sorry, I may have misread your post. Can you clarify have you contibuted this years allowance with HSBC or someone else?

PauliPauli

Hi Ian, no when April this year came, put in this years £3k with existing ISA provider topping up last years £3k addition?

ManAtHome

Pretty sure it's not "an ISA rule" - moved some of mine to Kent Reliance last year as well as taking out a new NS&I one. Could be a HSBC rule like "you must open an ISA account with us before we accept transfers".

If you went through a call centre, could be worth another call (slim chance of getting the same rep) or even drop in at your local branch.

gt94sss2

Never heard of this before - suggest you try another customer rep..

Regards
Sunil

Ian_W

I think ManAtHome may be correct here that it's a provider rule rather than an ISA rule. Some will only allow you to open an ISA with a deposit - which you can't do as you already have a current year ISA, whereas others allow you to apply then transfer in current and past years to open it.
HSBC may have saved you from yourself - you really should be after the best rate. See HERE for current Best Buys.

PauliPauli

would only lose out on about £4 per month, as not much in ISA, just individual prefernce of having all accounts under same login/bank which willing to sacrifice £4 p/m