Opening and transferring isas in the same year?

thor

Are you allowed to do an isa transfer to a bank/bs while opening an isa in a different bank/bs in the same financial year?

Primrose

You can transfer any previous years ISA to another institution without it impacting on your CURRENT TAX YEAR ISA allowance, so you can still open a new £3000 cash ISA every tax year. The important thing to remember, if transferring, is not to draw your money out and then try to transfer it as you will lose the tax-free allowance. What you must do is request a transfer form, either from your existing provider, or the one to whom you want to transfer the money and let them handle the administration. Also check that there isn't a penalty for transferring, as some banks do imposes charges for this.

butterfly72

Can you transfer more than 1 years allowance from different providers to a new provider?

thanks.

jem16

Yes you can.

Milarky

jem16 wrote: »

Yes you can.

Subject to the new provider agreeing (many ISAs won't 'accept' transfers even if the ISA rules say that they 'may')

samnmalc

Hi, could I just aks a quickie?

I opened a new isa and gave a transfer request form to my old provider to action. This was 25 days or so ago and since then I have heard absolutely nothing from either provider.
Is this normal and the money will just transfer after 30 days? or should I have had some sort of communication with anybody?

The upshot is that I have no idea if the transfer is going through

steady__eddie

When I transferred one earlier this year, I received my welcome pack from the new provider well within the 30 days. A few days later, I had a sob letter from the old provider saying sorry to lose you. I don't think that 30 days is the norm, merely the max'm time that they have got to get their act together. If I'm wrong and things have changed then I stand corrected. Can you not clock the new provider to see if they have received the funds yet ?
Currently I'm moving one from A to B and simultaneously one from B to C. The transfers out are both instant access jobs so do not require notice. I'm looking forward to comparing the relative efficiency of each institution when the transactions are completed.