Transferring Mini-cash ISA

ashm1

I've used up the 3000 for 07-08 in a cash mini-ISA but can I transfer to another provider in this tax year?

Or can I only transfer after April 6th 2008?

rob5ta

Yes you can. I have an ING Direct ISA, that i have had for 6 months which is about to drop to their variable rate, so have decided to move it to YBS E-ISA. I too have used up my allowance, so

YES, you can transfer your funds to a different provider, but no you cannot add any more funds into it until the next tax year (08/09) in this case.

ashm1

I thought some providers only allowed transfers in if you had the 3K free.

rob5ta

ashm1 wrote: »

I thought some providers only allowed transfers in if you had the 3K free.

http://www.hmrc.gov.uk/isa/transfer-isa.htm

Quote from link

Transferring an ISA

Investors can transfer their ISAs from one manager to another whenever they want. They may transfer

• their current year ISA subscriptions and/or
• all or part of their previous years ISA subscriptions.

If the ISA contains current year subscriptions only the entire account must be transferred.

ISA cash, savings and investments must always remain in the same component. An investor cannot transfer funds from, say, a cash ISA with one manager to a stocks and shares ISA with another. However, the designation of an ISA as a maxi or mini is only important for transfer of current year subscriptions. So, for example, current year subscriptions to the stocks and shares component of a maxi ISA can only be transferred to the stocks and shares component of another maxi ISA. However, previous years’ subscriptions the stocks and shares component of a maxi ISA can be transferred to a stocks and shares mini ISA or the stocks and shares component of another maxi ISA. Similarly, current year subscriptions to a cash mini ISA can only be transferred to another cash mini ISA. However, previous years’ subscriptions a cash mini ISA can be transferred to the cash component of a maxi ISA or another cash mini ISA.

ashm1

Thankyou for the link.
Originally it was the Abbey ISA that I looked at. Seems to allow transfers but not if you've used it up.

http://www.abbey.com/csgs/Satellite?c=GSProducto&cid=1157695655413&pagename=Abbey%2FGSProducto%2FGS_InfProducto

Consider it if...

• You want to save up to £3,000 in a tax year without paying any tax on the interest
• You want to manage your money by post, telephone and internet
• You want the option to open an account in a branch, by post or online
• You want an easy way to transfer the proceeds from any existing cash mini ISAs you may have

Don't consider it if...

• You’ve used your ISA allowance for this tax year
• You want to pay into a maxi ISA in this tax year
• You may want to manage your money by using an Abbey branch