Merge Santander ISAs

Zero_The_Hero

I have two Santander ISAs which I haven't paid into or taken money out of during the 2016/17 financial year.

Apologies if this is a silly question but am I able to merge the two ISAs into one and if so, when would be the best time to actually do it?

Am I also able to them contribute the ISA allowance of £15,240 into the merged account or could I use the allowance for both accounts and then merge them?

Any help would be greatly appreciated thank you.

DavidT67

Hi,
I'm going to assume you are talking about Cash ISAs.
If these are stocks and shares ISAs or another type then it's all more complicated.

You can't merge ISAs.
You can transfer the balance of one ISA into another, subject to the provider supporting this.

You can only contribute to a single cash ISA during any given tax year.
The contribution limit is an aggregate across all ISAs you may have, not per ISA.

ISA rules are getting more complicated all the time as the government of the day keeps fiddling...

Best thing would be talk to Santander about your specific accounts and see what options are available to you.

Hope this helps

Zero_The_Hero

Many thanks for the reply David.

Yes I was referring to Cash ISAs sorry - I should have said.

I'll have a word with Santander as you've suggested and see what they say.

Thanks for your help and have a lovely Christmas :-)

jimjames

As this is a money saving site before you transfer or pay any more money in you probably should check the rates against other options, both cash ISAs and non ISA accounts to make sure you're getting the best interest rates you can. It's unlikely that an old account will pay anywhere near the best rate.