transfer previous years ISAs

Leasholm15

I have just tried to open a 2 year fixed rate ISA using previous years ISA monies with Paragon Bank and the application form states that I am not allowed to open another ISA in this financial year.ie 17/18. I phoned and was told that this is the case which is a nonsense, unless the rules have changed. Has anyone else experienced this?

AnotherJoe

Are you sure you ticked the right boxes? Did you select 'transfer from previous ISA'?
I cant get to the form without filling a bunch of guff in. What exactly does it state, at which point?

eskbanker

The key word is likely to be 'subscribe' rather than 'open', i.e. the wording is probably something along the lines of committing not to subscribe to another cash ISA in the same tax year as subscribing to this one. As you wouldn't be subscribing [new money] to this one (just transferring) then there isn't a restriction.

See this thread for a similar debate on this subject: https://forums.moneysavingexpert.com/discussion/5633795

Leasholm15

before you tick the agreement box you have to select a box and I chose previous years ISAs, but it didn't seem to relate to this, only this financial year, as if I was investing in a 2017/18 ISA weird