Top Cash ISAs Discussion Area

anthony58

Some ISA providers do not accept transfers from an existing ISA (with another provider).
Can you not simply cash in the original ISA and then use the funds released to set up with another provider, as long as you don't exceed the total amount which can be invested each financial year?

Baz_2

anthony58 wrote: »

Some ISA providers do not accept transfers from an existing ISA (with another provider).
Can you not simply cash in the original ISA and then use the funds released to set up with another provider, as long as you don't exceed the total amount which can be invested each financial year?

Obviously my new ISA will be one that accepts transfers.

And yes you could do that but that would mean I cannot pay the full £7200 into my S&S ISA and I would lose the tax freeness of the amount withdrawn. Not a good plan.

I am pretty certain I can do my plan, I just want one of the experts to OK it before I start opening accounts left right and center.

fullstop

Yes you can do that, but is not a good idea as you loose your tax free status of the money cashed in.

In reply to Anthony.

alkip

Sorry, wrong thread.

Baldur

alkip wrote: »

I recently took advantage of a 3.15% fixed rate mini cash ISA with the Skipton which was offered to existing customers who had a 6.something% fixed rate one with them last year.

Was this a simple transfer of the balance of your 2008/9 FRISA to another FRISA with Skipton or were additional funds involved?

When I went in today to have my book updated I also took in my Skipton variable rate mini cash ISA book (currently running at 2%) to have that updated too and was thinking of transferring that amount which is approx £3500, in to the fixed rate ISA but 2 assistants advised me not to if I have funds elsewhere. I do have funds elsewhere but they are earning 2.33% gross.

I feel that it is in my best financial interests at this time to transfer my mini cash ISA to the fixed rate one, am I missing something?

Does the 3.15% FRISA permit additional deposits/ISA transfers?

I was also told that if I transfer in the money I could not open another mini cash ISA either with them or elsewhere for this tax year, I stated that afaik transfers didn't affect your allowance but they were insistent that they were right, were they?

Correctly conducted ISA transfers (i.e. by completing the new provider's transfer form and leaving them to arrange the transfer) do not affect your annual ISA allowance.

Lastly I asked whether or not I would still have my allowances of £3600 which I could put in as well, seeing as I had done transfers with the other monies, before the end of May which is when they are looking at closing the offer, but was told no, why?

See above - you'd need to ask Skipton why....

alkip

I'm struggling to get a conclusive answer fro Skipton and, as I like to spread my investments around and, as I have simply transferred last years FRISA into another FRISA with the Skipton and have not deposited any more funds into the said FRISA am I okay to open another FRISA or with another organisation?

Baldur

alkip wrote: »

...... as I have simply transferred last years FRISA into another FRISA with the Skipton and have not deposited any more funds into the said FRISA am I okay to open another FRISA or with another organisation?

If you have not subscribed any of your 2009/10 allowance, you can open & subscribe to a new Cash ISA (whether fixed or variable) with whichever provider you choose.

leaphaze

Baz wrote: »

Can I open a 2009/10 Cash ISA, transfer my 2008/09 ISA to it and still open a 2009/10 S & S ISA and contribute the full £7200 into it. Obviously no new money will go into the cash ISA.

I take it I can open a cash ISA for this year without contributing any new money, just the transfer?

If you open a cash ISA just to transfer a previous years allowance then that new cash ISA is for the previous year. It's wrong to call it a 2009/10 Cash ISA, if you're just opening it to transfer 2007/08's (for instance) allowance.

HouseHuntr

Simple question ?

Can I open two new CASH ISA's, one to transfer previous tax years savings and one to fund new savings ?

KTF

As per the posts on the bottom of the previous page, yes you can open one ISA and transfer money in then open another ISA and fund it with this years allowance.