Top Cash ISAs Discussion Area

hymerman

I had two questions, but the first (about transferring an account and opening an account) has just been answered, thanks!

The other question is: Can you ever 'merge' cash ISAs, or open an account to transfer money in from more than one other ISA? If not, then surely any time you open a new account with another provider you've permanently increased your number of open accounts by one, unless you withdraw the money and close the account. That sounds like a lot of paperwork.

KTF

Yes you can transfer multiple ISAs in to one account.

If you have

ISA a
ISA b

and open account ISA c then you can transfer both a and b into c (assuming it allows transfers in).

If you want you can then move this consolidated ISA to another provider if rates change for example.

Baldur

KTF wrote: »

Yes you can transfer multiple ISAs in to one account.

If you have

ISA a
ISA b

and open account ISA c then you can transfer both a and b into c (assuming it allows transfers in).

If you want you can then move this consolidated ISA to another provider if rates change for example.

The old accounts are closed when the full balance is transferred to the new ISA provider.

simplyjo

I don't understand how you can open another ISA when in order to open it, you have to pay funds into it - don't you?

KTF

Nope, you can open them by transferring an existing one over. No need to put a pound in.

harz99

KTF wrote: »

Nope, you can open them by transferring an existing one over. No need to put a pound in.

Only if the new provider will allow you to do so, some insist on you depositing this tax year's £3600 as well!

jingle68

KTF wrote: »

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.

crikey now i'm confused?

Ive got a cash ISA with Natwest, its built up to a pot of over 12k over the years. Are you saying I can transfer this ISA to another lender (in order to get a better rate) and in addition open another cash ISA with this years allowance (2009/2010) with another lender?
So i will have 2 cash ISA's with 2 different lenders?

harz99

jingle68 wrote: »

crikey now i'm confused?

Ive got a cash ISA with Natwest, its built up to a pot of over 12k over the years. Are you saying I can transfer this ISA to another lender (in order to get a better rate) and in addition open another cash ISA with this years allowance (2009/2010) with another lender?
So i will have 2 cash ISA's with 2 different lenders?

In theory yes; but as I have found with C&G not all lenders will allow you to only transfer your previous tax year(s) pot, without also depositing the current tax year amount of £3600 as well.

Good luck!

purplestar133

jingle68 wrote: »

crikey now i'm confused?

Ive got a cash ISA with Natwest, its built up to a pot of over 12k over the years. Are you saying I can transfer this ISA to another lender (in order to get a better rate) and in addition open another cash ISA with this years allowance (2009/2010) with another lender?
So i will have 2 cash ISA's with 2 different lenders?

Yes, that's fine as long as you haven't paid into your Natwest ISA or any other ISA in this tax year (09/10). As the best rates at this time of year tend to be ISAs for new money only, then the route you are considering is probably a good idea!

As Harz99 suggests, just look at the T and Cs first. In my experience, most providers that accept transfers in will not stipulate that you have to put this years allowance in as well. Usually the transferred balance will suffice.

jingle68

thanks guys, i wasnt aware that you could hold cash Isa's with more than one lender.