Transfering ISA to Savings Account

eskbanker

ian23 wrote: »

I can only move my yearly allowance to another ISA can't I? Not the whole amount as I would with ICICi?

You can transfer your entire ISA balance to another ISA (that accepts inbound transfers), as long as you use the receiving provider's ISA transfer process, as such properly-executed transfers aren't subject to the unrelated annual contribution allowances.

soulsaver

eskbanker wrote: »

You can transfer your entire ISA balance to another ISA (that accepts inbound transfers), as long as you use the receiving provider's ISA transfer process, as such properly-executed transfers aren't subject to the unrelated annual contribution allowances.

I'll take the opportunity to stray slightly & ask something that's been in the back of my mind and haven't got round to checking:

Can you move prior years' flexi cash ISA to another provider's Flexi cash ISA without using a ISA transfer process with impunity?

eskbanker

soulsaver wrote: »

Can you move prior years' flexi cash ISA to another provider's Flexi cash ISA without using a ISA transfer process with impunity?

No, as per https://www.gov.uk/guidance/manage-isa-subscriptions-for-your-investors#f-isa:

Replacement of flexible ISA previous year funds must be made to the account from which the withdrawal was made, and in the same tax year.

which differs from the treatment of current year money:

Withdrawals of current year subscriptions, can effectively be replaced in any current year ISA, but cannot breach the ‘one ISA of each type per tax year’ rule.

Mr.Saver

18cc wrote: »

I have on a couple of occasions with my Lloyds current account had problems when a savings Bond matures and it gets sent to my Lloyds account and then I try and send it out to a new provider which is obviously a new Peggy then it gets blocked on one occasion I've had to go into the branch with my passport

Interesting to see that happen. I wonder was Lloyds your main current account? This has only happened to me once, because it was a newly opened current account (for switch bonus). It has never happened to my main account, which deals with large numbers going in and out a couple of times a year.

ian23

After reading these very helpful comments, I am thinking maybe I should move to the Tesco ISA at 1.44 with easy access. If I apply for another account after just opening the ICICI account will this have any effect on anything? Not sure what kind of checks these places make? This may be a stupid question!

badger09

ian23 wrote: »

After reading these very helpful comments, I am thinking maybe I should move to the Tesco ISA at 1.44 with easy access. If I apply for another account after just opening the ICICI account will this have any effect on anything? Not sure what kind of checks these places make? This may be a stupid question!

Opening savings accounts will have no 'effect on anything', by which I assume you mean your ability to access credit:cool:

You will be ID checked for money laundering purposes, but that is all. This check will show on your credit report but won't be seen by other providers.

You might also have had a lucky escape as there are recent threads detailing difficulty opening ICICI accounts and their 'clunky' online system.