We’d like to remind Forumites to please avoid political debate on the Forum.

This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.

📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!

Merging ISAS from husband and wife

My husband and I have had individual cash ISAs for years with one provider.
Can we 'pool' the money and transfer into an individual ISA in one name if new provider accepts transfers?
Thank you

Comments

  • Sea_Shell
    Sea_Shell Posts: 10,065 Forumite
    Tenth Anniversary 1,000 Posts Photogenic Name Dropper
    I don't think you can, No. You can inherit a spouses ISA allowance/balance, but not transfer it whilst your both still with us.

    Why do you want to do this? For what benefit? What are you saving for? Is cash the best option, especially in an ISA, due to low rates at the moment? If saving for 10+ years maybe S&S ISA's would be more appropriate?
    How's it going, AKA, Nutwatch? - 12 month spends to date = 2.60% of current retirement "pot" (as at end May 2025)
  • Edi81
    Edi81 Posts: 1,503 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    The I in ISA stands for Individual.

    How
    Much are you talking about. I suppose you could withdraw one and put it together but that would then count as part of this years allowance.

    What is the thinking behind this?
  • Dfreeland
    Dfreeland Posts: 11 Forumite
    Sixth Anniversary First Post
    Thank you for replies. I guess I knew the answer really. I think I would just like to consolidate our savings in one account for ease really, that's the thinking behind it. With interest rates so low, it doesn't really matter to be honest, but just trying to do the best I can, whilst retaining easy access.

    If I transfer my ISA into another provider, can I then add up to £20000 to that in the same year, as if it's 'new' money. (Is that what you're saying Edi81?)
  • Sea_Shell
    Sea_Shell Posts: 10,065 Forumite
    Tenth Anniversary 1,000 Posts Photogenic Name Dropper
    edited 25 May 2019 at 7:19AM
    *** Sorry I've just re-read that you're talking about CASH ISA's - but i'll leave this here in case it helps anyone else ***

    If it helps, Fidelity allows you to grant each other access to your account information when one of you logs in. We do this, so when I log in, I can see both our ISA accounts and it gives me the totals and performance for the whole portfolio. Sound a bit like what you're trying to achieve.

    You still need to log in individually to make new investments/trades/withdrawals, but for monitoring, it works well.

    There will probably be other providers who allow this too, so i'm sure others will confirm shortly, if so.
    How's it going, AKA, Nutwatch? - 12 month spends to date = 2.60% of current retirement "pot" (as at end May 2025)
  • bowlhead99
    bowlhead99 Posts: 12,295 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Post of the Month
    Dfreeland wrote: »
    If I transfer my ISA into another provider, can I then add up to £20000 to that in the same year, as if it's 'new' money. (Is that what you're saying Edi81?)
    Yes you can do that.

    If you find an ISA that you like:

    Step 1 - open the ISA account in the name of Person A, and fund it by moving all of Person A's existing ISAs to that new account through the standard ISA transfer process. That action won't use up any of Person A's annual subscription allowance as long as it is done as an ISA transfer, because it's already Person A's ISA money.

    Step 2 - have Person B withdraw some money from their own existing ISA, back to their normal bank account.

    Step 3 - Person B gives the money from Step 2, over to Person A.

    Step 4 - Person A contributes the money they just received in Step 3, into their ISA. This action will be counted against their annual £20,000 subscription allowance so depending on the total amounts involved and how much of the allowance has already been used for 2019/20 it may take more than one tax year of repeating steps 2-4, to get all of Person B's money into Person A's account.
  • Dfreeland
    Dfreeland Posts: 11 Forumite
    Sixth Anniversary First Post
    Again, thank you for replies. So helpful.

    Is there a time limit within the new ISA year for transferring Cash ISAs? I know I can add new money at any time, but does the transfer have to be completed by a certain date (other than to get the best out of the interest, which of course I'm aware the sooner the better).
  • bowlhead99
    bowlhead99 Posts: 12,295 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Post of the Month
    Transfers should take no more than a couple of weeks to go through. The closer you leave it to the end of the tax year, the more likely you may miss the end of the tax year, which may be annoying if the old ISA contains current year contributions and you were waiting to top it up to the maximum current tax year contribution limit once the money had arrived at the new place.

    However, if the money you are transferring is all 'previous year contributions' from 2018/19 and earlier, there is no particular adverse consequence of accidentally doing it in the first few weeks of 2020/21 than in the last few weeks of 2019/20. Other than, as you say, if the money is languishing in some low interest account and would have earned you better interest if you had transferred it earlier.
  • Dfreeland
    Dfreeland Posts: 11 Forumite
    Sixth Anniversary First Post
    Thank you to all for your help. I've been with the same provider for years and I now just have to be brave enough to leave, rather than take the easy route of just moving to their slightly 'better' rate.
  • bowlhead99
    bowlhead99 Posts: 12,295 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Post of the Month
    Dfreeland wrote: »
    I've been with the same provider for years and I now just have to be brave enough to leave, rather than take the easy route of just moving to their slightly 'better' rate.
    You've already been 'brave' in joining a discussion forum full of people with more knowledge than you...

    Filling out an online form with a new ISA provider doesn't require much in the way of heroism. :)
This discussion has been closed.
Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 352K Banking & Borrowing
  • 253.5K Reduce Debt & Boost Income
  • 454.2K Spending & Discounts
  • 245K Work, Benefits & Business
  • 600.6K Mortgages, Homes & Bills
  • 177.4K Life & Family
  • 258.7K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16.2K Discuss & Feedback
  • 37.6K Read-Only Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.