transfering an ISA

Chadsman

I wanted to transfer a Nationwide ISA paying not much to their Loyalty ISA paying slightly more. When I apply online it says

I apply for a cash ISA for the tax year 6 April 2019 to 5 April 2020 and each subsequent tax year as required.

I dont want to apply for a ISA this tax year - I am already contributing to a Help to Buy ISA with another provider. How do I transfer an existing Nationwide ISA to another Nationwide ISA without opening a new ISA for this tax year?
:beer:

Linton

You set up an ISA with your new chosen ISA provider and ask them to transfer in from your old provider. You do not need to put any new money into a new ISA. The "new money" being the key restriction.

grumiofoundation

Chadsman wrote: »

I wanted to transfer a Nationwide ISA paying not much to their Loyalty ISA paying slightly more. When I apply online it says

I dont want to apply for a ISA this tax year - I am already contributing to a Help to Buy ISA with another provider. How do I transfer an existing Nationwide ISA to another Nationwide ISA without opening a new ISA for this tax year?
:beer:

The Ts and Cs say to open this account you must
“not have paid in to a cash ISA with another ISA manager in this tax year (unless you are transferring the money paid in to the other cash ISA to this one)”

So if you have contributed to HTB with another provider you don’t appear to be eligible

NW loyalty isa only pays up to 1.1% anyway, many providers offer higher interest rates than than this, just find one that accepts transfers

https://www.moneysavingexpert.com/savings/best-cash-isa/

masonic

grumiofoundation wrote: »

The Ts and Cs say to open this account you must
“not have paid in to a cash ISA with another ISA manager in this tax year (unless you are transferring the money paid in to the other cash ISA to this one)”

So if you have contributed to HTB with another provider you don’t appear to be eligible

NW loyalty isa only pays up to 1.1% anyway, many providers offer higher interest rates than than this, just find one that accepts transfers

That's an example of a misguided and unenforceable term, probably written by someone who doesn't understand the ISA rules.

Theoretically, Nationwide could require you to pay new money into this ISA when you open it, but they don't.

It's fairly clear they also don't intend to disqualify people who are just opening an ISA to transfer previous year subscriptions. Even if that were not the case, Nationwide has no way of discerning whether you have used any of your current year allowance elsewhere, and provided you don't add any new money to the Nationwide ISA, then there is no way they could ever find out. Personally I'd ignore such a stupid term and also the term "I apply for a cash ISA for the tax year 6 April 2019 to 5 April 2020".

As long as you don't actually pay any money into the cash ISA in the tax year 6 April 2019 to 5 April 2020, then you have not subscribed to the ISA in that tax year.

Reed_Richards

I strongly suspect that if you were to apply in-branch rather than online you could make it unambiguously clear that what you wanted was an ISA transfer and not to subscribe for this tax year.

Alexland

Reed_Richards wrote: »

I strongly suspect that if you were to apply in-branch rather than online you could make it unambiguously clear that what you wanted was an ISA transfer and not to subscribe for this tax year.

You don't need to visit a branch to express your intent - all that matters is that don't make a new contribution that would get reported to HMRC.

Alex

Reed_Richards

Alexland wrote: »

You don't need to visit a branch to express your intent - all that matters is that don't make a new contribution that would get reported to HMRC.

....And sign-up to a declaration that isn't true. I can see why the OP is reluctant to do that, even if it doesn't matter.

masonic

Reed_Richards wrote: »

....And sign-up to a declaration that isn't true. I can see why the OP is reluctant to do that, even if it doesn't matter.

The sign up declaration is wording specified by HMRC. The relevant parts are:

"I have not subscribed, and will not subscribe, more than the overall subscription limit in total to a cash ISA, a stocks and shares ISA, an innovative finance ISA, and a lifetime ISA in the same tax year"

and

"I have not subscribed and will not subscribe to another cash ISA in the same tax year that I subscribe to this cash ISA"

which can be answered truthfully.

t0rt0ise

Presumably the new ISA allows transfers in? They don't all.