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Open a new ISA but only to transfer in from another
AndrewGray
Posts: 1 Newbie
Hi All - first post here, so I'm hoping I've searched the historical threads correctly, as I've been unable to find an answer.
I opened an Investment ISA this year and used my full 20,000 allowance.
My cash ISA (built up from previous years) has just had a rate cut, and I'm looking to move it. I seem to remember in previous years when I wanted to move it, I needed to open a new account first - with a new investment, before I could transfer from an existing Cash ISA. Can anyone confirm if I can just open a new account and ONLY transfer in from an existing cash ISA ? If so with who. Obviously I am looking for a rate above 0.5% that my existing bank is offering.
Thanks in advance
Andrew
I opened an Investment ISA this year and used my full 20,000 allowance.
My cash ISA (built up from previous years) has just had a rate cut, and I'm looking to move it. I seem to remember in previous years when I wanted to move it, I needed to open a new account first - with a new investment, before I could transfer from an existing Cash ISA. Can anyone confirm if I can just open a new account and ONLY transfer in from an existing cash ISA ? If so with who. Obviously I am looking for a rate above 0.5% that my existing bank is offering.
Thanks in advance
Andrew
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Comments
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From other threads on the same topic , the info on the providers website is often a bit vague and gives the impression that a minimum amount of new money is needed to open the isa ( typically £500 or a £1000) .
However it seems that in fact in most ( all?) cases a transfer in itself is sufficient to open the account.
https://moneyfacts.co.uk/isa/
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