Forum Home» Savings & Investments» ISAs & Tax-free Savings

ISA Transfer after contributions this year

New Post Advanced Search

ISA Transfer after contributions this year

4 replies 98 views
davejohnddavejohnd Forumite
1 posts
Sixth Anniversary Combo Breaker
MoneySaving Newbie
I have a 2019/2020 ISA with Santander which I haven't renewed or upgraded this year - it automatically moved to a different (poorer interest rate) this year. I have continued paying into it this year and used some of this years allowance. 
Am I able to transfer it (complete pot) to a new provider (for better interest rate) - accepting my contribution allowance for this year will not change. 

Replies

  • eskbankereskbanker Forumite
    14.8K posts
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    ✭✭✭✭✭
    Yes, you can transfer it in full, or even partially if all current year money is kept together, as long as you use the new provider's ISA transfer process, which obviously means using a provider and product that accepts transfers (not all do). You can then continue to make contributions thereafter too if you wish.
  • maygamayga Forumite
    1 posts
    First Post
    MoneySaving Newbie
    Hi, I am also wondering. So I have help to buy ISA, but I understand there is a limit how much I can put in it during the year. So would I be able to open cash ISA and then before the year is over transfer the money to my help to buy ISA?  
    Thank you.
  • badger09badger09 Forumite
    8.6K posts
    Ninth Anniversary 1,000 Posts Name Dropper
    ✭✭✭✭
    mayga said:
    Hi, I am also wondering. So I have help to buy ISA, but I understand there is a limit how much I can put in it during the year. So would I be able to open cash ISA and then before the year is over transfer the money to my help to buy ISA?  
    Thank you.
    Its not clear what you're trying to achieve, but HTB rule is that, (apart from the 1st month), you can pay in £200 per month maximum. 

    If you're paying into a HTB ISA, you can't also pay into a Cash ISA in the same tax year, unless you hold your HTB ISA with someone like Nationwide which allows 'split' ISA.

    However, given that most Cash ISA rates are very low, if you can save more than £200 per month, you will get more interest by using something like a Virgin Money current account and/or various Regular Saver accounts  
  • edited 12 July at 6:44PM
    masonicmasonic Forumite
    14.2K posts
    Part of the Furniture 10,000 Posts Photogenic Name Dropper
    ✭✭✭✭✭
    edited 12 July at 6:44PM
    mayga said:
    Hi, I am also wondering. So I have help to buy ISA, but I understand there is a limit how much I can put in it during the year. So would I be able to open cash ISA and then before the year is over transfer the money to my help to buy ISA?  
    Thank you.
    Are you getting confused between a Lifetime ISA and HTB ISA? What you suggest could make sense for a Lifetime ISA, where there is an annual limit and generally a low interest rate (though you'd be best off not using an ISA to hold the money you intend to pay into the LISA later) - so some incentive for delaying making contributions to a cash LISA. But most HTB ISAs pay a higher rate than can be obtained elsewhere, and as badger says, there is a monthly limit which is lost if you don't use it.
Sign In or Register to comment.

Quick links

Essential Money | Who & Where are you? | Work & Benefits | Household and travel | Shopping & Freebies | About MSE | The MoneySavers Arms | Covid-19 & Coronavirus Support