Aldermore 30 Day Notice Cash ISA - Transfer previous years only?

littlemissmoney

Hi

I want to transfer an old cash ISA into Aldermore. I have paid into a different cash ISA this tax year and don't want to move that. Is this allowed? I thought it was, but on the application form it says:

"Have you already opened a Cash ISA with another provider in this tax year?". I have, so I say Yes.

Then it says:

"You have indicated that you have already opened a Cash ISA with another provider in the current tax year. You can only open this ISA by transferring your current year’s ISA subscription, in full, as an opening balance.

If you would like, you can also transfer other ISAs you have opened in previous tax years as part of your opening balance."

So can I not just transfer old money?

Thanks

xylophone

I am wondering whether this is just clumsy wording indicating that if you have opened a cash ISA in the current tax year using the current year's allowance and wish to transfer cash from this ISA to Aldermore,  you must transfer the whole?

https://www.aldermore.co.uk/personal/personal-savings-accounts/isa-transfers/

Albermarle

It is clumsy wording.
OP - just say No when they ask the question.

refluxer

littlemissmoney said:

Hi

I want to transfer an old cash ISA into Aldermore. I have paid into a different cash ISA this tax year and don't want to move that. Is this allowed? I thought it was, but on the application form it says:

"Have you already opened a Cash ISA with another provider in this tax year?". I have, so I say Yes.

Then it says:

"You have indicated that you have already opened a Cash ISA with another provider in the current tax year. You can only open this ISA by transferring your current year’s ISA subscription, in full, as an opening balance.

If you would like, you can also transfer other ISAs you have opened in previous tax years as part of your opening balance."

So can I not just transfer old money?

Thanks

Yes, you should be able to open a new Cash ISA and just transfer the balance of an ISA from a previous tax year into it - that's standard practise, although a small number of ISA providers don't actually allow transfers in (eg, Marcus)

I find that the wording on ISA applications can often be misleading and make presumptions based around contributions from the current tax year, which obviously isn't always the case.

littlemissmoney

Thanks all. I have dropped them an email. I think it is just badly worded but I don't want to lie on the form. They will probably have pulled the rate by the time I get a reply

AnuMew

Yes you can open a new ISA account even if you have opened another earlier in the same year. And you can even transfer this year's money to a newly opened account, as long as the entire amount is moved to a single account as a chunk. I'm not a native speaker of English, but it look like my interpretation is coherent with the others' here, as well as my experience (I did exactly what I said above a couple of weeks' ago).