Opening an ISA.

Jayjay08

I’m looking at opening an ISA. I have an “instant ISA saver” account that Iv had for about 10 years with the nationwide. Recently paid £100 into it.

Am I able to open this one with the YBS? And put 20k in? 

Is there a specific time of the year needed to open ISA’s?

Reed_Richards

If "recently" is from 6th April 2022 onwards then the answer is no.  But you could make an ISA transfer from Nationwide.  You would have to transfer at least as much as the total contributions you made this tax year.  You could add new money so that your total contributions for this tax year are £20k but you would most likely only have 14 days to do that.

Jayjay08

The £100 was just a few weeks ago. 

So could I top that account up to 20k then transfer it all over to the YBS ISA? 

Or could I open the YBS one and just put 19.5k in it?

jimjames

Jayjay08 said:

The £100 was just a few weeks ago. 

So could I top that account up to 20k then transfer it all over to the YBS ISA? 

Or could I open the YBS one and just put 19.5k in it?

You can top up the Nationwide account then transfer it. 
 You can't open the YBS one unless you have transferred the account from Nationwide. If you don't want to do that then you can wait until April to open the account with YBS but the rate may be different by then.

Reed_Richards

Jayjay08 said:

The £100 was just a few weeks ago. 

So could I top that account up to 20k then transfer it all over to the YBS ISA? 

Yes (ish).  If you have only deposited £100 since 6th April you can add a further £19.9k and then transfer the entire account balance to the YBS ISA.  

Jayjay08 said:

Or could I open the YBS one and just put 19.5k in it?

No.  You would have to transfer the £100 to YBS first (and any other money deposited since 6th April 2022) then (or as soon as you have set the transfer in motion) add your £19.5k or whatever..