Open a ISA after a transfer ?

homi

A bit of advise please . 

I transferred most of the balance from my Coventry buliding society ISA ( left £50 in ) into a fixed rate by Santander around 3 months ago -  is it possible to open another cash ISA  with Coventry building society to use the remaining allowance of this years ISA .

The coventry building society ISA is paying 2.25% but they are offering 3% if I open a new account.

I have not contributed any new money into any other cash isa ( just into a stocks and shares )  .

Is this possible ?

Band7

It sounds as if your transferred ISA did contain money you deposited in the current tax year, right? If so, you could only have deposited additional funds into the Santander ISA but you probably missed that boat. Unless you can still make deposits into that Santander ISA, you cannot deposit any more into a cash ISA before April 6.

You will be allowed to use your remaining ISA allowance with other types of ISA, e.g. an S&S one, from which you can subsequently transfer to a cash ISA (if that's what you wish to do). All this assuming an ISA is actually giving you any advantages.

Jump over onto the ISA forum to discuss this further. https://forums.moneysavingexpert.com/categories/isas-tax-free-savings

homi

Band7 said:

It sounds as if your transferred ISA did contain money you deposited in the current tax year, right? If so, you could only have deposited additional funds into the Santander ISA but you probably missed that boat. Unless you can still make deposits into that Santander ISA, you cannot deposit any more into a cash ISA before April 6.

You will be allowed to use your remaining ISA allowance with other types of ISA, e.g. an S&S one, from which you can subsequently transfer to a cash ISA (if that's what you wish to do). All this assuming an ISA is actually giving you any advantages.

Jump over onto the ISA forum to discuss this further. https://forums.moneysavingexpert.com/categories/isas-tax-free-savings

hi all the funds were from previous years which were held in the coventry building society these were transferred to a santander fixed account this tax year . I put 3k into my S&S isa but have not contributed to anything else.

 

badger09

homi said:

Band7 said:

It sounds as if your transferred ISA did contain money you deposited in the current tax year, right? If so, you could only have deposited additional funds into the Santander ISA but you probably missed that boat. Unless you can still make deposits into that Santander ISA, you cannot deposit any more into a cash ISA before April 6.

You will be allowed to use your remaining ISA allowance with other types of ISA, e.g. an S&S one, from which you can subsequently transfer to a cash ISA (if that's what you wish to do). All this assuming an ISA is actually giving you any advantages.

Jump over onto the ISA forum to discuss this further. https://forums.moneysavingexpert.com/categories/isas-tax-free-savings

hi all the funds were from previous years which were held in the coventry building society these were transferred to a santander fixed account this tax year . I put 3k into my S&S isa but have not contributed to anything else.

 

Yes you can open another Cash ISA with Coventry, or anywhere else, and pay in the £17k balance of your £20k allowance before 5 April. 

The basic rule is that you can pay new money into only 1 of each type of ISA in a tax year. 

homi

badger09 said:

homi said:

Band7 said:

It sounds as if your transferred ISA did contain money you deposited in the current tax year, right? If so, you could only have deposited additional funds into the Santander ISA but you probably missed that boat. Unless you can still make deposits into that Santander ISA, you cannot deposit any more into a cash ISA before April 6.

You will be allowed to use your remaining ISA allowance with other types of ISA, e.g. an S&S one, from which you can subsequently transfer to a cash ISA (if that's what you wish to do). All this assuming an ISA is actually giving you any advantages.

Jump over onto the ISA forum to discuss this further. https://forums.moneysavingexpert.com/categories/isas-tax-free-savings

hi all the funds were from previous years which were held in the coventry building society these were transferred to a santander fixed account this tax year . I put 3k into my S&S isa but have not contributed to anything else.

 

Yes you can open another Cash ISA with Coventry, or anywhere else, and pay in the £17k balance of your £20k allowance before 5 April. 

The basic rule is that you can pay new money into only 1 of each type of ISA in a tax year. 

thanks , will get it opened over the weekend .