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Fixed rate cash ISA transfer
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verona12
Posts: 2 Newbie
I want to transfer an existing fixed rate cash ISA from one provider to another. To do this I need to first open a cash ISA with the new provider. But I have already opened a cash ISA this year, so does this break the ISA rules? If so, how can I make the transfer?
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Comments
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You can only subscribe = add new money to one in a tax year so you can open another with the intention of only transferring in funds that you added to another ISA in a previous year. Often there is the option to set up a transfer during the application for the new ISA - just dont pay any new money in to it
If the old ISA was subscribed this year then you must transfer it entirely
There is often a interest penalty to transfer a fixed rate ISA before maturity1 -
verona12 said:
I want to transfer an existing fixed rate cash ISA from one provider to another. To do this I need to first open a cash ISA with the new provider. But I have already opened a cash ISA this year, so does this break the ISA rules? If so, how can I make the transfer?
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I've transferred 5 ISAs in the current tax year. No limit for existing funds.0
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