Transfer to Santander fixed ISA

Buecat

Hi everyone, this is my first post about something that has got me baffled, and I can't find anything that quite hits the nail on the head in the forum.  Hope somebody can help as what I'm finding totally goes against what I thought I understood about ISA transfers.

I have a Charter savings cash ISA which I have contributed to this year, and I intend to contribute to again in the new tax year.

In addition to that I have another cash ISA from previous years which I have with Virgin.  It was my understanding that I could transfer the Virgin ISA to another provider, so long as I don't make any contributions but when I have come to apply for the new Santander fixed ISA offer it requires that I sign a disclaimer to say that I cannot have contributed to any other ISA this year.  

Is this likely to be a Santander specific thing that they are trying to force exclusivity, or have I totally misunderstood the ISA transfer rules?   or perhaps this is some kind of limitation of fixed rate ISAs? 

Beddie

Just say yes (or no, depending how it's worded) - it's a simplified question whereby they have assumed you are going to pay current money into it this tax year - which you won't. You aren't breaking any rules, so tell them what they want to hear 

Buecat

Thanks Beddie, it's more of a question that you are declaring all of the following to continue the application.  So at least it isn't that I've totally misunderstood the rules which is. good.

Albermarle

Most ISA providers say something similar if not exactly the same.
As above, as long as you stick to the ISA rules you will be OK.

Buecat

Thanks, and for absolute clarity you can open and transfer ISAs to your hearts content, so long as you don't contribute to more than 1 in the same tax year?

eskbanker

Buecat said:

Thanks, and for absolute clarity you can open and transfer ISAs to your hearts content, so long as you don't contribute to more than 1 in the same tax year?

Yes, no more than one of each type, the only proviso to add is that all current year money (per ISA type) must be kept together at all times.