Transferring ISA for higher interest within Paragon

poppystar

I have an existing triple access ISA with Paragon that is not earning the same interest as the new issue. I was a bit unsure about whether I could just close the old and open a new one. I spoke to someone there on the phone and they just said to answer No to the question as to whether I’ve opened an ISA this tax year. I have but elsewhere. So effectively I will not be telling the truth. This doesn’t sit well but is this something other people have done? I really don’t want to do anything to lose the ISA status.

GrubbyGirl_2

Paragon have an ISA envelope you can move ISAs between their accounts easily.  Just do as she said and you'll be fine.  When they ask if you have opened an account already this year it relates to new money

refluxer

I recently did exactly what you want to do - transferred an older issue Triple Access ISA to the latest issue to get the higher rate.

You just log into your online account, open the new one and there is an option to fund it internally from the old one during the application process..

I don't recall the question you mention but, as it's a common question when opening as ISA, it's possible I did answer it and I would have answered 'no' because, as mentioned above, that question is aimed at stopping people paying new subscriptions into two cash ISAs at once, which you won't be doing.

mebu60

Imagine that the question reads 'Have you opened an ISA this tax year with us'. 

I've just done the same with Chorley to transfer in old ISA and answered no, even though I have paid into one this tax year already (ironically with Paragon). I have also done the internal transfer with Paragon as others have described. 

poppystar

Thanks everyone. All done now!