ISA Transfer

mar7t1n

When making an ISA Transfer from previous years savings. Are you able to retain this years allowance open to invest in another provider. Specifically I want to open a Natwest fix at 5.7%, and transfer saving held from previous tax years. I don't plan on adding any more money here as I already subscribe to another provider. The setup indicates you're opening a 23/24 ISA, but even their helpdesk doesn't seem to know.

Has anyone had this issue, or suggest a provider happy to take a pure ISA transfer of past years savings.

ColdIron

Transfers of previous financial years subscriptions have no effect on your current year's allowance

So you can transfer to NatWest and open and subscribe to a new ISA

N.B. You must not add new money to NatWest as all current year's subscriptions must be to the same ISA

Albermarle

There is a sub forum for ISA's where questions about transfers are asked very regularly, so suggest you have a look through them.
ISAs & tax-free savings — MoneySavingExpert Forum

SavingsBoo

I have a YBS cash ISA which had last year’s and current year’s allowances in, a couple of weeks ago I transferred last year’s balance to a new Coventry ISA leaving the current year’s allowance in YBS. The transfer process was really easy with Coventry as the online application asked specifically which year you wanted to transfer. I hope that makes sense and that I’m answering the question you’re asking, I was confused by the whole thing to start with as I’d never done a transfer before!

mar7t1n

I wonder how ISA rules are policed. I imagine the banks submit your NI + Balance to HMRC and they say oy you cannot have £60k across 3 providers. Even if Natwest technically think I have this years allowance with them, if I've not subscribed any money they should report £0. All the money in the account is via a previous years transfer. But 25 minutes of online chat - they didn't have a clue what I was asking, so on the basis they don't understand it and don't specifically say transfer in only allowed if you also top up this year. How is the general public expected to know what their rules are.

jimjames

mar7t1n said:

I wonder how ISA rules are policed. I imagine the banks submit your NI + Balance to HMRC and they say oy you cannot have £60k across 3 providers. Even if Natwest technically think I have this years allowance with them, if I've not subscribed any money they should report £0. 

There is no "technically" about it. You either have this year's money or not. The ISA will be marked as a transfer in their system which is different to new money being paid in.