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Can I Transfer This ISA in Year?
london2007
Posts: 6 Forumite
I've tried to find the answer to this, but I've failed, so I thought I would ask here.
I opened a 2-year fixed rate ISA on 6th April this year. However, there are a lot of better rates available now and I would like to transfer it.
I appreciate that I will lose 90 days of interest, as that is what the current provider's terms are, but am I allowed under the ISA rules to transfer this ISA in the same year?
Thanks for your help.
I opened a 2-year fixed rate ISA on 6th April this year. However, there are a lot of better rates available now and I would like to transfer it.
I appreciate that I will lose 90 days of interest, as that is what the current provider's terms are, but am I allowed under the ISA rules to transfer this ISA in the same year?
Thanks for your help.
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Comments
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Yes if you transfer the full amountlondon2007 said:I've tried to find the answer to this, but I've failed, so I thought I would ask here.
I opened a 2-year fixed rate ISA on 6th April this year. However, there are a lot of better rates available now and I would like to transfer it.
I appreciate that I will lose 90 days of interest, as that is what the current provider's terms are, but am I allowed under the ISA rules to transfer this ISA in the same year?
Thanks for your help.1 -
Make sure you put your figures and dates into this MSE calculator to see if paying the penalty and doing a transfer is worth it...
https://www.moneysavingexpert.com/savings/isa-switch-calc/
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I've tried to find the answer to this, but I've failed, so I thought I would ask here.
If you scroll through this forum or read it regularly, you will find answers to any ISA questions you might have now or in future.
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The rules are more about ‘funding’ an ISAs
I got really confused when I wanted to transfer ISA and the new place wanted me to open a new ISA with them first.Turns out opening more than one ISA in a year is not a problem. As long as you don’t put any money into the new ISA until you’ve gone through the transfer process, so you’re only funding the same one, it’s ok.2 -
Very helpful, thank you.Albermarle said:I've tried to find the answer to this, but I've failed, so I thought I would ask here.If you scroll through this forum or read it regularly, you will find answers to any ISA questions you might have now or in future.
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