Advice on savings

Qyburn

Virgin allowed me to open a cash ISA just with a transfer in, no new money.

Albermarle

Listless_2 said:

For example Shawbrook require a 1k min balance to start but from what I can tell this needs to come from your current account and doesn’t include isa transfer. 

As said most providers are OK for you just to transfer in without adding any new money, although sometimes the wording on the applications make it sound like you do.
I am not sure if there are any that insist you add new money. If there are, they are in the minority.

sheslookinhot

ColdIron said:

sheslookinhot said:

You can only open a new ISA if you have not opened and subscribed to one this tax year.

This is incorrect

If you have opened and subscribed to an ISA in this tax year you can open as many new ISAs as you like for transfers

You cannot subscribe to more than one in any financial year

What would the point be of opening a new ISA if you have already opened and subscribed to one in the tax year.

ColdIron

sheslookinhot said:

ColdIron said:

sheslookinhot said:

You can only open a new ISA if you have not opened and subscribed to one this tax year.

This is incorrect

If you have opened and subscribed to an ISA in this tax year you can open as many new ISAs as you like for transfers

You cannot subscribe to more than one in any financial year

What would the point be of opening a new ISA if you have already opened and subscribed to one in the tax year.

To transfer an existing ISA from a previous year

Albermarle

ColdIron said:

sheslookinhot said:

ColdIron said:

sheslookinhot said:

You can only open a new ISA if you have not opened and subscribed to one this tax year.

This is incorrect

If you have opened and subscribed to an ISA in this tax year you can open as many new ISAs as you like for transfers

You cannot subscribe to more than one in any financial year

What would the point be of opening a new ISA if you have already opened and subscribed to one in the tax year.

To transfer an existing ISA from a previous year

@sheslookinhot
If you look through the ISA sub forum, you will see numerous threads on this issue, even just in the last couple of days.

badger09

badger09 said:

Listless_2 said:

Thank you all so much for your advice.

If you could confirm: I have two ISA in different providers from previous years.

Could I sign up to an ISA with a new provider who requires a deposit of 1k and a transfer one of the ISA into the account. 

This would mean the other ISA if I wanted to put with a new provider I would be ok to do so as long as I transferred and didn’t deposit.

The only issue I see here is that most ISA providers expect a deposit to be made and therefore you are unlikely to be able to just open an ISA and transfer existing balances?

The wording on some (most?) ISA providers’ websites isn’t very good. However, if they accept xfers in, then they invariably accept the xferred sum & don’t require any additional ‘new money’ 
There will be box to tick on the application showing whether you want to deposit money, xfer in from another provider or both. 

If you deposit ‘new money’ of £1k into ISA 1, then basically you will only be able to pay further money into that ISA during the current tax year.  

To reiterate:
ISA providers’ wording often poor
Most (which accept xfers) do not also demand new money

Listless_2 said:

For example Shawbrook require a 1k min balance to start but from what I can tell this needs to come from your current account and doesn’t include isa transfer. 

BIB there is nothing in the KPI which says this. When you complete the application form you will be given a choice of how you wish to fund the account. The minimum is £1k, but I am 99% certain you won’t have to pay in any new money. 

(Distant memory tells me there was one provider which didn’t work like this)

Listless_2

Thank you I looked at it again and realised I had misread it and you are right the money can come from any source and doesn’t need to be paid in. Thank you all for your patience and time in explaining it all to me!

xylophone

should I split the savings across multiple companies for safety 

Were you aware of 

https://www.moneysavingexpert.com/savings/safe-savings/#:~:text=The FSCS protects 100% of,you within seven working days.

badger09

Listless_2 said:

Thank you I looked at it again and realised I had misread it and you are right the money can come from any source and doesn’t need to be paid in. Thank you all for your patience and time in explaining it all to me!

No problem. If you mistakenly believe something, you sometimes read something into T&Cs which simply isn’t there. Always best to check.