Transfer limits

Tried searching but did not find what I was looking for so here goes.

(Background) I have used this years ISA amount but have another 12 month ISA coming due in Jan 2024, I am presuming that they will drop the interest as soon as the 12 months is up so I will be looking to transfer this to a new provider.

(Question) looking at Martins top buys for 12 month / 24 month fixes they all have a minimum amount e.g. Charter Savings bank is a minimum of £5k initial opening amount but as this will be a transfer rather than new money how do you open it without the minimum being paid in (the transfer will be well over the £5k)

hope that makes sense
thanks in advance
Totally Debt Free & Mortgage Free Semi retired and happy

Comments

  • frugalmacdugal
    frugalmacdugal Posts: 10,077
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    Hi,
    from Charter:
    You can indicate if you wish to ‘transfer in’ from
    another ISA provider when you open your Cash ISA
    with us. Alternatively you can download a transfer
    form from our website.
  • Albermarle
    Albermarle Posts: 21,181
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    Indout96 said:
    Tried searching but did not find what I was looking for so here goes.

    (Background) I have used this years ISA amount but have another 12 month ISA coming due in Jan 2024, I am presuming that they will drop the interest as soon as the 12 months is up so I will be looking to transfer this to a new provider.

    (Question) looking at Martins top buys for 12 month / 24 month fixes they all have a minimum amount e.g. Charter Savings bank is a minimum of £5k initial opening amount but as this will be a transfer rather than new money how do you open it without the minimum being paid in (the transfer will be well over the £5k)

    hope that makes sense
    thanks in advance
    If you are transferring in you can normally ignore these minimum subscriptions, and not add anything new at all, although they often do not make that very clear. There might be the odd exception that does insist on an opening new amount, I am not sure.
  • refluxer
    refluxer Posts: 2,539
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    edited 30 October 2023 at 6:35PM
    Indout96 said:
    (Question) looking at Martins top buys for 12 month / 24 month fixes they all have a minimum amount e.g. Charter Savings bank is a minimum of £5k initial opening amount but as this will be a transfer rather than new money how do you open it without the minimum being paid in (the transfer will be well over the £5k)
    I would imagine that any minimums stated will apply to both accounts opened and funded by new subscriptions (from the current tax year) and accounts funded by transfers (from previous tax years) so provided the ISA provider accepts transfers and the amount you want to transfer in is above the minimum, then you should be fine.

    The only cash ISAs that I'm aware of where a cash deposit (new subscription) is mandatory are from those providers who don't accept transfers in, for example - Marcus and Zopa.
  • Indout96
    Indout96 Posts: 2,338
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    Thanks everyone, been a while since we have needed to get things in to ISAs with the rates lately but we have been caught out a bit so trying to get as much as possible in to minimise tax. thought I was trying to over think it and seems I was right LOL
    Totally Debt Free & Mortgage Free Semi retired and happy
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