Not happy about info in latest email.

MikMikandThriceMik

Nor am I any of the other 6 dwarves, but anyway...
Not really the email fault, more confusion with me and first use of the trading212 app.
Latest email does indeed say that trading212 is not accepting any new transfer in from an existing ISA, so I went looking and installed the trading212 app and created a new account. 
I saw the option for bank transfer in the app and thought that was the option to transfer in my ISA from other bank. I misrakenly did my last withdrawal from my existing cash ISA that I can do this year without the interest rate dropping to nothing. I was expecting to be able to transfer out of old, transfer into new, and have the ability to make withdrawals in the trading212 ISA.
I then found in the trading212 app that this was not the correct option and there is a different option for transfer in from another broker, which does indeed say they are not accepting any more transfer ins from another broker. I assume broker = my existing ISA.
Now I am scuppered, unable to make any more no interest rate affecting withdrawals, till the end of my current ISA year, or maybe until September when trading212 mention they may restart the transfer in's again.

Questions:
Who else is doing high interest easy access cash ISAs allowing transfer in?

What happens if I pull the money out of the current ISA to a normal bank account and then transfer up to £20000 from the bank account into the trading212 ISA, leaving a couple thousand still in the normal  bank account from the complete withdrawal of the existing ISA?

Thank you so much.

masonic

Which was your existing ISA? Was it a flexible ISA?

xylophone

Have you contributed to  ISA (s) in this tax year?


https://www.thisismoney.co.uk/money/saving/article-1583864/Best-savings-rates-Isas-Cash-Isa-accounts-fixed-rate-Isas.html

MikMikandThriceMik

masonic said:

Which was your existing ISA? Was it a flexible ISA?

Yes flexible with 3 withdrawals allowed and interest rate drops to hardly anything on the 4th withdrawal.
Thank you.

MikMikandThriceMik

xylophone said:

Have you contributed to  ISA (s) in this tax year?


https://www.thisismoney.co.uk/money/saving/article-1583864/Best-savings-rates-Isas-Cash-Isa-accounts-fixed-rate-Isas.html

No deposits this year since start of April, only interest gained on the account.

Thank you.

masonic

MikMikandThriceMik said:

masonic said:

Which was your existing ISA? Was it a flexible ISA?

Yes flexible with 3 withdrawals allowed and interest rate drops to hardly anything on the 4th withdrawal.
Thank you.

So then, if you were to withdraw the full balance and put £20k into Trading212 from your bank account, you will use your allowance for this tax year, but at the end of your old ISA account year you could replace as much of the withdrawn sum and could transfer that to Trading212 when transfers are accepted again, or elsewhere.

MikMikandThriceMik

Thank you.

So, can I take £20000 from existing ISA into a normal bank account, leave the little that is above that in the existing ISA until the next tax year, and then transfer this £20000 from the bank account into the new ISA?
What are the HMRC interest/tax charges etc when I take this £20000 from existing ISA into normal bank account and then deposit it into the new ISA this month?

Thanks again. 

masonic

MikMikandThriceMik said:

Thank you.

So, can I take £20000 from existing ISA into a normal bank account, leave the little that is above that in the existing ISA until the next tax year, and then transfer this £20000 from the bank account into the new ISA?
What are the HMRC interest/tax charges etc when I take this £20000 from existing ISA into normal bank account and then deposit it into the new ISA this month?

Thanks again. 

There is no tax except for tax on any interest you earn on the money while it sits in your bank account.