Beehive Money ISA- odd rules on transfers/current tax year subscriptions

7sefton

Has anyone had any experience of opening a beehive money isa by transferring previous year subscriptions?

I’ve already opened an isa this year with another provider. 

I want to open a beehive money fixed rate isa by transferring previous years’ subscriptions (ie not including this years). 

Their application form says I can do that if I’ve already funded an isa this year, and they’ve confirmed by secure message. 

Feels odd - I’ve definitely been able to do this before with other providers 

slinger2

"can't do that" I assume.

Some other providers do this, Shawbrook I think. Very strange to me.

Albermarle

Since April, you can legally open multiple cash ISA's with the same or different providers.
However some providers still say this is not allowed by them. Their reasoning is not totally clear.
Some savers just say they have not opened another cash ISA, as the provider has no way to find out and for HMRC it is fine.
Multiple ISA’s — MoneySavingExpert Forum

masonic

The old model ISA declaration went something along the lines of "I will not subscribe to another cash ISA in the same year as I subscribe to this cash ISA". If you aren't intending, and aren't required, to fund the ISA from this year's allowance, then you would not be breaching even the old rules.

slinger2

I asked Shawbrook about this back in May. They said that because I'd already funded one in the current tax year "the system is preventing you funding another ISA in this financial year.". However they offered to open one manually as long as it wasn't funded by current tax year funds. I took my business elsewhere.

wetsummer

Beehive told me the same when I tried to transfer a previous tax year ISA, I quoted the new ISA rules to them and the advisor simply told me it's up to each provider whether they allow 'partial transfers'. I countered by saying I was transferring a full previous year, but still there is only one option they allow and one checkbox that states "I agree to transfer previous and current ISA allowance". I think this is a cynical attempt to get all of you ISA allowance in their hands.

As Albermarle and masonic have stated, how would they know if you opened an ISA for the current year elsewhere? and if you did you would not be breaking any government ISA rules.

FishInGlass

I looked at opening a fixed cash ISA with Beehive. I have already got an account with them as well as Cash ISAs open elsewhere this tax year. On application they ask you the following.

Have you paid into another cash ISA during this tax year?.

If you say yes then the response is.

Thank you for your interest

If you have already opened a cash ISA with another provider or have paid into an existing cash ISA in the current tax year you cannot open a new one with us.

I also agree that I would not breaking any government ISA rules. However I wasn't going to lie to them and I have happily taken my business elsewhere.

However @7sefton referred to transferring previous year's money which is different to the question above. This was always possible provided the product allowed trasfers in (some did not). Their front page re ISAs specifically says Full transfers of existing ISA savings accepted.