Transfers query

asus1987

if i open a new isa with say company B

transfer t212 isa in the application, Lets say the money moves accross within a week ,

product has a 14 day cooling off window,

company C now has a a better deal,

Do you cancel with company B and isa funds returned to T212 or will you open new isa at company C putting in compants B details for transfering the funds,

lr1277

My approach would be to wait until Company's A money is in Company B's account. Then open an account with Company C (assuming they don't want new money and allow transfers in) and get Company C to do an ISA transfer from Company B.

No need for a complaint. No funds will be returned to source. To the best of my knowledge.

If you plan to do all of this before the end of the current tax year, you have not left yourself a lot of time, especially with Friday 3rd April being a bank holiday and the 4th and 5th are the weekend.

elkiedee

The tax year is really only an issue if you're looking to use this year's tax allowance before the start of 2026/2027 tax year, for example to put in new money or money which is currently in taxable savings. It shouldn't be relevant for transfers.

I agree with lr1277 if you really feel the need to jump between deals so quickly, but when transferring for a better rate, presumably a fixed rate, I think it might be a good idea to compare the cost of any penalty for early withdrawal, which would include transfer. Does the extra interest that you can earn on the money involved, compared to the best rate with limited free withdrawals, outweigh any penalty (such as 90 days interest) for an early withdrawal by transfer, on a headline fixed rate?