Confused re ISAs

richpoortyke

Hi. I hope someone can help me make a decision please. I transferred an ISA for the full amount allowed from one bank to another. Started the transfer end of March. Looks like it appears on my new account April 8th so the new tax year. I have other savings earning only about 2 percent in another bank account and that rate is going to end soon so want to move it to another higher paying account. Based on what I've already said can I open a new ISA elsewhere? Or would it just need to be an ordinary savings Account? Any help much appreciated

flaneurs_lobster

If the funds were TRANSFERRED from one ISA to another then they will have no effect on your ISA allowance for 26/27. You can open as many new ISAs as you like, the limit for new funds is your normal allowance for the year.

richpoortyke

Yes I think it was an ISA transfer as the bank asked me when I opened the account if I wanted to transfer so I clicked the option and they dealt with it. So this ISA will end in July 2027 and I'll be looking to take another out in the next month so they will end at a similar time. So in July 2027 when I have two ISAs coming to an end is it just best to then transfer them to yet another couple of ISAs? I'm also going to have an ongoing easy savings account (non ISA) so I guess I'll just need to make sure my interest is below £1000 a year on that one to stop myself being hit by tax?

Albermarle

https://forums.moneysavingexpert.com/discussion/6670456/confused-re-isas

If you read through the forum for an hour, you will hopefully not be confused anymore, as lots of ISA questions are asked and answered on a daily basis .

sausage_time

Check out What is a cash ISA and Cash ISAs need-to-knows on this page:

https://www.moneysavingexpert.com/savings/best-cash-isa

As above, so long as you transferred there is no impact on annual allowances.

UnsureAboutthis

From what you said yes, if done properly - I found it a lot easier for the new bank to get the transfer/s in and then I was certain we had our full new allowance for the financial years.

I found tranfering myslef confusing and a few weeks ago I transferred several cash isa to my premium account/isa's and we did this together over the phone using my banking app ensuring I made it absolutely clear they only tranferred the other isa on the date of their maturity.

molerat

I found it a lot easier for the new bank to get the transfer/s in

There is no other way to transfer an ISA, you cannot move the funds yourself, the receiving bank has to request the transfer.

I transferred several cash isa to my premium account/isa's and we did this together over the phone using my banking app ensuring I made it
absolutely clear they only tranferred the other isa on the date of their maturity.

Most (all ?) ISA transfer requests have a transfer immediately / wait for the required maturity or notice period tick box so there should be no difficulty in getting that correct. Have transferred quite a few over the past 12 months with a mix of instant and delayed and all went to plan with a simple tick box.

UnsureAboutthis

It was easier for me, and that is a fact. Even when I was on the phone, the person helping me got slightly caught out, i.e., opening a new one and not putting a penny into it as it was purely a cash isa being transferred from a maturing isa to another bank

I strongly recommend, rather than worry, calling the bank/etc. and seeking their help if you are not 100% confident.

Albermarle

https://forums.moneysavingexpert.com/discussion/comment/82018700#Comment_82018700

Although there are many threads on these forums, where call centre staff at a bank/building society have given incorrect info, even nonsense info sometimes. Some of them at least are not very well trained, and unable to answer anything but the most basic questions. Of course some will be great as well.

UnsureAboutthis

https://forums.moneysavingexpert.com/discussion/comment/82018752#Comment_82018752

For the sake of clarity, the person I spoke to got a bit mixed up but knew their stuff. There is so much going on in banks/etc, it is hard to be 100% spot on all of the time.

The best thing to do is, if you ring them, do your own research first and bullet point any worries/questions you may have.

I was a bot worried about my maturing Cash ISA being moved before maturity, so I made it clear about the maturity date and confirmed this towards the end of the call. This gave me peace of mind, and calls are recorded/logged in banks, and I made a note of the time/date/person/location of the person I spoke with.

Indeed, there are many customers who understand very little about a/b and c, that is where they need to be guided to speak to the write person/s.

Therefore, for some people inc me who has a good deal of knowledge, how to avoid cash/banking mistakes EG, thinking I was going for item 7 but ended up with item 9. I ask many questions if I feel they are required. The you have scammers, spoof websites which look genuine, getting more and more complex. When scammers call me and tell me xx been taken from my "bank." Staright away I know its a scam as they have no idea re who my bank is name etc, even if they did guess my banks name, have my name etc and meant sharing my banking details etc, I'd take their name and look up the phone number myself and give the bank a call.

In any profession, not everyone knows everything but those who are good at their job are not scared to say so and will tell you they need to check.

friolento

https://forums.moneysavingexpert.com/discussion/comment/82019904#Comment_82019904

I have made many cash ISA transfer requests, with many different providers. Each transfer request form, whether digital or paper, had two very clear options - transfer immediately even if this incurrs a penalty, or wait for maturity. There is no reason to believe these options wouldn’t be mentioned.

You are entirely right though - if you are uncertain you can complete the instructions correctly yourself, ask for help.