Transfer Cash ISAs Discussion Area

10_66

Aimee: Sorry if my previous post was confusing, I was trying to say that the current year's ISA can't be split up (ie half the alllowance in one company and another half with someone else). You can transfer all of the proceeds to another provider, and then add any further of this year's allowance to it, if you wish.

10_66

MarkyMarkD wrote: »

10_66's response was right, but unhelpful.

You can transfer your whole ISA, including both previous and current years, and THEN top up the remaining amount for this year into the new ISA.

There is no reason at all to leave this year's allowance in the A&L account at 0.1%.

You beat me to clarifying this point. I don't think I actually said that the current year's contributions had to stay with A&L, though.

Aimee_

Thank you both very much - it's much appreciated! Having spoken to a friend tonight she suggested that I could probably stop the payment which I've managed to do so will be able to take out the IF account

Thank you once again,

Aimee

Doobydools

10_66 wrote: »

Yes, you're correct. You can open another ISA in order to transfer previous years' ISAs into it. Usually, you complete a transfer in form from the new provider, and send it back to them. However, occasionally, you may be required by the new provider to send the transfer form to your old provider yourself.

Thanks for your reply. Much appreciated.

But the rules say "You must not have subscribed to another cash ISA or used your total annual ISA allowance of £7200 in a stocks and shares ISA during the same tax year." By subscribing that means opening, right? And, as I said, I have already opened an ISA this year, but it won't allow me to transfer IN other years' ISAs.

Doobydools

MarkyMarkD wrote: »

The rules are completely clear. You cannot FUND more than one ISA per year. You can open as many as you like, if they merely receive previous years' ISA funds.

Thanks for your reply. Much appreciated.

But the rules say "You must not have subscribed to another cash ISA or used your total annual ISA allowance of £7200 in a stocks and shares ISA during the same tax year." By subscribing that means opening, right? And, as I said, I have already opened an ISA this year, but it won't allow me to transfer IN other years' ISAs.

Lokolo

Doobydools wrote: »

Thanks for your reply. Much appreciated.

But the rules say "You must not have subscribed to another cash ISA or used your total annual ISA allowance of £7200 in a stocks and shares ISA during the same tax year." By subscribing that means opening, right? And, as I said, I have already opened an ISA this year, but it won't allow me to transfer IN other years' ISAs.

No it doesn't, thats the point. Subscribing means to deposit new money.

I can open 20 ISAs this month, as long as I don't deposit any new money into them.

uk2009

I have a Nationwide Instant Access ISA with £5351 and a Members ISA Bond with £3289.
Both were opened in 1999.

I want to move both into one Nationwide 1 year fixed rate ISA Bond.

I'm a bit concerned this will use up my cash ISA allowance of £3600 for this tax year. However I thought you were protected from this, i.e it still counted as if it was opened in 1999??

Nationwide branch have given me 2 forms to complete. One is a "ISA Consolidation Request Form". This has 2 options. Either close the account or transfer to another account. (The branch crossed a box to close the account - which seems wrong to me)
The second form is an application to open the new ISA.

The first question - do I still have the option to transfer £3600 cash into an ISA after I have transferred the previous ISA into the new one?
and
Is Nationwide going about this the right way?

Lokolo

They have done the form wrong. You want to transfer not close the account.

If you transfer the ISA using the form, then you can still top up the ISA by £3,600. If you close and then put the money in then that is using your allownace as you are depositing 'new' money into it.

If you close the account then put the money in like that, you will not have the option to put in a furthre £3,600 of new money. If you transfer via an ISA transfer form then you can still deposit a further £3,600.

uk2009

Lokolo wrote: »

They have done the form wrong. You want to transfer not close the account.

If you transfer the ISA using the form, then you can still top up the ISA by £3,600. If you close and then put the money in then that is using your allownace as you are depositing 'new' money into it.

If you close the account then put the money in like that, you will not have the option to put in a furthre £3,600 of new money. If you transfer via an ISA transfer form then you can still deposit a further £3,600.

Thanks, thats what I thought. I think I'll go to a different branch of Nationwide next time.

MarkyMarkD

Why on earth would a "consolidation" form have an option of closing one account, though? That wouldn't be a consolidation at all.