Transfer Cash ISAs Discussion Area

bristolleedsfan

muffin_man wrote: »

Let me know if I've got this straight...as regards the rule of only subscribing (paying new cash into) one ISA per year. Here's the hypothetical situation (which I'm sure does apply to a few people):

You've opened an ISA this tax year and paid in say £1000, but now decide you want to move that ISA to a different provider before the new tax year starts. If you were to move the ISA and *then* add the remaining £2000 to the new ISA, would that class as subscribing to more than one ISA and be declined, thus stopping you making use of full ISA allowance for this tax year (as the original ISA will have been closed)?

Should any extra money you intend to invest this tax year be paid into an existing year's ISA before transferring it to a new provider, or would the new ISA still class as 'this years' ISA?

Hope that makes sense.

Will be classed as the same ISA, as long as the ISA is transferred via the providers and not closed by yourself and reopened elsewhere.

lankey

poorman66 wrote: »

Hi Guys, I have contributed to a barclays isa which was set up start of this year but also have a halifax isa .I want to move the halifax isa and would then hope to contribute to the new isa after april up to my £3600 limit.Can I move my halifax isa from a previous year to a higher earner now or do I need to wait until april-does the fact i have contributed to barclays this year affect my ability to move halifax now?also is there any benefit in waiting until halifax interest is paid in befoire moving?Thanks,in advance.

One thing i've just discovered about the Halifax ISA is that there is a penalty for transferring your ISA to another provider (which i was going to do), the penalty is that you will lose an amount equal to 180 days interest (6 months worth)! Extortion is the word that comes to mind.

hpsauce_2

Hi
Just want to check something.
I intend to open a barclay's isa for april 2008 but due to not being able to transfer in exsisting isa from last year I will also open an ice isa to move this to.
Can I just check, when the good rate on the barclays isa ends will I be able to add it to my ice isa if that is still market leading?

Thanks
hp

hotmama

i have a halifax isa at 5.25%, contirbuted to it in Feb and was planning to open Barclays. Although i will lose 180 days interest ( it is not at limit and have 1100 to put in - is it still worth transferring to Barclays. Is it best to top up Halifax with 1100 and transfer or put cash in Barlcays? Any advice?

Crabman

hpsauce wrote: »

Hi
Just want to check something.
I intend to open a barclay's isa for april 2008 but due to not being able to transfer in exsisting isa from last year I will also open an ice isa to move this to.
Can I just check, when the good rate on the barclays isa ends will I be able to add it to my ice isa if that is still market leading?

Thanks
hp

As long as the Ice account is still accepting transfers in, yes you'll be able to transfer it once the Barclays bonus rate expires.

Crabman

hotmama wrote: »

i have a halifax isa at 5.25%, contirbuted to it in Feb and was planning to open Barclays. Although i will lose 180 days interest ( it is not at limit and have 1100 to put in - is it still worth transferring to Barclays. Is it best to top up Halifax with 1100 and transfer or put cash in Barlcays? Any advice?

As you've already contributed to an ISA in this tax year, you can't have another one till after 6th April 2008.

After that date (thus in the 08-09 tax year) you're free to open a new ISA account with whoever is the best-buy at the time.

Losing 180 days interest is 6 months worth - I'd be careful about that penalty - even if you transferred it to the 6.25% Direct ISA account from A&L you'd probably still lose out.

Better wait till you can transfer out of the Halifax ISA without penalty to whichever account is best buy at the time, check Cash ISA Transfers article for that

Bri1

Hello,

Just a quick question, I have a Barclays Tax Beater isa from last year 07/8, I now see that they have a good new account for this year 08/9, but transfers are not allowed, can I open a new Barclays account for 08/9 & do a transfer of last years to a different provider that allows transfers in for 08/9 also?

polomint_2

Bri1 wrote: »

Hello,

Just a quick question, I have a Barclays Tax Beater isa from last year 07/8, I now see that they have a good new account for this year 08/9, but transfers are not allowed, can I open a new Barclays account for 08/9 & do a transfer of last years to a different provider that allows transfers in for 08/9 also?

Yes you sure can.

jenksalan

Sorry for the thick question, but is it possible to transfer a cash & stock ISA as well as cash only ISAs?

Crabman

jenksalan wrote: »

Sorry for the thick question, but is it possible to transfer a cash & stock ISA as well as cash only ISAs?

You'll find some helpful info in this thread which asked a similar question fairly recently:

http://forums.moneysavingexpert.com/....html?t=775065

P.S: It's not a silly question