Transfer Cash ISAs Discussion Area

Baldur

blushingbride wrote: »

I have a question now april & the new financial year is looming

I currently have

£3100 in savings (from regular saver that ended jan)
£3700 in this years ISA
£3100 in previous years ISA

Now as the new ISA's are going to be available in April what do you suggest i would do?
Transfer old ISA's and savings into a new ISA?

Your choice - none of us know your circumstances.

You can transfer your ISA accounts to any provider that accepts ISA transfers at any time but your Regular Saver funds cannot be subscribed to a Cash ISA until 6th April or later, as you indicate that you already have subscribed to one in the current tax year.

KeyJ

Hi everyone,

The issue of what I'm able to transfer always confuses me, then when I think I've understood it something else seems to confuse me or contradict what I thought - I'm hoping someone can clarify what my position is.

My situation for this tax year is that I had transferred a previous year's ISA into an IF ISA at the beginning of the tax year and paid £1 into in.

In November I moved this ISA to First Direct to get a better rate.

Now I see that A&L have their new flexible ISA. Even though this doesn't accept transfers in, am I able to open one and use my remaining £3599 allowance? Or am I not able to open this until the next tax year because I've paid into an ISA at some point during the year?

Thanks for your help!

Baldur

KeyJ wrote: »

...am I able to open one and use my remaining £3599 allowance?

No, the £1 that you subscribed to IF and which you subsequently transferred to FD makes that your 2009/10 ISA, you could only pay the balance of your ISA allowance to the FD ISA and not breach the rules or, of course, to any other provider to which you transfer that ISA, as long as the balance of your allowance is subscribed before 05/04/2010..

Or am I not able to open this until the next tax year because I've paid into an ISA at some point during the year?

Correct, as above.

KingL

Or am I not able to open this until the next tax year because I've paid into an ISA at some point during the year

This one.

In fact, you probably didn't need to pay the £1 into the IF one, despite what they told you.

You can pay the £3599 into the First Direct one (provided their terms and conditions allow it), but the A&L/Santander one is off-limits to you until 6th April.


edit: curse Baldur and his fast typing!
.

KeyJ

Thanks!

To be 100% clear if there was an ISA with a better rate, that accepts transfers - I could transfer to that couldn't I and pay in the remaining of this years allowance?

Baldur

KeyJ wrote: »

Thanks!

To be 100% clear if there was an ISA with a better rate, that accepts transfers - I could transfer to that couldn't I and pay in the remaining of this years allowance?

Yes, as long as that's permitted in the Ts & Cs. You could also pay it in before the transfer.

MarkyMarkD

You can't strictly pay it in before the transfer, because that would involve lying on your app form (when you say that you haven't already subscribed to another ISA).

You should transfer it and THEN add £3,599.

But in practice HMRC don't care.

Baldur

MarkyMarkD wrote: »

You can't strictly pay it in before the transfer, because that would involve lying on your app form (when you say that you haven't already subscribed to another ISA).

That's easily resolved by drawing a line with a pen through the relevant words in the form.

rfctabs

Hi All,

I'm being really dim here, but can I ask for a bit (more) clarification?

I have £11350 in a poor ISA (which no longer makes me Smile ) but I haven't put anything in this tax year.

I would like a Santander / A+L ISA at 3.5% but can't transfer in to that under their Ts & Cs.

Next best is the First Direct at 2.75% which will allow transfers in but I have to open it with £1 plus my transfer balance (a previous poster suggested you didn't have to, but won't they notice? And isn't it a term of the account anyway? Confused...).

Is there any way I can transfer my existing ISA balance to FD and put my this year's £5100 in to Santander or do I have to choose one or the other? Is there any way I can transfer to any other ISA for a better rate but still open a Santander ISA?

Help!

Baldur

rfctabs wrote: »

Is there any way I can transfer my existing ISA balance to FD ?

There is no need to pay £1 to FD, as you will (presumably) be transferring much more than £1.......