Transfer Cash ISAs Discussion Area

deonha

Can anyone please advise me on the following.

Say I have an ISA with Natwest with £7200. On the 7th April this year I open a new ISA with say Abbey and deposit the full £5100. Can I then also open an ISA with First Direct and transfer the Natwest ISA to them?

If so, once I have opened that ISA with First Direct and transfered they then show I can stil deposit £5100 for this years ISA. What's to stop me from doing that?

rb10

deonha wrote: »

Can anyone please advise me on the following.

Say I have an ISA with Natwest with £7200. On the 7th April this year I open a new ISA with say Abbey and deposit the full £5100. Can I then also open an ISA with First Direct and transfer the Natwest ISA to them?

Yes, you can.

(Although Abbey are now called Santander)

deonha wrote: »

If so, once I have opened that ISA with First Direct and transfered they then show I can stil deposit £5100 for this years ISA. What's to stop me from doing that?

Both Santander and First Direct would report to HMRC at the end of the tax yaer that you've paid £5100 into their ISA. HMRC would then know that you've paid in to two ISAs in the year.

john_boyuk

gunmaker wrote: »

Yes you can, providing they accept transfers in. Open the new ISA then ask the new provider to transfer the ISA for you. Don't close the old ISA as you can only pay into one ISA a year.

Many thanks for the advice gunmaker. You say don't close the old ISA...I'm not sure which ISA you mean. I have a new Alliance & leicester Flexible ISA for 2010/2011 at 3.2% which I will be paying in £5,100 and I wish to open an ISA with Yorkshire bank fixed at 3% for 12 months which accepts transfers in. I will transfer in £3,600 plus the interest from my 2009/10 ISA which is with RBS. Do you mean don't close the old RBS ISA before I get it transferred to the Yorksire Bank?

sharkalos

Moneysupermarket doesnt seem to catch all cash ISAs so I'm here to ask the question - where will i earn the best returns based on the following:

• £14k worth of ISA currently in natwest ISA account

• plus additional £5,200 awaiting for this years allowance

• looking for a competitive rate that allow transfers in

Also, can someone help clarify my situation - Ive just applied for a Newcastle Builder ISA account and since discovered it may not be so competitive. Am i able to apply for other accounts or am i stuck? What if i have already made a deposit in my new ISA this tax year?

All input much appreciated :beer:

WhiteSpace

sharkalos wrote: »

...plus additional £5,200 awaiting for this years allowance

That'll be £5,100 for this years allowance.

gunmaker

john_boyuk wrote: »

Many thanks for the advice gunmaker. You say don't close the old ISA...I'm not sure which ISA you mean. I have a new Alliance & leicester Flexible ISA for 2010/2011 at 3.2% which I will be paying in £5,100 and I wish to open an ISA with Yorkshire bank fixed at 3% for 12 months which accepts transfers in. I will transfer in £3,600 plus the interest from my 2009/10 ISA which is with RBS. Do you mean don't close the old RBS ISA before I get it transferred to the Yorksire Bank?

As I said, Don't close the OLD ISA, ie, the one you want to transfer.

chardir

Hope someone can help with this: Can I open both Santander's Flexible ISA (for this year's money) and their Direct ISA (for transferring in)?

KTF

Yes you can.

JoeCrystal

Hello, I was in the Post Office to send present on my break, I came across One Year 3% Fixed Rate Cash ISA provided by Family Investments. Which I thought was actually quite good and can accept transfers in!

Not sure if you folks knew or not?

rubbish_money_saver

Hi i am looking for a bit of help with plans to save to go travelling. I have an old ISA currently with Barclays with just over £1000 in and i have just found out the interest is a measly 0.53% i have around another £1000 to deposit however i need an account with more interest and that allows transfers in and i like to be able to view balances and transfer money online. Any help or advice appreciated