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Transfer Cash ISAs Discussion Area

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  • philatio
    philatio Posts: 678 Forumite
    Part of the Furniture 500 Posts Combo Breaker
    Can you only transfer into a NEW isa ?? or can you transfer into an existing one.

    I have had 2 ISA accounts for a number of years now.

    One with Santander and one with FirstDirect.
    This year I haven't touched either. No deposits or withdrawals.

    The Santander rate has now nosedived. Will it be possible for me to transfer all of this into the First Direct... and then add my £5700 as well?? or can you only transfer into an ISA at the very beginning ?
  • badger09
    badger09 Posts: 11,622 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    philatio wrote: »
    Can you only transfer into a NEW isa ?? or can you transfer into an existing one.

    I have had 2 ISA accounts for a number of years now.

    One with Santander and one with FirstDirect.
    This year I haven't touched either. No deposits or withdrawals.

    The Santander rate has now nosedived. Will it be possible for me to transfer all of this into the First Direct... and then add my £5700 as well?? or can you only transfer into an ISA at the very beginning ?

    It will depend on the T&Cs of your particular First Direct ISA.

    There is no HMRC rule which determines when a transfer can be made - the only rule being that all current year's subscriptions must be kept together (with one ISA manager).

    However most fixed term/fixed rate ISA products allow deposits or transfers only within a very short timeframe - typically a few weeks.
  • philatio
    philatio Posts: 678 Forumite
    Part of the Furniture 500 Posts Combo Breaker
    Thanks.

    I've messaged FD for clarification. It doesn't seem to be mentioned in the T&Cs.
  • I have an ISA fixed 3 year bond which matures in November. Can I transfer this into an existing ISA savings account with the same bank without it affecting my annual savings allowance?
  • boobbby
    boobbby Posts: 769 Forumite
    badger09 wrote: »
    It will depend on the T&Cs of your particular First Direct ISA.

    There is no HMRC rule which determines when a transfer can be made - the only rule being that all current year's subscriptions must be kept together (with one ISA manager).

    However most fixed term/fixed rate ISA products allow deposits or transfers only within a very short timeframe - typically a few weeks.

    That is indeed true for most ISA although I took out a Lloyds 3.7% 2 year fixed cash ISA about 18 months ago and that allows transfers and deposits for the full term. I think there present ISA also allows this to happen but of course the rate is a lot lower now
  • Archi_Bald
    Archi_Bald Posts: 9,681 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    Brad_D wrote: »
    I have an ISA fixed 3 year bond which matures in November. Can I transfer this into an existing ISA savings account with the same bank without it affecting my annual savings allowance?

    It all depends on the T&Cs of that existing ISA account - does it allow transfers-in?
  • badger09
    badger09 Posts: 11,622 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    badger09 wrote: »
    It will depend on the T&Cs of your particular First Direct ISA.

    There is no HMRC rule which determines when a transfer can be made - the only rule being that all current year's subscriptions must be kept together (with one ISA manager).

    However most fixed term/fixed rate ISA products allow deposits or transfers only within a very short timeframe - typically a few weeks.
    boobbby wrote: »
    That is indeed true for most ISA although I took out a Lloyds 3.7% 2 year fixed cash ISA about 18 months ago and that allows transfers and deposits for the full term. I think there present ISA also allows this to happen but of course the rate is a lot lower now

    Yes, the Lloyds ISA was one of the very few exceptions - which is why I said 'most fixed term/fixed rate ISAs' in my reply :)
  • boobbby wrote: »
    That is indeed true for most ISA although I took out a Lloyds 3.7% 2 year fixed cash ISA about 18 months ago and that allows transfers and deposits for the full term. I think there present ISA also allows this to happen but of course the rate is a lot lower now
    It's a nice feature of their ISAs and still available. Kicking myself now that I did not take the less publicised 3 year fix rate to get another allowance in next year. As it stands I'll need to move at the end of February :-(
  • Archi_Bald wrote: »
    It all depends on the T&Cs of that existing ISA account - does it allow transfers-in?

    Yes, it's just an ordinary 90 day passbook cash ISA savings account. From what you have said, it sounds like in that case it won't affect my annual savings limit.
  • BillTee
    BillTee Posts: 74 Forumite
    Part of the Furniture 10 Posts Name Dropper Combo Breaker
    Yorkshire is offering 2.5% for >£24K on 40 day notice. Rate hasn't been changed since Jan 2011 but 60 day personal notice is given for any adverse rate change - transfers allowed. I'm thinking of going for it as it appears to be the best non fixed around and can't see any catches. Does anyone know any more about this? It isn't on the best buys - possibly because of the tiered % rate.
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