Transfer Cash ISAs Discussion Area

adindas

I withdrew my ISA in September 2016 and put it into other interest current account with intention to put it back to this ISA by the end of this year tax year. I have got confirmation form this forum as well as from NW itself that it is fine.

Previously I have seen there is information :
Unrepaid withdrawals in this tax year £xxxxx (THe amount I have withdrawn)
But now this information has been removed.

I just notice from my online Flexcluive ISA account today

"Any funds that are withdrawn from an ISA and paid into a non-ISA product may no longer be considered to be tax-free savings. You should not withdraw funds you wish to transfer to another cash ISA; instead, you’ll need to contact the new provider who’ll arrange the transfer for you."

Just wonder whether other people have notice this as well. Whether the people who have withdrawn their money from ISA wrapper will have a problem to put it back ??

WhiteSpace

adindas wrote: »

"Any funds that are withdrawn from an ISA and paid into a non-ISA product may no longer be considered to be tax-free savings. You should not withdraw funds you wish to transfer to another cash ISA; instead, you’ll need to contact the new provider who’ll arrange the transfer for you."

That is true. But that doesn't necessarily mean you can't transfer the funds back into the Nationwide ISA in the same tax year. (That just looks like general ISA advice.)

I don't have a Nationwide ISA, but the website blurb certainly states that you can transfer funds back to any Nationwide ISA (as you suggest), except for the Junior ISA. However, it does also state, "subject to the terms and conditions of the account" - so you'll need to double check that.

The fact that this information appears to have vanished from your account may just be a technical issue with maintaining this information - ISA deposits have often/always been up to the account holder to monitor. (?)

djnield

If I want to move my money from an old ISA (Post Office low interest rate) to a regular savings account (Post Office) should I close/withdraw/transfer?

Am confused about this :-(

Grover5

Hi All, Can anyone tell me if I can transfer 2 isa's held by 2 people into 1 new Isa? Both Isas are Santander Isas and I want to move both to a better rate Isa. Both Isa's are just over 5k each so fall into the allowance.
Please advise.
Many thanks.

someone

Grover5 wrote: »

Hi All, Can anyone tell me if I can transfer 2 isa's held by 2 people into 1 new Isa? Both Isas are Santander Isas and I want to move both to a better rate Isa. Both Isa's are just over 5k each so fall into the allowance.
Please advise.
Many thanks.

No, ISAs are individual savings accounts. They can only be held in sole name. However your ISA allowance is £20k, if you wanted the money in the same ISA you could withdraw from one and deposit in another.

pstar4758

Hi all,

I've got hopefully what is a basic question, but from googling I can't seem to find a the answer

1. I opened an S&S ISA a few years back, and have contributed £2000 this year so far. Can I transfer this ISA (including all old and new money put in) to a new S&S, and continue adding money to the new S&S ISA this year?

I'm confused as to whether transferring an ISA I'm currently contributing to and then contributing to the new ISA that it was transferred into counts as subscribing to 2 ISAs in a year?

2. If I transfer the S&S ISA to a LISA instead, can I open a new S&S ISA and contribute money this year? or does that still count as contributing to 2 S&S ISAs in a year (i.e. one has been transferred to a LISA)

thanks

Alexland

1) That's fine by transfering you are moving the same ISA between providers. Your old provider will tell your new provider how much you have contributed so far this tax year and you can continue to contribute up to the annual limit.

2) Not really but you might not get caught. I don't understand the circumstance that would cause you to want to do this if you have only contributed £2k into the S&S ISA so far this year (assuming you have no other ISA types)??

If you have another £18k to contribute stick £4k in the LISA and the other £14k in the S&S ISA (or other ISA types)

If you are not going to hit the £20k anyway then you can always partially withdraw from the S&S ISA (and potentially loose some of the £20k ISA allowance) to deposit in the LISA.

Alex

spikeboy_2

Hi all,
Probably a silly question, but just need some clarity please:
I have just over 25k in a Halifax cash Isa which has built up over many years (it's now a dreadful rate). I'd like to transfer this to Virgin which has a much better rate.
I have a Virgin savings account, is it simply just a case of logging on and opening an Isa with them? Also does all the money get transferred to them (only ask because of the 20k yearly allowance thing)?
Many thanks.

alahol2

Spikeboy


Essentially, yes. Set up a new ISA with Virgin maybe with an opening deposit of £1.
Then look for the Virgin ISA transfer form on their site. Download and print the form. Fill it in and send it off.
Virgin will than transfer all (or some, if you prefer) the cash in your Halifax ISA to your Virgin ISA.
DON'T withdraw the money from your Halifax ISA yourself and don't close the Halifax ISA yourself.


The Paragon cash ISA has the same rate but unlimited withdrawals are allowed. Setting it up and doing the transfer will be the same as for Virgin.


Good luck.

murphydavid

spikeboy wrote: »

Hi all,
Probably a silly question, but just need some clarity please:
I have just over 25k in a Halifax cash Isa which has built up over many years (it's now a dreadful rate). I'd like to transfer this to Virgin which has a much better rate.
I have a Virgin savings account, is it simply just a case of logging on and opening an Isa with them? Also does all the money get transferred to them (only ask because of the 20k yearly allowance thing)?
Many thanks.

First you have to check if the Virgin ISA account you are considering allows incoming lump sum transfers. Some ISAs don't.