Transfer Cash ISAs Discussion Area

I-LOV-MONEY

Casciana wrote: »

Hi, I have previous years cash ISA's with two different providers and have starting paying into a cash ISA for the current tax year, I would like to transfer previous years to a different provider (higher interest) and continue with current year's provider - is this possible?

See no reason why not. As long as you don't have more than one new cash ISA in any year.

Casciana

can anyone advise me if it's possible to transfer previous year's cash ISAs (2 different Providers) into 1 higher interest paying ISA and still retain current tax year's ISA provider?

I-LOV-MONEY

Casciana wrote: »

can anyone advise me if it's possible to transfer previous year's cash ISAs (2 different Providers) into 1 higher interest paying ISA and still retain current tax year's ISA provider?

see above !

BP12

I have an existing ISA with Alliance & Leicester and would like to transfer this to a Principality e-ISA, however I have already deposited some money into the Alliance & Leicester account for this tax year. The Principality website e-ISA FAQ states "As long as you are subscribing to e-ISA for the current tax year, you may transfer ISAs from previous tax years." Does this therefore mean that I will not be able to transfer into this account?

Thanks

Scrooge33

Transfers in from other providers do not count towards your annual subscription limit. There is no restriction to the number of providers you can transfer-in from.

From the above I take it that any other ISA providers count.[End quote]

So does this really mean that I can transfer any other ISAs from previous years (where the interest is now low) to a higher paying ISA - AND still open a new ISA for this financial year? At the end of this financial year is it likely that the new higher paying ISAs will drop their rate - and can I then tranfer them again etc etc? What size of accumulation of monies are allowed in one ISA if I do transfer 'old' ISAs into one so I can keep track of them. I currently have a few old ones all over the place!!

I-LOV-MONEY

Scrooge33 wrote: »

So does this really mean that I can transfer any other ISAs from previous years (where the interest is now low) to a higher paying ISA - AND still open a new ISA for this financial year?

Yes. I have done the same.

At the end of this financial year is it likely that the new higher paying ISAs will drop their rate - and can I then tranfer them again etc etc?

Who knows ! You will have to check the market again at that time. In theory there is nothing to stop you moving again mid-year. However, you must remember each time you transfer there is a period of time when the old provider sends a cheque (how quaint!) to the new provider and they then set up the new account. During this time there is no interest being paid.

What size of accumulation of monies are allowed in one ISA if I do transfer 'old' ISAs into one so I can keep track of them. I currently have a few old ones all over the place!!

As far as I know there is no limit.

messyhead

Hi. I have a Cash ISA that is due to mature in a couple of weeks. The money is to be used to pay for my wedding, so over the next year we will need to start withdrawing some of it to pay for things.

Ideally I would like to keep the tax benefit, but as ISA's pay annual interest that would not be good for us. I would like something with monthly interest paid so that we will still get interest on the money in the account.

I was considering withdrawing it on maturity and moving it to my ING account.

What does it mean to lose the tax benefit if I don't transfer to another ISA? Does it just mean I'll start to be taxed on the savings, or will I be taxed when I withdraw the money?

neil324

benjdr wrote: »

Russ,
The next best thing looks to be http://www.principality.co.uk/default.aspx?page=607. I have one myself.

However, they will only let you transfer in if you subscribe with them for this year, which but the sounds of it is what you want to do anyway.

Cheers

I just tried to open one and are a bit confused, as ive already got another isa but what to transfer.

How does it this work, you apply then transfer your funds over when the isa is open. Theres no mention when you go through the process. So in effect will have 2 isa's

wackojackouk

neil324 wrote: »

I just tried to open one and are a bit confused, as ive already got another isa but what to transfer.

How does it this work, you apply then transfer your funds over when the isa is open. Theres no mention when you go through the process. So in effect will have 2 isa's

I had the same query. Opened this years one with the full amount (£3600) and once it's set up you can download/print a form. Have just done that asking them to transfer my IF.com one so fingers crossed it will go smoothly.

HTH

WJUK

iB1

Hi all,

I have managed to confuse myself a little bit and am looking for some advice!

Earlier this month, I transferred my existing Direct Line ISA subscriptions to A&L, as the Direct Line ISA rate is very poor. I had contributed to the Direct Line ISA by paying £100 a month into it since 2003, which means that I have subscribed to the Direct Line ISA already for this tax year.

What I don't understand, is that now I have transferred previous and this year's funds to A&L, who should I be paying my £100 a month to now? Is the Direct Line ISA now automatically closed since I transferred all my cash out of it? But since I have already subscribed to the Direct Line ISA for this year, can I now pay cash into my A&L ISA for this tax year?

Thanks!