Transfer Cash ISAs Discussion Area

mellymell_2

KTF wrote: »

You can open 2 ISA then transfer existing ISAs into one of them and this years allowance in to another.

What you cannot do is open 2 ISA then pay this years allowance in to both (or split it).

That's great thanks, the HMRC fact sheet is vague and although it mentions you cannot pay into 2 accounts, it doesnt say whether you can open more than one.

Mach_2

KTF wrote: »

You can open 2 ISA then transfer existing ISAs into one of them and this years allowance in to another.

What you cannot do is open 2 ISA then pay this years allowance in to both (or split it).

A couple of follow-up questions to this: Do deposits for opening new ISAs count as part of the year's allowance?

Last year I helped someone transfer their ISA to Scottish Widows, thinking all we needed to do was fill-in a transfer form. SW got back to us saying that we needed to open an ISA account first before they could transfer the previous ISA allowance. To do this we had to pay a £10 deposit, which I guess counted as part of the year's allowance, meaning we would not have been able to pay into another ISA account that tax year.

Do all transfers operate in this way (requiring you to pay a deposit and thus effectively tying you to the account for the rest of the tax year)?

Hope I have been clear and many, many thanks.

boobbby

Mach wrote: »

A couple of follow-up questions to this: Do deposits for opening new ISAs count as part of the year's allowance?

Last year I helped someone transfer their ISA to Scottish Widows, thinking all we needed to do was fill-in a transfer form. SW got back to us saying that we needed to open an ISA account first before they could transfer the previous ISA allowance. To do this we had to pay a £10 deposit, which I guess counted as part of the year's allowance, meaning we would not have been able to pay into another ISA account that tax year.

Do all transfers operate in this way (requiring you to pay a deposit and thus effectively tying you to the account for the rest of the tax year)?

Hope I have been clear and many, many thanks.

You can only pay into one ISA each tax year although you can transfer that ISA to another provider. After the transfer you can then pay further amounts up to the allowance for that tax year. For older ISA's you can transfer them to any provider that allows transfers to be paid in .

ipri

Just to be clear....if I pay into an isa this year....can I still transfer my old isas into new provider as often as I like? ian

boobbby

ipri wrote: »

Just to be clear....if I pay into an isa this year....can I still transfer my old isas into new provider as often as I like? ian

Only if they allow you to transfer in (some do and some dont) check out their terms and conditions

sammybee

i would like to open another isa, but not yet as im still debating the best 1 for me, i will be transfering my a&l into it also,but i noticedsomething about being given 30 days for this, does that mean i have to find 1 within 30days or does it mean something else
sam xx

boobbby

sammybee wrote: »

i would like to open another isa, but not yet as im still debating the best 1 for me, i will be transfering my a&l into it also,but i noticedsomething about being given 30 days for this, does that mean i have to find 1 within 30days or does it mean something else
sam xx

30 days is a guide line!! In fact I opened a new ISA with Alliance and Leicester and then moved my wifes old old A & L ISA to the new one. This was very quick and easy. (about 5 days) Mind the rate immediately dropped to 2.5% so maybe I will move it again. For some reason she likes to do all her banking with A & L!!

KTF

If you have £35k+ to transfer then the Ulster Bank (I imagine NI only) seems to be offering a good (variable) rate and has slipped under the radar:

http://www.ulsterbank.co.uk/ni/personal/saving/instant-access/cash-isa/transfer.ashx

ANGLICANPAT

Is Ulster Bank guaranteed by the Irish Govt though -- Safe?

Baldur

ANGLICANPAT wrote: »

Is Ulster Bank guaranteed by the Irish Govt though........

No - it's authorised by the FSA (or at least its Northern Ireland operations are) so the normal UK FSCS £50,000 cover would apply if the account is operated by its Northern Ireland offices.