Transfer Cash ISAs Discussion Area

MagicAndi

Hi,

I am hoping that someone will be able to help me with a query. Apologies if this is question has already been answered. Am I correct in saying that I am not allowed to have multiple cash ISAs in the same tax year? Thanks.

Regards,
Andy.

fullstop

MagicAndi wrote: »

Hi,

I am hoping that someone will be able to help me with a query. Apologies if this is question has already been answered. Am I correct in saying that I am not allowed to have multiple cash ISAs in the same tax year? Thanks.

Regards,
Andy.

You can transfer any previous years ISA'S into the 09/10 tax year if your provider accepts transfers, so yes you can.

Baldur

MagicAndi wrote: »

I am hoping that someone will be able to help me with a query. Apologies if this is question has already been answered. Am I correct in saying that I am not allowed to have multiple cash ISAs in the same tax year?

You can certainly have multiple Cash ISAs in the same tax year BUT you can only subscribe to (pay new money into) one of them each tax year.

If you had opened a new ISA each tax year since the scheme began in April 1999, you could now (potentially) have eleven separate Cash ISA accounts - but it would be a logistical nightmare, so most savers probably transfer their old ISAs in order to consolidate them into one or, at least, a smaller number of accounts.

brookerbabyisababy

I have already subscribed (paid new money into a new account for this year). I want to transfer an old isa to a different provider from a different account. Problem is the new provider does not allow me to even open the account without declaring on the form that I have not subscribed elsewhere. i was thinking if i said i hadn't and did not subscribe to the new account - would that be okay.

mikey4020

I have an ISA with M&S Money that I want to transfer into a NatWest ISA. Does anyone know if M&S ISA's have Account numbers as my correspondence from M&S only seems to quote a client reference number.

Baldur

mikey4020 wrote: »

I have an ISA with M&S Money that I want to transfer into a NatWest ISA. Does anyone know if M&S ISA's have Account numbers as my correspondence from M&S only seems to quote a client reference number.

Have you asked them?

Marks & Spencer Money
Savings & Investments Tel. 0808 005 5555

MarkyMarkD

brookerbabyisababy wrote: »

I have already subscribed (paid new money into a new account for this year). I want to transfer an old isa to a different provider from a different account. Problem is the new provider does not allow me to even open the account without declaring on the form that I have not subscribed elsewhere. i was thinking if i said i hadn't and did not subscribe to the new account - would that be okay.

YES. The only requirement is that you do not FUND two ISAs in the same year WITH NEW MONEY. And that is what the declaration says: that you have not subscribed elsewhere in the same year that you subscribe to this new ISA. As you are not subscribing to this new ISA at all, the sentence is irrelevant.

maujohwai

We are frequently warned not to withdraw ISA cash in order to move it to a better-paying account, so as not to lose its tax-free status. However, not everyone has an extra £3600 to subscribe every year, and if you don't, you can take advantage of a good account that won't allow transfers in, by withdrawing it from your lowest-paying ISA and subscribing it to the best one as 'new' money. As the tax year nears its end (if you haven't already subscribed up to your limit), it gets progressively easier to predict whether you will have new cash available to save!

rb10

maujohwai wrote: »

We are frequently warned not to withdraw ISA cash in order to move it to a better-paying account, so as not to lose its tax-free status. However, not everyone has an extra £3600 to subscribe every year, and if you don't, you can take advantage of a good account that won't allow transfers in, by withdrawing it from your lowest-paying ISA and subscribing it to the best one as 'new' money. As the tax year nears its end (if you haven't already subscribed up to your limit), it gets progressively easier to predict whether you will have new cash available to save!

The tax year has only just begun! Ok, come the end of March next year, what you suggest may be the best route for a very small number of people, but in general it's not. For example, this year, two of the best were Halifax and First Direct at 3% and 3.1%. (Although there were some higher rates at Barclays and Natwest these were variable, so are likely to drop in May/June-ish.) Both these good accounts offered transfers-in, so there would be no need to withdraw cash and pay it in.

Mr_Bigg

I am sorry if this has been asked before but i just wanted to clarify something.

I understand that if you have ISA's from previous years you can transfer them to an account this year as it is affectively not new money being invest.

As well as this you can start saving for this tax year as well.

My question is at the moment the best rates are about 3% or 4% suppose i open a new ISA tomorrow then 2 months down the line a new ISA comes out pay 7%.

Can i transfer my previous ISA's again in the same tax year?
Can i transfer my current ISA in this tax year?

Thanks for you help guys