📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!

Transfer Cash ISAs Discussion Area

19293959798319

Comments

  • Baldur
    Baldur Posts: 6,565 Forumite
    Mr_Bigg wrote: »
    Can i transfer my previous ISA's again in the same tax year?
    Yes you can.
    Can i transfer my current ISA in this tax year?
    Yes you can.
  • Mr_Bigg
    Mr_Bigg Posts: 17 Forumite
    Thank you Baldur
  • I'm a bit confused and wondered if somebody might possibly be able to help me out. I understand that you can transfer previous tax years ISAs to a new account and also any current tax years balance.

    I've inadvertently paid £200 in this year (my standing order went out without me realising), if I transfer the whole balance to another cash ISA am I then able to continue to pay into the new account (up to a further £3400) or does the fact that I've paid into the old one stop me from doing this?

    Many thanks for any advice offered.

    James
  • KTF
    KTF Posts: 4,850 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    Yes, you can pay up to 3600 into ISA(s) each tax year so if you move it you still have an allowance of 3400 that you can use.
  • Hi

    I have already paid the full 3600 for this year into an existing ISA account. However, I realise that as an existing NatWest customer I can get a better rate with the e-ISA product. However, at the start of the application there is an ISA declaration, part of which is "Do you declare that you have not subscribed, and will not subscribe, to another cash ISA in the same tax year that you subscribe to this cash ISA?"

    By paying into my existing ISA already, does that count as "subscribing"? Is this a standard thing or just Natwest? Sorry if these are daft questions but I'm confused
  • rb10
    rb10 Posts: 6,334 Forumite
    james7604 wrote: »
    I'm a bit confused and wondered if somebody might possibly be able to help me out. I understand that you can transfer previous tax years ISAs to a new account and also any current tax years balance.

    I've inadvertently paid £200 in this year (my standing order went out without me realising), if I transfer the whole balance to another cash ISA am I then able to continue to pay into the new account (up to a further £3400) or does the fact that I've paid into the old one stop me from doing this?

    Many thanks for any advice offered.

    James

    When you pay new money into an ISA, this is called 'subscribing' to it. So you have subscribed to your existing ISA, by paying in £200. You can only subscribe to one ISA per tax year, so you are only allowed to pay further funds into your existing ISA, until the 2010/11 tax year.

    You can transfer part of an ISA at a time though, so if you transferred all except the minimum balance to a new ISA, you could then continue paying in to the existing one during this tax year. After you've filled this ISA, you can then merge them together.
  • rb10
    rb10 Posts: 6,334 Forumite
    stu20001 wrote: »
    Hi

    I have already paid the full 3600 for this year into an existing ISA account. However, I realise that as an existing NatWest customer I can get a better rate with the e-ISA product. However, at the start of the application there is an ISA declaration, part of which is "Do you declare that you have not subscribed, and will not subscribe, to another cash ISA in the same tax year that you subscribe to this cash ISA?"

    By paying into my existing ISA already, does that count as "subscribing"? Is this a standard thing or just Natwest? Sorry if these are daft questions but I'm confused

    That's a standard phrase that you can ignore in this case.

    Your transfer won't count as a 'subscription'; only paying new money into an ISA is called subscribing.

    So the key part of the sentence is 'in the same tax year that you subscribe to this cash ISA' ... you won't be subscribing (i.e. paying new money into) this cash ISA in the current tax year, so the sentence does not apply.
  • rb10 wrote: »
    When you pay new money into an ISA, this is called 'subscribing' to it. So you have subscribed to your existing ISA, by paying in £200. You can only subscribe to one ISA per tax year, so you are only allowed to pay further funds into your existing ISA, until the 2010/11 tax year.

    You can transfer part of an ISA at a time though, so if you transferred all except the minimum balance to a new ISA, you could then continue paying in to the existing one during this tax year. After you've filled this ISA, you can then merge them together.

    Thanks, that clears things up somewhat. I just have one further question, will I need to wait until the next tax year to merge them together? ie. If I transfer my current balance to a new ISA product and manage to top up my existing ISA within a few months time, can I then transfer the further £3600 over or must this wait until next year.
  • Baldur
    Baldur Posts: 6,565 Forumite
    james7604 wrote: »
    I've inadvertently paid £200 in this year (my standing order went out without me realising), if I transfer the whole balance to another cash ISA am I then able to continue to pay into the new account (up to a further £3400) or does the fact that I've paid into the old one stop me from doing this?
    It's not a case of 'old' or 'new' ISAs - you would merely be transferring the same ISA to a different provider and could continue to subscribe up to the balance of your 2009/10 Cash ISA allowance after the transfer.
  • Baldur wrote: »
    It's not a case of 'old' or 'new' ISAs - you would merely be transferring the same ISA to a different provider and could continue to subscribe up to the balance of your 2009/10 Cash ISA allowance after the transfer.

    This is where I'm finding it confusing. I'm not sure where you are telling me I can subscribe the rest of this years allowance to.

    I understand that I can transfer the balance to a different "new" provider with a higher interest rate, but because I've already inadvertently paid £200 into my current "old" provider in this tax year do I have to subscibe the rest of my allowance with the "old" provider? Or can I pay it into the "new" ISA after the transfer? If you're suggesting I can, it's different advice to that which rb10 offered a few posts above.
Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 351.3K Banking & Borrowing
  • 253.2K Reduce Debt & Boost Income
  • 453.8K Spending & Discounts
  • 244.3K Work, Benefits & Business
  • 599.5K Mortgages, Homes & Bills
  • 177.1K Life & Family
  • 257.8K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16.2K Discuss & Feedback
  • 37.6K Read-Only Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.