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ISA transfer question
so3003
Posts: 35 Forumite
My ISA provider (Kent Reliance) no longer offers the top interest rate, and I want to transfer my ISA from them to Alliance & Leicester. I'm already fully subscribed for this tax year (ie I've paid in £3000 this tax year) so obviously can't put more money into the ISA, but I want to open a new account with A&L to transfer my existing funds in.
Problem is that on the T&Cs I have to agree with on the A&L site, I have to confirm:
"that you have not contributed to another Mini Cash ISA in the same tax year that you subscribe to this Mini ISA."
Can I agree to this, since I obviously have contributed to another this tax year? I just want to transfer funds to a new provider, not add to the total!
Thanks in advance for any comments / help.
Scott
Problem is that on the T&Cs I have to agree with on the A&L site, I have to confirm:
"that you have not contributed to another Mini Cash ISA in the same tax year that you subscribe to this Mini ISA."
Can I agree to this, since I obviously have contributed to another this tax year? I just want to transfer funds to a new provider, not add to the total!
Thanks in advance for any comments / help.
Scott
0
Comments
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My ISA provider (Kent Reliance) no longer offers the top interest rate, and I want to transfer my ISA from them to Alliance & Leicester. I'm already fully subscribed for this tax year (ie I've paid in £3000 this tax year) so obviously can't put more money into the ISA, but I want to open a new account with A&L to transfer my existing funds in.
Problem is that on the T&Cs I have to agree with on the A&L site, I have to confirm:
"that you have not contributed to another Mini Cash ISA in the same tax year that you subscribe to this Mini ISA."
Can I agree to this, since I obviously have contributed to another this tax year? I just want to transfer funds to a new provider, not add to the total!
Thanks in advance for any comments / help.
Scott
Best place for an answer is here.
http://forums.moneysavingexpert.com/forumdisplay.html?f=18
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The underlying assumption behind that statement is that you are going to subscribe new money to your A&L ISA this tax year. It isn't applicable to transfers in, but the wording is not clear. Note that you will not be subscribing to A&L ISA this tax year. If you read the statement very carefully, you will see that you are indeed not subscribing to the A&L ISA in the same tax year as your existing ISA."that you have not contributed to another Mini Cash ISA in the same tax year that you subscribe to this Mini ISA."
Can I agree to this, since I obviously have contributed to another this tax year? I just want to transfer funds to a new provider, not add to the total!0 -
Thanks for the replies
0
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