ISA transfer question

so3003

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

bristolleedsfan

so3003 wrote: »

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

masonic

so3003 wrote: »

"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!

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.

so3003

Thanks for the replies