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Old & New ISA
sunnyjolls
Posts: 16 Forumite
Ok, I have used up my £3000 ISA allowance for this year ending 5th April 2008. I plan to open another after this date for the forthcoming financial year. These are my questions:
1. Once I have found my new ISA can I transfer my £3000 from my existing ISA (2007-2008) AND put in another £3600?? Or in order to deposit £3600 would my £3000 from my existing ISA need to stay where it is?
2. If I do transfer to a better rate, I am correct in assuming that if I have earned say £150 interest (taking my balance to £3150), the £150 interest I have earned also goes towards my allowance, meaning I can only deposit a further £3450 from 6th April?
1. Once I have found my new ISA can I transfer my £3000 from my existing ISA (2007-2008) AND put in another £3600?? Or in order to deposit £3600 would my £3000 from my existing ISA need to stay where it is?
2. If I do transfer to a better rate, I am correct in assuming that if I have earned say £150 interest (taking my balance to £3150), the £150 interest I have earned also goes towards my allowance, meaning I can only deposit a further £3450 from 6th April?
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Comments
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sunnyjolls wrote: »Ok, I have used up my £3000 ISA allowance for this year ending 5th April 2008. I plan to open another after this date for the forthcoming financial year. These are my questions:
1. Once I have found my new ISA can I transfer my £3000 from my existing ISA (2007-2008) AND put in another £3600?? Or in order to deposit £3600 would my £3000 from my existing ISA need to stay where it is?
You can transfer to another ISA provider if it will accept transfers - not all do. If you do transfer you will still have your full £3600 allowance available.2. If I do transfer to a better rate, I am correct in assuming that if I have earned say £150 interest (taking my balance to £3150), the £150 interest I have earned also goes towards my allowance, meaning I can only deposit a further £3450 from 6th April?
No you are not correct. The interest earned does not affect your allowance in any way. If you gain £150 interest your balance as you say is £3150. You will still be able to put in your full £3600 allowance.0 -
You can transfer to another ISA provider if it will accept transfers - not all do. If you do transfer you will still have your full £3600 allowance available.
No you are not correct. The interest earned does not affect your allowance in any way. If you gain £150 interest your balance as you say is £3150. You will still be able to put in your full £3600 allowance.
Thanks very much for your reply, that has helped to clarify a few things for me. Particularly pleased about interest not effecting my new allowance!! :j0
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