ISA Transfer Gotcha

MagicBurd29

I didn't realise that, of those institutions which allow transfers into a new mini cash ISA account with them, some won't allow this unless you're also funding the ISA in the current tax year.

Well, maybe.

Has anyone any experience of this?

I don't want to start the process then find my funds are stuck in admin limbo!

I have a mini cash ISA with HBOS wihch I have funded this year. I want to transfer it to Northern Rock (preferably Fixed Rate 61, second choice Fixed Rate Access). NR's online application process won't let you get past the "initial deposit" screen - you have to add funding for the current tax year.

The NR forms are unclear (I think), and I've phoned NR twice and got two different answers as to whether they'll allow this - well three actually.

I know Icesave allow you to set up an ISA without funding it, only transferring in. Does anyone know if NorthernRock actually do allow this?

Thanks in anticipation ...

missile

I would suggest this is a system fault in the online NR form rather than a limitation in their acceptance T&Cs. If you really want to save with NR, I suggest you get a form from one of their branches.

DavidAC

Have you tried entering zero for the initial funding, it might work.