Problem Transferring an ISA

shaz77_2

I want to setup an ISA with Alliance and Leicester (6.25%) and then transfer my existing ISA into it, however when I went to sign up for this online I got the following message.

By clicking 'Next' I confirm that I have read and agree to the Terms and Conditions of the Alliance & Leicester Direct ISA. I also confirm that I have not contributed to another Mini Cash or Maxi ISA in the same tax year that I subscribe to this Mini ISA.

My problem is that I have contributed to another ISA this year (the one I am transferring into Alliance and Leicester) is this not allowed?

KiKi

Hi there

I suspect they're just covering their backs in ensuring you're not contributing to two ISAs in a year, as they assume by opening the ISA that you're going to add 'new' money to it.

I guess it depends how they define 'subscribe' - does that mean just 'opening' an account to transfer into, or does it mean they expect you to add new money?

But I understand that you don't want to tick that box without checking...personally, I'd just give them a call and take the advisor's name, just double check it. Then if anything comes back at you you've got some back up.

Sorry not to be any more help.
KiKi

Paul_Herring

KiKi is right - this is more of a CYA move by A&L, but still ring up to query it; with any luck, the more who do, the more likely this text will change.

shaz77_2

Thanks for the advice.

I did as you said and contacted A&L on 0844 800 9000 however none of the options seems to allow me to set up an ISA, when I did selected savings I was asked to submit my customer number and password.

Does anyone know how I can get through to the correct department and what are th opening times for the bank?

shaz77_2

albertross wrote: »

It would be easier to wait a week and start a new one then do the transfer using the form..

To be honest I had planned to transfer my existing ISA into A&L paying 6.25% interest and then in the new tax year setup a different ISA paying a higher rate of interest.

shaz77_2

shaz77 wrote: »

To be honest I had planned to transfer my existing ISA into A&L paying 6.25% interest and then in the new tax year setup a different ISA paying a higher rate of interest.

Just quoting myself, is what I have stated here a good option with regards to the second ISA?

Thanks in advance.

shaz77_2

albertross wrote: »

What is the second ISA with a higher rate?

It was just a thought although I have none in mind. I was simply thinking that it may be better to move all my existing ISA into the A&L and then setup a new ISA that pays a higher rate that 6.25%.

Perhaps this is a bad idea?