Cash ISA Transfer

hosser

I have used up my 2007/8 allowance with a Barclays ISA, which the special rate is now coming to an end. I now want to invest new funds into a 2008/9 cash ISA. As you are only allowed to open one new cash ISA in any tax year, if I want to transfer my 2007/8 ISA into an ISA paying a higher rate of interest than currently, is my only option to transfer it into my new 2008/9 ISA. All ISA's i have seen that accept transfers in state that you have to open the ISA account first, before transferring.

What i really want to do is open a new 2008/9 cash ISA with the full allowance with one provider and transfer my 2007/8 ISA into a new different provider. Is this possible?

10_66

hosser wrote: »

What i really want to do is open a new 2008/9 cash ISA with the full allowance with one provider and transfer my 2007/8 ISA into a new different provider. Is this possible?

Yes, you can do this. Once you've decided which provider you want to transfer to, you will need to complete one of the new provider's transfer in forms along with an application form. Once they have received these, they will arrange the tranfer from your old ISA provider to themselves. Make sure that the new provider/product you wish to transfer to does permit transfers in, not all do.

tummy_tank

hi, i want to do the same as once the interest is added for this year i will just be shy of £35000. So don't want to risk putting in more than that with one provider. A&L where i was going to transfer and have done so with DH's (his is much less) asks for a 2008/9 application form to be completed indicating that you will put in money for this year ahead?? i don't want to do that

molerat

If you are transferring it does not matter which tax year it is in except that if you transfer the current tax year's contribution it must be the full amount. The rules state you must only contribute to one ISA in a tax year. You can open as many as necessary.