Transfer ISA without paying in 08/09 allowance

vulcan59

Hi,
Could do with some help here please. I may have made a mistake. I have paid my 2008 / 09 cash allowance into NS&I, adding it to the 2007 / 08 money paid in last year. I did this knowing that NS&I doesn't pay a great rate anymore but I had the intention of moving to a better payer later when I have more time to look around.

I am now in the situation of having the NS&I account and some of the earlier years contributions with IF. Most of my ISA pot is with Ruffler which I am happy with. I would like to move NS&I and IF to better paying accounts but when I looked at Abbey, they appear to only allow transfers in if I open the ISA and contribute this years contributions. Are all the top payers the same? Does anyone know of an account I can transfer into having already put this years allowance into NS&I. By the way, I don't want to transfer any more into Ruffler as that account is just below £35K and I want to keep it that way.

Thanks.

Baldur

I can't see anything on the Abbey site which says that the Direct ISA issue 2 requires you to pay in new money.

I have certainly opened ISAs in the past 3 years, with Abbey, simply through transfers of previous years' &/or current year's funds from other providers.

vulcan59

Baldur wrote: »

I can't see anything on the Abbey site which says that the Direct ISA issue 2 requires you to pay in new money.

Thanks Baldur. I saw this on the overview page for the Direct ISA.
Don't consider it if...

• You've used your ISA allowance for this tax year

Baldur

vulcan59 wrote: »

Thanks Baldur. I saw this on the overview page for the Direct ISA.
Don't consider it if...

• You've used your ISA allowance for this tax year

Suggest that you go into an Abbey branch, ask for a transfer form & tell them what you want to do - that's all that I've done in the past and the staff have sorted out the account opening immediately and forwarded the paperwork to their ISA section (operated by Banco Santander in Glasgow, from memory).

poppy10_2

vulcan59 wrote: »

Thanks Baldur. I saw this on the overview page for the Direct ISA.
Don't consider it if...

• You've used your ISA allowance for this tax year

I think that's just to stop people trying to open two ISAs in one year. You aren't, you're transferring one to the other, so you're OK.

vulcan59

I decided to try filling in the Abbey Direct ISA on-line application and see what it allows. It gets to a point where I was asked if I wanted to open the ISA with a transfer from another provider, new money or both. I ticked transfer only with no new money. It then asks how many accounts you are transferring and you enter details of one of them. They send you a form to request transfer of any others.

So, it looks fine and I was worrying unduly.