Transfer in rules

steveksullivan

Cant believe I was JUST about to post when an almost identical thread appeared ! However, the earlier thread must have referred to ISA's which were ready to transfer in .... my post follows

Apologies for this lengthy post, especially if I’m making this more complicated than it needs to be …!!

I thought I understood simple Cash ISA’s but …..

I have fixed rate ISA’s maturing at different times during the year (circa 16k with three providers) and want to move these into the best fixed rate I can find, as well as using this years allowance – my issue is mostly around timing.

If I open a fixed rate tomorrow with this years allowance, I can’t then transfer in the accounts that haven’t yet matured.

Question : Is there anything to stop me opening more than one cash ISA with same provider in a given year, as long as only one of them is funded with new money?

i.e
14th April open cash isa with Nationwide fixed at 6.15%
26th April – Halifax ISA matures – open another ISA with Nationwide and transfer in
14th June – NSandI ISA matures– open another ISA with Nationwide and transfer in ……..etc etc

(always assuming Nationwide is still at the rate I want to go for….)

What Nationwide wanted me to do was transfer in each of the maturing ISA’s into a non-fixed rate account (presumably at a lower rate) until they were all in the same place - THEN open the fixed rate.

I have looked but cant find any reference on the ‘net to opening more than 1 a/c with the same provider ….

Thanks in advance for any help!

Baldur

Transfers don't constitute 'opening new accounts' they are simply Cash ISA transfers - see http://www.hmrc.gov.uk/isa/isa-guidance-notes-2008.pdf (Chapter 12)

profftnt

I guess the post you are referring to is mine! All i want to do is keep it simple, have all my "ISA" cash in one account and from now on, when the fixed term matures move it to a better fixed term provider.

My issue is different in that the other two accounts aren't fixed terms - just hovering at about 4.75% and 5% respectivly - hence i want all that money and this years allowance in one big ISA giving me 6.15% for this year which equates to about £200 more in interest.

@Baulder
I am reading the notes.

Prof.

Baldur

profftnt wrote: »

@Baulder
I am reading the notes..

I don't think that it's a publication which will make the 'best seller' lists........;)

profftnt

Baldur wrote: »

I don't think that it's a publication which will make the 'best seller' lists........;)

Yup, seems like its more for the providers than the investors