Probably a daft ISA switching question...

simonfitba

Hi folks,

First time poster, long time lurker.

I was wondering, can I switch my ISA to another bank if I've already put the full £3600 in for this tax year?

I suspect the answer is no, but I just thought I'd ask the experts before the tax man sends me to jail.

Cheers,

Simon

KTF

Yes you can as long as you dont add any more money to it.

Milarky

Yes you can if they accept transfers - you always have to move the full amount paid in 'this' year (i.e. you can't leave it in two places) - but if you also have amounts from past years you can ask for this to be sent to as many different ISA providers as you wish [Whilst all ISA providers have to facilitate transfers-out they can refuse to split even past year amounts for you. Not all ISA providers will accept transfers-in anyway as they don't have facilitate these (unlike transfers-out) Also ISA providers can demand that you transfer the full account balance to them - even if you don't want this and the general rule would allow you to split an account You could circumvent that by going to a 'dummy' ISA provider willing to accept a partial transfer-in and then transfer out from them with the amount you originally wanted to send]

simonfitba

Thanks for the help. Looks like I'll avoid the jail this time!