ISA Quick one please

natman

Hey Guys.
I have £3191 saved in an ISA from 2006-2007.
I have placed £3600 in the existing ISA for this tax year - I have a total of £6791 in an ISA - Last years savings and this years.

Can I transfer this into a new ISA with a better interest rate? or because I have already invested in this ISA in this tax year, do i have to wait until new tax year to transfer into a new account.

I know there are lots of posts about ISA rules, and i know you can only have one live account per year.............please help.:D

earlgrey_3

Yes, you can transfer one or both whenever you fancy and as often as you fancy - although not all providers accept transfers in. The process tends to be a bit long-winded at this time of year but the actual transfer is supposed to be pretty seamless.

10_66

Also check to make sure that you won't incur any penalties for transferring out of your existing ones.

natman

Thanks -
Its just when i looked at applying for a new one with a better interest rate - i was informed that - i could only open the account for 2008/09 if i had not opened an account already or have invested in one for 2008/09, which i obviously had.

earlgrey_3

That's right, you can just start one new one each year but can transfer current or earlier ones.

Mikeyorks

natman wrote: »

Thanks -
Its just when i looked at applying for a new one with a better interest rate - i was informed that - i could only open the account for 2008/09 if i had not opened an account already or have invested in one for 2008/09, which i obviously had.

Some application forms tend to be a bit clumsy .... and give the implication you've picked up. You just complete it to the effect you're opening it for transfer purposes only ..... normally a tick box.

Cousinavi

So, just to recap:

You can open a new 08/09 ISA just to transfer previous years money in for a better rate - without having to fund it with this yrs allowance too..?!

Reason i ask is i want to get a better rate for previous yrs ISA and be allowed to open a new ISA with a different bank.

Aegis

Cousinavi wrote: »

So, just to recap:

You can open a new 08/09 ISA just to transfer previous years money in for a better rate - without having to fund it with this yrs allowance too..?!

Reason i ask is i want to get a better rate for previous yrs ISA and be allowed to open a new ISA with a different bank.

Yes you can. I've done just that recently