ISA transfer question

allthingsmustpass

Hello, does anyone know if you are able to transfer a cash ISA to a new 'transfer in' ISA during a year in which you have used your ISA entitlement?

I have 2 cash ISAs, one from last year and one from the year before with B&B that I want to transfer to another provider. I have also used my ISA allowance for the current tax year (barclays tax haven). Is it possible to open a new cash ISA just for the purpose of transferring my cash from previous years' allowances?


Thanks for any help

Lokolo

Yes :cool:

dc74_2

allthings - I am looking at doing exactly the same thing. I have already used this year's 08/09 ISA allowance but need to transfer an old ISA out Barclays to a new more lucrative ISA. I think it is ok.

brownbabygirl

I just transferred all my ISA from NS and I to icesave. Does that mean my NS and I is automatically closed? Or it is kept open in case I want to use it another year?

Lokolo

It will be closed.

brownbabygirl

Lokolo wrote: »

It will be closed.

WOW, but why?

allthingsmustpass

Thanks for the replies, I shall go ahead and open a transfer in ISA, thinking Abbey but after reading more here perhaps not -

Any recommendations for a transfer in cash ISA with a reasonable rate where I won't have to negotiate staff incompetence?

Baldur

brownbabygirl wrote: »

WOW, but why?

All Cash ISA accounts are closed upon transfer to a new ISA manager, in my experience.

If you want to go back to NS&I in the future, you simply open a new Cash ISA account with them - I've done this with several providers, when their rates have become competitive again, a few years after transferring out.

wellsie82

Baldur wrote: »

All Cash ISA accounts are closed upon transfer to a new ISA manager, in my experience.

If you want to go back to NS&I in the future, you simply open a new Cash ISA account with them - I've done this with several providers, when their rates have become competitive again, a few years after transferring out.

i agree with Baldur, from the old plan managers point of view its pointless keeping a plan open when its empty

interest is paid out/calculated when the plan is transferred so theres no reason for it to be left open

in any cashe id imagine NS&I would require a new application to subscribe

tinytina

How long does it normally take to transfer an ISA?

I completed a transfer form about 4 weeks ago transferring from NS&I to Alliance and Leicester and have heard nothing from either of them

Mikeyorks

Supposed to be around 30 days max, from the date A&L first contact NS&I to advise you're transferring.

Contact A&L mid-week if still nothing?