Opening new halifax ISA to transfer First Direct

mooch

I have a First Direct ISA which I opened and filled this tax year. With the interest rate dropping soon, can I open a new Halifax ISA by transferring the funds from First Direct? or do I need to transfer the funds into an already existing ISA?

i.e. will this contravene the cannot open more than 1 ISA in 1 year rule?

Dagobert

Yes. I have done exactly that. You can arrange it all over the phone through the Halifax (phone 0500800500). Have your FirstDirect a/c number ready and the Halifax will do the paperwork for you.

YorkshireBoy

mooch wrote:

i.e. will this contravene the cannot open more than 1 ISA in 1 year rule?

You can "open" more than one ISA, but you cannot "subscribe" to more than one ISA in any tax year.

mooch

Excellent. Thanks fellas.

Voyager2002

YorkshireBoy wrote:

You can "open" more than one ISA, but you cannot "subscribe" to more than one ISA in any tax year.

First Direct do not understand this: they assured me that since I opened one earlier this year, I cannot open another one as a home for funds from previous years currently held by another provider.

YorkshireBoy

Voyager2002 wrote:

First Direct do not understand this: they assured me that since I opened one earlier this year, I cannot open another one as a home for funds from previous years currently held by another provider.

Are you saying you're trying to open a second ISA with First Direct?

Twopints

They understand it - they just don't allow it. Individual banks and institutions apply their own rules on transfers but there is nothing legally stopping you from doing it once you have found a provider that will allow it.

FL

I opened this today and they advised me that it can upto 21 days to open so I would apply soon if you are leaving First Direct. I think FD may have quite alot of corrsepondance to handle as well.

hurunui

Dagobert wrote:

Yes. I have done exactly that. You can arrange it all over the phone through the Halifax (phone 0500800500). Have your FirstDirect a/c number ready and the Halifax will do the paperwork for you.

Do First Direct charge a transfer fee

FL

No I don't think so. It is worth getting out anyway as from the 6-10 the rate will only be 4%

FL

By the way I went into my branch today to fill in an ISA transfer form as they forgot to post one to me with my original application. The branch then advised me I need to show evidence of the ISA before they will send the form off - so please make sure you have this information when you go to the branch. I had to go to the branch to prove my identity. All turning out to be very complicated and from the 6-10 I will be earning 4%. Unlikely to really see any transfer until the end of the month. I am now trying to determine what is suitable evidence as I can't remember receiving a statement or passbook of the account. Maybe the original investment letter?