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Opening new halifax ISA to transfer First Direct

mooch · 2005-09-20 17:59:17

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?

Comments

grumbler Posts: 58,629 Forumite

17 February 2006 at 11:39AM

Yes. However, if some other ISA offers higher interest rate it is worth transferring your old ISA to a new place and add another £3000. If your old ISA pays the highest rate, what's the point in opening other one?

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