ISA - stupid question!

rcomyns

I have an ISA opened a few years ago into which i pay 200 a month - including payments this financial year.

I would like to open an ISA with a better rate.

Do i need to close the existing ISA or simply stop payments into it? I know some allow transfers in, but when they dont allow this what should i do?

Any advice welcomed.

CLAPTON

You mustn't actually close the ISA as you will then be paid cash and lose the tax advantage.
you need to transfer the ISA to a new provider... so you need to choose a provider that will allow transfers in

so e.g. Principality allow you to open their eISA by transferring your existing ISA in.

Baldur

rcomyns wrote: »

I have an ISA opened a few years ago into which i pay 200 a month - including payments this financial year.

I would like to open an ISA with a better rate.

As you have paid in new money in this financial year, your only viable option is to transfer it.

See this post (scroll down to find those variable/fixed rate Cash ISAs which accept inward transfers).