If

hippyju

Could someone tell me if I am able to move all of the money in my current ISA (Natwest - 5.5%) into another one with a better rate?

I've put about £1000 in it this financial year, I don't know if

Baldur

You can transfer ISAs - you need to choose your new ISA manager and they must contact Natwest to institute the transfer process. Do not withdraw the funds, or they will lose their tax free status.

anniecave

As far as I know, you can only add into one provider per year. So if you want to use up the rest of your ISA allowance, I would do this, and then look to transfer the ISA elsewhere.

You can certainly transfer ISAs between providers - there is a system set up for this.

Baldur

anniecave wrote: »

As far as I know, you can only add into one provider per year.

The HMRC Notes of Guidance for ISA Managers make no mention of this - only that "no more than £3,600 can be subscribed to a cash ISA in a tax year and that no
more than £7,200 can be subscribed to a stocks and shares ISA in a tax year", as the Natwest ISA would be closed on transfer, with the new account becoming the only Cash ISA for the current year, which is the criterion, one ISA not one ISA manager.

The HMRC notes, actually refer to this scenario, when discussing transfer application forms (Chapter 11):

"The investor must always complete the transfer instruction (1). However the
application form (2) must be completed only where

• the investor is eligible to subscribe to the ISA after the transfer (the residence
condition is satisfied), and
• the investor intends to subscribe to the ISA after the transfer transfer, and
• the (new) manager does not hold a valid, new style application form."

Mikeyorks

anniecave wrote: »

As far as I know, you can only add into one provider per year.

The rule is that you can only contribute to one ISA in a year. If you move the ISA between providers ... it essentially remains the same ISA.

So you can contribute to it before the transfer - or after the transfer is complete. It makes no difference as it remains your active ISA for that year.

Mikeyorks

hippyju wrote: »

Could someone tell me if I am able to move all of the money in my current ISA (Natwest - 5.5%) into another one with a better rate?

Yes. I've suggested that on your other thread ... before I saw this one.