transfering past years ISA'S

edited 30 November -1 at 1:00AM in ISAs & Tax-free Savings
11 replies 1.3K views
Bella226Bella226 Forumite
9 Posts
Seventh Anniversary First Post Combo Breaker
edited 30 November -1 at 1:00AM in ISAs & Tax-free Savings
Can somebody please advise me if I am allowed to transfer past years ISA'S into First Direct (who are accepting Isa transfers) if I do not already have an Isa with them and have already opened an Isa with nationwide.
Also if I have not put any money in the nationwide ISA yet then could I cancel the account and open it in First Direct.
Thank you in anticipation.
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Replies

  • oldfellaoldfella Forumite
    1.5K Posts
    Part of the Furniture
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    no problem in transferring old year ISA, but I think they insist you subscribe to a current year ISA as part of the opening process - suggest you call them

    just forget the NW ISA, if you havent subscribed then it basically doesnt exist.
  • innovateinnovate
    16.2K Posts
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    oldfella wrote: »
    no problem in transferring old year ISA, but I think they insist you subscribe to a current year ISA as part of the opening process - suggest you call them
    they can't insist that you subscribe - i.e. deposit new money - into the ISA you transfer your old ISA to. This applies to all ISA providers, not just FD.

    You can transfer your previous years' ISA to First Direct (or any other ISA provider that let's you transfer in), and still put your current FY cash ISA allowance (£5,760) into an ISA with a complete unrelated ISA provider. You do not have to put any new money into the transferred ISA. But if you do, all your allowance for the current year must go into the transferred ISA.
    oldfella wrote: »
    nojust forget the NW ISA, if you havent subscribed then it basically doesnt exist.

    true, if you haven't subscribed (i.e, deposited new funds, it effectively doesn't exist. However, if you choose to put all your current FY year's allowance into the Nationwide, that is perfectly ok. Even if you transfer your other ISAs to FD.

    What you cannot do is split your current FY cash ISA allowance between two or more ISA providers.
  • oldfellaoldfella Forumite
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    sorry poor wording - insist = the website process has a minimum of £1
  • innovateinnovate
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    oldfella wrote: »
    sorry poor wording - insist = the website process has a minimum of £1

    which you can meet by transferring in one or more existing cash ISAs from other providers.
  • McKneffMcKneff Forumite
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    Part of the Furniture 10,000 Posts Name Dropper
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    You must let the new provider do the transferring for you though,
    don't under any circumstances do it yourself.
    make the most of it, we are only here for the weekend.
    and we will never, ever return.
  • Yorkie1Yorkie1 Forumite
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    I transferred into FD without adding any new money.
  • Bella226Bella226 Forumite
    9 Posts
    Seventh Anniversary First Post Combo Breaker
    Thank you for all your replies, so I can close the nationwide ISA account that never had any money deposited into it and open the First Direct ISA then transfer my existing ISA'S TO FD?. Can anyone tell me if this is the highest paying ISA , it pays % on balances over £40000
  • innovateinnovate
    16.2K Posts
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    Bella226 wrote: »
    Thank you for all your replies, so I can close the nationwide ISA account that never had any money deposited into it and open the First Direct ISA then transfer my existing ISA'S TO FD?. Can anyone tell me if this is the highest paying ISA , it pays % on balances over £40000

    You don't need to do anything at all with the Nationwide ISA since you never deposited anything into it.

    You can ask FD to transfer your existing ISA(s) in. As has been mentioned, do not try to do it yourself.

    FD ISA pays good interest for higher balances - - but double-check against the 'best cash ISAs' thread. http://forums.moneysavingexpert.com/showthread.php?t=401374
    Always helps to do a bit of your own research before asking questions.
  • Bella226Bella226 Forumite
    9 Posts
    Seventh Anniversary First Post Combo Breaker
    Thanks for the link and advise, much appreciated
  • Steph312Steph312 Forumite
    127 Posts
    Hello I also have a isa transfer question
    i had an isa i open in 2012/2013 and its rate has drop for this year so want to transfer to a new isa 2013/2014. I have the transfer form and its asking whether i choose one of two options. A) Wait for the full notice period to end or wait until the maturity date OR B) carry out the transfer ASAP and accept any consequential loss of interest or charges incurred by this. I would like to select the second option ASAP, if its possible to do so without incurring charges hopefully as i think my product has matured and reached its end of term as its over one year old and the interest for the year 2012/2013 was paid this march/april 2013. Which option do i select? Thank you
    eBay 100 item challenge- 16/100 => £268.95

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