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Spreading the money about - £1 opening balance query
Sea_Shell
Posts: 10,075 Forumite
Sorry if i'm being a bit daft, but have i got this right...
Say you have £30k from a Cash ISA. When it matures, i might want to spread the money around into various accounts, but using OLD money. So have some in 2 year, some 5yr and some in instant access. i.e. partial transfers.
If a new accounts allow transfers, but states a minimum of £1 to open account, does that scupper that idea, as you can only open one NEW cash ISA in each tax year, and this £1 would count as NEW money?? If so i need to find accounts that you can open with a balance transfer only, if such an account exists.
Already got a bit of a plan together for other investments/Pension/S&S ISA/Current Accs, but will still need to find a home for some ISA Cash.
Would i be better just going for the best 5 year deal, and taking the hit on penalties, if i need the money (or want to move it) before then. I've read that the equivalent rates can be just as good in the end! Although the maths makes my head hurt!!!
Cheers.
Say you have £30k from a Cash ISA. When it matures, i might want to spread the money around into various accounts, but using OLD money. So have some in 2 year, some 5yr and some in instant access. i.e. partial transfers.
If a new accounts allow transfers, but states a minimum of £1 to open account, does that scupper that idea, as you can only open one NEW cash ISA in each tax year, and this £1 would count as NEW money?? If so i need to find accounts that you can open with a balance transfer only, if such an account exists.
Already got a bit of a plan together for other investments/Pension/S&S ISA/Current Accs, but will still need to find a home for some ISA Cash.
Would i be better just going for the best 5 year deal, and taking the hit on penalties, if i need the money (or want to move it) before then. I've read that the equivalent rates can be just as good in the end! Although the maths makes my head hurt!!!
Cheers.
How's it going, AKA, Nutwatch? - 12 month spends to date = 2.60% of current retirement "pot" (as at end May 2025)
0
Comments
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Transfer-in money counts as part of your opening deposit.0
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Usually the £1 minimum deposit thing is just lame wording by ISA providers. If you contact them providers who allow transfers invariably say you can open an account with a transfer without depositing £1 of new money. Sometimes you send them the transfer documents with the application. Other times you open an account without sending the £1 cheque or whatever (eg online), and then send transfer forms when it's open.
The £1 thing only comes into play if you tried to transfer less than a pound - but I can't see why you would want to do that anyway.0 -
Thanks Guys. I did wonder if the £1 thing was a bit of a Red Herring!!How's it going, AKA, Nutwatch? - 12 month spends to date = 2.60% of current retirement "pot" (as at end May 2025)0
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