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Tessa Only ISA transfer to Cash Mini ISA?

MiserlyMartin
MiserlyMartin Posts: 2,289 Forumite
Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
in ISAs & tax-free savings
Does anyone know if a Tessa Only ISA can be transferred into a Cash Mini ISA wrapper, or does it have to stay as a TESSA only ISA with a new provider?

Comments

  • alared
    alared Posts: 4,029 Forumite
    Some providers allow it and some don`t,you`ll just have to check with the one you choose.
  • isasmurf
    isasmurf Posts: 1,998 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    TESSA only ISA are recognised by HMRC as cash ISAs and can therefore be transferred as any other Cash ISA can.

    In fact, your TESSA only ISA lost its TESSA only status at the end of the tax year in which you opened it.

    Any bank that accepts transfers into its Cash ISA should accept a transfer from a TESSA only ISA into its cash ISA.
  • Deemy
    Deemy Posts: 3,683 Forumite
    Yeh most providers will allow you to transfer your ISA, the ones that don't have thick staff that don't understand the banks products !
  • MiserlyMartin
    MiserlyMartin Posts: 2,289 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    Thats true. Today I spoke to a customer advisor at the Bedford Branch of Norwich & Peterborough Building Society. I asked if they allow partial transfers of an ISA to another provider. He advised me to come into the branch and withdraw the money via a cheque!!

    Doh! After explaining that I would loose my tax free status he went and asked somebody. For those who are interested - they don't allow partial transfers.
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