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ISA Confusion
nbrewitt
Posts: 78 Forumite
I have a Virgin Cash ISA (1.50 %) in which I have already invested the full allowance for this tax year. I also have an old ISA with NS&I (soon to be 0.75%).
Am I allowed under the rules to transfer the funds from the NS&I account into the Virgin ISA?
Am I allowed under the rules to transfer the funds from the NS&I account into the Virgin ISA?
0
Comments
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The ISA scheme rules set by the government allow such transfers of prior tax year ISA money without counting towards the current year annual allowance.
However, not all ISAs allow inbound transfers and even if they do, there may be a restricted window within which to add funds (if it's a fixed term/rate product), so you'll need to check the Ts & Cs of the Virgin account that you have - I can't see any of their currently available ones offering 1.5%....0 -
In addition to what eskbanker said, you would have to ask the new ISA provider to arrange the transfer to protect its tax free status.0
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