home
in

ISA transfer rules

Last post Sun, Jul 13 2014, 8:39 AM by BREWERDAVE1. 4 replies.
Sort Posts: Previous Next
  •  Sun, Jul 13 2014, 8:39 AM

    Re: ISA transfer rules

    Just to answer the OPs original question - not all institutions are taking the same view as Barclays - my wife opened a Santander 2 year fixed ISA in April to transfer in a maturing account from elsewhere;she then added the max. allowed amount (£5940) in May and now has been told by Santander that she can add a further £9060 (by 31st August)
    • Post Points: 5
  •  Sun, Jul 13 2014, 2:41 AM

    Re: ISA transfer rules

    knowlittle:

    We all know how eye-catching rates can very quickly be halved after 1-2 months.

    Yes indeed. Some of the eye-catching rates do last for 12 months. If things don't go as planned this year, then all you can really do is learn from the experience when next year come around.

    One option, in your situation, is to top up to the full year's allowance and then switch.

    • Post Points: 20
  •  Sat, Jul 12 2014, 6:46 PM

    Re: ISA transfer rules

    Thanks!

    I can't see the reason why contributing into an ISA allowance should be restricted to the initial provider; particularly given the fact that, regardless of the number of transfers and top-ups within the same financial year, it would always be linked to my national insurance number.

    We all know how eye-catching rates can very quickly be halved after 1-2 months. For savers who can't afford to make a 15K deposit in one go and then move their money around chasing better rates, it would mean they must chose between sticking with a reduced rate (like in my case, Natwest) so that they don't lose the full allowance or transferring to a better provider and say goodbye to the full 15K ISA dream.

    Best

    K

    • Post Points: 20
  •  Sat, Jul 12 2014, 3:09 PM

    Re: ISA transfer rules

    You can only open one cash ISA each financial year.

    If you open one ISA with one provider then transfer it to another that will be fine but if you wanted to put more money in with the new provider in the same financial year, I believe that would count as a different ISA to the one that you opened with the old provider. You should be able to put more money (within the limits) in with the old provider if you don't transfer though.

    • Post Points: 20
  •  Sat, Jul 12 2014, 2:24 PM

    ISA transfer rules

    Hi folks

    Is it possible to transfer an ISA opened in the 2014 financial year to a new provider (that accepts transfer in) and then top it up to the max 2014 allowance while it sits in the new provider's account?

    I've been told by Barclays that once my current ISA is transferred to them, I won't be able to use any remaining allowance for this financial year. This sounds crazy, is there any true in it?

    Thanks

    K
    • Post Points: 20