I opened a Direct ISA with A&L. You only have to open with a minimum of £1. Once your direct ISA is opened, then you will get a transfer form to complete for transferring previous subscriptions. Like the other poster said, you will still be able to pay in up to £3600 for this tax year as well as transferring previous subscriptions. Please be aware that there are delays in transferring previous subscriptions but I am led to believe that interest is backdated.

cheers

Hi,

I wonder if someone could help me out in understanding ISA transfers.

Currently I have £4k in an Mini cash ISA with the Halifax and I'm wanting to open a new ISA with the Alliance & Leicester and transfer everything into that account and then close the Halifax account. The Alliance & Leicester offer a transfer service and I just want to make sure I'm doing things by the book before dive in head first.

What I want to know is, if I transfer this money into the new account at the Alliance & Leicester is this treated as a deposit meaning I can't pay any more money into the account for the rest of the tax year ?? or can I transfer this money in and still pay in up to £3600 for the current tax year ?? as I have not made any payments into my existing ISA yet for the 2008/09 tax year.

Thanks

Lee