JALEXA. Thanks to you and the others for the help and advice. I will be more determined in transferring my cash isa. In the meantime I have filled in a Legal and General form to transfer some stocks and shares isa money to them from Virgin who have a higher management charge. The L and G form clearly allowed for a "transfer" as opposed to a new subscription to a current years isa. Thanks again.

Jalexa:

This seems to be a common misunderstanding.

It foxed me.

Some ISA providers require you to open a current account, others require you to open a new ISA. You just need to find one that just does transfers.

For example, on this form section A is to open a new cash ISA (where you declare that you don't have another 2009/10 cash ISA) but you would complete section B to transfer an existing ISA.

http://www.dunbarbank.co.uk/NR/rdonlyres/504A0711-82FF-42F4-9FA3-BA9D659315B8/0/PCA2ApplicationForm.pdf

(I'd never heard of Dunbar Bank before - they just came up when I googled for a form).

Nopacman:

Transferree providers all seem to want you to certify that you have not had a new ISA this financial year which I can't truthfully sign

This seems to be a common misunderstanding. You have a Cash ISA allowance every financial year. Previous years ISAs are entirely separate from the current year's ISA allowance.

You can transfer previous years ISA funds in total or in part to any number of ISA providers which will accept a transfer.

A transfer of previous year's funds is not considered opening and subscribing to an ISA.

I have come across the type of misleading wording you refer to. In the context of transferring previous year's funds the wording is not accurate. Whether you can or can't certify depends only on whether you have or haven't already opened a current year ISA. The answer is irrelevent to a transfer of previous years ISA funds.

HTH

I am having same problems. Transferree providers all seem to want you to certify that you have not had a new ISA this financial year which I can't truthfully sign. Who did you find that would let you open a new ISA with funds only coming from a transfer. I will give them a try. I am only getting 1.02% on my variable ISA. Many thanks.

Thanks to all for the advice! I shall wait to see what the original provider offers as a new interest rate and transfer if it's not competitive.

You can deffo transfer old ISAs to a new provider independently of this year's ISA. Just don't subscribe any new money and let the new provider handle the transfer. I moved 9 old ISAs earlier this year to new providers on behalf of myself and OH!!

Agreed, but both Hattie and I would consider it opening.

Apologies, and I stand corrected. What you say is confirmed in the penultimate Q & A on the link I gave.

maxsteam:

Jalexa:

Don't think that's right. The maturing fixed rate ISA must be previous year(s) funds. Can be transferred in whole or in part to any number of providers which accepts transfers.

Yes, but the product that the funds are transferred to can't be a new cash ISA that is opened this year. Hattie has already opened one new cash ISA this year so she can't open another. The funds may be left where they are.

OK, but there is unnecessary focus here on "opening". You are right about that but what the OP is wanting to do is to transfer previous years ISA funding to a different provider. To do that the OP needs to find a provider(s) which will accept transfer of previous years ISA finds. The new provider(s) will arrange the transfer(s).

That is not considered "opening".

Jalexa:

Don't think that's right. The maturing fixed rate ISA must be previous year(s) funds. Can be transferred in whole or in part to any number of providers which accepts transfers.

Yes, but the product that the funds are transferred to can't be a new cash ISA that is opened this year. Hattie has already opened one new cash ISA this year so she can't open another. The funds may be left where they are.

The rules are that you can only open one cash and one stocks & shares ISA in each financial year.

http://www.hmrc.gov.uk/ISA/rule-change-april08.htm

maxsteam:

Yes, you can open another ISA but, because you have already opened a cash ISA this year, the new one would have to be a stocks & shares ISA.

Don't think that's right. The maturing fixed rate ISA must be previous year(s) funds. Can be transferred in whole or in part to any number of providers which accepts transfers.

Yes, you can open another ISA but, because you have already opened a cash ISA this year, the new one would have to be a stocks & shares ISA.

You can only open one new cash ISA each year. The only transfers that you can do are either to wait until next year or open a stocks & shares ISA that accepts transfers in and transfer the funds there. Transfers are allowed from cash ISAs to stocks & shares ISAs but not the other way.

hattieB:

Previous year's ISAs are an entirely separate allowance to the current years's allowance.

You need to check what maturity options are set for the one year fixed rate. This will be hidden somewhere in the terms and conditions. Probably, but I can't guarantee it, a variable rate ISA. Important its not another fixed rate unless that is what you want.

Then you need to find a provider which accepts transfers and ask the new provider to make the transfer arrangements. Maybe your existing fixed rate provider has a fixed rate offer to choose.

I have a one year fixed rate ISA which is about to mature. I already have a regular savings ISA for this year which does not accept transfers in. Can I open another ISA purely to transfer into (ie no new money invested) or do I have to wait to the next tax year and open one in which I can invest that year's allowance plus transfer in?