I have a mini ISA account at The Royal Bank of Scotland (RBS) which has, for simplicity say, £3000 in it. I recently opened a new mini ISA account at The Halifax and paid, say, £3000 into it. I can now no longer pay any money into either of my mini ISAs until the end of this tax year as I have reached the pay-in limit.
The Halifax ISA has a better interest rate than the RBS one so I wish to transfer the £3000 from my RBS account to my Halifax account. If I simply take out the money from my RBS account and then pay it into my Halifax account, I won't be allowed to because I've already reached the pay-in limit for this year. I don't want to do this at the end of the tax year either because I want to be able to pay in an additional £3000 income into my Halifax ISA after April.
How can I transfer the money from my RBS account to my Halifax account this tax year? Or more generally, how can I do it without effecting my pay-in limit for this tax year? I just don't know who to talk to or what to say to set up this kind of transfer.
I've spoke to several people at the Halifax and RBS (including savings managers) and they say they are not able to do this kind of transfer. However, I've read on these newsgroup and on the internet that they are possible.
It just doesn't make sense to me if you can't. If I had a huge sum of money in one ISA and another bank starting offering an ISA with ten times the interest rate, there would be nothing I could do to take advantage of it.