ISA transfer question

Yes

Yes, but some companies charge for transferring 'out'. Check their T+C's...

Justin.

The requirements of institutions vary, but you may find that you have to use a part (albeit a small part) of the current year's allowance to open up the new ISA before transferring in your previously-accumulated ISA funds. I usually keep back a small sum (maybe 100) until late March so that I might open up a new ISA should a significantly better rate requiring that be offered elsewhere at any time during the year.

I replied to you here an hour ago but have since found that Wikipedia covers ISAs extensively here:

Such knowledge and experience I have of them is confined to mini-ISAs, and it is to those that my earlier post refers.

I appreciate that you have posted again, but to be clear, you can open a new ISA with a zero balance and then transfer the funds from another ISA into it and do this completely independently of this year's ISA allowance which, if you so choose, can be put elsewhere.

But the point is you have to be sure your requirements are in accord with the type of ISA being offered by the provider. Current year ISAs, by definition, require some balance to be deposited and some do not allow transfers, others do. What the OP needs to find and open is a transfer-only (not current year) ISA.

Some ISA providers are themselves confused - one advertised a transfer- only ISA and sent me forms to sign which required me to declare I wouldn't open another ISA in the current year!!

Toom

Most of them say something along the lines that "I will not subscribe to another cash ISA in the same year that I subscribe to this one". It is OK to sign that as you aren't subscribing to that ISA in the current year.

In message , DB. writes

When a lady friend transferred her ISA to a 1Yr FRISA elsewhere she was advised to keep £1 in the Instant Access ISA.

I assumed it was to save overheads if she decided to invest further in the account.

Indeeed but for the punter that is clear as mud, since real people think in calendar years not ISA years, unless it is made clear that something else is intended. If it is not made clear then for transfers of previous years ISAs it is nonsense and for transfer of current years (particularly part paid ) ISAs it is invalid.

Toom

You make it sound like a big deal, but it is not. You just choose an ISA that accepts transfers, fill in the form giving all the details of where your money is at the moment and they will sort it all out for you. I did this recently and there was nothing to it, and it was all done and dusted in less than 2 weeks.

I haven't come across "transfer only" ISAs. I just picked one that accepted transfers in and opened the account.

But a transfer only ISA (whether or not it is specifically called that) for previous years contributions is precisely what the OP requires and simply needs to be sure that is what he gets and not an ISA which is might accept transfers but comes with some (minimum) current year contribution requirements. He just needs to be sure he checks the conditions.

e.g. Birmingham Midshires was (last year) offering a 'transfer only' ISA. Northern Rock had ISAs which differed only in the term length and you could if you wanted open eg a three year ISA and with (previous years) transfer only, and/or a one year ISA with current years contribution only, or either term with both current contributions and transfer . Other ISAs are current year and will optionally accepts transfers; others are current year and won't accept transfers.

Toom

Yes, I understand what you mean by a "transfer only" ISA, I just haven't ever crossed the path of one. But the OP does not need to limit them self to a "transfer only" ISA to achieve their goal because it is also possible (because I have) to transfer to a plain everyday ISA that allows transfers and/or new contributions - and they are just called ISAs.

Yes, the key is to read the guff and then pick the ISA (whatever it maybe called) that best meets ones needs.

I've got an Cash ISA with NS&I ( FULL LAST 3 YEARS OF CONTRIBUTIONS) but currently terrible interest rate.

Took out a new cash ISA for this financial year ( full allowance £3600 ) with a different provider who didn't allow transfers in and also a stocks and shares ISA ( £3600 ) - so have made max contribution for this year.

So reading this thread I Presume I can still transfer out of previous year's NS&I Cash ISA into an provider with a better rate of % ??

Are there any products offering anything more than 3% that I can transfer old cash ISA into?

Thanks