can an isa be transferred?
can an isa be transferred?
Author
Discussion

mojitomax

Original Poster:

1,876 posts

222 months

Monday 2nd July 2012
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Hi all,

i have a cash isa with santander that has gone past its intro high interest rate and now sits at ridiculously low rate. i have about £5k in it. is there any way of transferring this to a new isa with a different bank and still being able to put another £5k in it for this years allowance?

or is it the case that if i transfer it the amount that i transfer will come out of this years allowance?

i hope that makes sense

thanks

spoofking

24 posts

193 months

Monday 2nd July 2012
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Yep, you can do a transfer, make sure you keep the money within the ISA wrapper and don't surrender then transfer or you'll lose the tax free status.

You can still pay your allowance for this year as well


You could also transfer it to a investment isa if you want, but not the other way round.

Hope this helps


mojitomax

Original Poster:

1,876 posts

222 months

Monday 2nd July 2012
quotequote all
spoofking said:
make sure you keep the money within the ISA wrapper and don't surrender then transfer or you'll lose the tax free status
thanks, what does this bit mean though?

jules_s

5,273 posts

263 months

Monday 2nd July 2012
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I'm pretty sure our santander ISA's are still at 3.3% in year two

Ydnaroo

305 posts

232 months

Monday 2nd July 2012
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mojitomax said:
thanks, what does this bit mean though?
Search out the new ISA you want but it has to be one that does "Transfers in". Open the new account and get a form from the new provider to fill in with the details of your old ISA so that they can get the money direct from your old ISA account.

You can generally find an up to date list of the best mini cash ISAs here.

You could ask Santander to move your money to one of their current better paying deals shown in the link above.

mojitomax

Original Poster:

1,876 posts

222 months

Monday 2nd July 2012
quotequote all
Ydnaroo said:
Search out the new ISA you want but it has to be one that does "Transfers in". Open the new account and get a form from the new provider to fill in with the details of your old ISA so that they can get the money direct from your old ISA account.

You can generally find an up to date list of the best mini cash ISAs here.

You could ask Santander to move your money to one of their current better paying deals shown in the link above.
great, thanks

cuprabob

19,758 posts

244 months

Tuesday 3rd July 2012
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If you don't want to move it Santander will update it to the latest Issue and give you another bonus rate for another 12 months.