Transferring ISA's

[Moley RUFC]

My Ferrari 360 fund has £20,000 built up in one account with Nationwide over a few years and a Natwest one with £3,600 for this year.

Whilst my Natwest is about 3.5% my Nationwide is 0.5% or worse I think so my question is can I transfer my & £20,000 into a better paying account and if so will the interest be paid on all or just the first £5,100.

Would this also be classed as my 2010/11 allowance or could I then put in another £5,100

[greygoose]

You can transfer existing ISAs to other providers and still retain your allowance for the next year.

[cbcbcb]

You can transfer it, but you must apply for a transfer, rather than withdrawing the money and putting it into the new account.

[Moley RUFC]

Okay thanks. Can I then transfer £5,100 each year into the £20,000 pot and if needs be (due to interest) change the money location each year?

Can my wife also transfer her yearly ISA savings into this main pot?

Thanks

[greygoose]

You and your wife have to have separate accounts as it's an Individual Savings Account. You can move the ISA to another provider every year if you want.

[Welshbeef]

Note not all accounts allow tfrs in.

Otherwise if it's piddly interest put it into an offset mortgage or pay off more costly debt that way you win

[JacksHereR]

Welshbeef said:

Note not all accounts allow tfrs in.

^^ some which do allow transfers... you later find out they dont allow transfers from within the same bank - ie Natwest wkers

p.s what links to isa 2010 thats a good rate and allows transfers?

[ninja-lewis]

JacksHereR said:

Welshbeef said:

Note not all accounts allow tfrs in.

^^ some which do allow transfers... you later find out they dont allow transfers from within the same bank - ie Natwest wkers

p.s what links to isa 2010 thats a good rate and allows transfers?

http://www.moneysavingexpert.com/savings/cash-isa-...