can an isa be transferred?

[mojitomax]

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]

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]

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]

I'm pretty sure our santander ISA's are still at 3.3% in year two

[Ydnaroo]

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]

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]

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.