Quick ISA question

Andr3w · 18 Apr 2012 at 17:40

Evening all,

My googlefu is failing me right now hence why i'm asking this simple question on here.

My ISA for 2011/12 has just reverted down to a rate of 0.5%. If I open a new ISA with a better rate for 2012/13 and transfer the £5400 from the previous year to it can I THEN top up with this years allowance of £5400 - or whatever the limit is?

I'm pretty sure you can do this but i'd just like to confirm.

Thank you

westie17 · 18 Apr 2012 at 17:54

You are correct

ilcp · 18 Apr 2012 at 17:54

yes if the new provider accepts transfer in..

[TW]Fox · 18 Apr 2012 at 17:56

westie17 said:
You are correct

ilcp said:
yes if the new provider accepts transfer in..

Both of these.

Look at Santanders ISA offering at the moment. Its 3.3% and allows transfers in. It's probably the best rate that allows transfers in and doesn't have some sort of lock-in or stupid postal setup for withdrawls.

Andr3w · 18 Apr 2012 at 18:06

So every year I can basically transfer it £5k/10k/15k etc as it builds up and then just keep maxing them out, brilliant.

Thanks

[TW]Fox · 18 Apr 2012 at 18:11

Yes you can.

chiggz · 18 Apr 2012 at 18:27

Awesome! Something I've always wanted to know too...

Chaos · 18 Apr 2012 at 19:23

Moneysavingexpert are usually pretty good for finding the best deals

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