I S A a/c help - HotUKDeals
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I S A a/c help

nb1 Avatar
8y, 9m agoPosted 8 years, 9 months ago
My partner currently has an ISA with someone. Can he cancel it & set up and new one this year with NS&I?

Will NS&I count it that he already has had an ISA this year?
nb1 Avatar
8y, 9m agoPosted 8 years, 9 months ago
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1 Like #1
he can move his isa from bank to bank - you can only have 1 isa though
1 Like #2
you can move a previous years allowance(s) without using any of the current years allowance up.

i.e. what she said^^^^
banned#3
he has to do a proper ISA transfer. Ask the current provider how to do this.

personally I would wait until the new tax year on 6th april and take NSI one out then and when setup correctly transfer from existing one.
#4
holly100
he can move his isa from bank to bank - you can only have 1 isa though



NS&I dont accept transferred ISAs unfortunatley. But thanks for your promt advice. Heat added.:)
banned#5
holly100;1612516
he can move his isa from bank to bank - you can only have 1 isa though

yes but you cannot withdraw it and then send it to a new provider. it MUST be done via a proper ISA Transfer authorisation.
#6
if you have put money in a isa this year you cant put any new money into an isa pluys you can only have one isa (as far as i know)

but from 6th april its new tax year so you can have the £3000 allowance again
#7
You can only have 1 ISA per person, best to wait until new tax year and transfer via authorisation to a new one.

Hope this helps
#8
Allowance from April goes up to £3,600
#9
holly100
he can move his isa from bank to bank - you can only have 1 isa though


suze
You can only have 1 ISA per person, best to wait until new tax year and transfer via authorisation to a new one.

Hope this helps


It depends on what type of ISA.

I believe that you can only take out 1 of the same type of ISA (i.e mini cash) in the same financial year.
banned#10
thesaint;1612673
It depends on what type of ISA.

I believe that you can only take out 1 of the same type of ISA (i.e mini cash) in the same financial year.

I'm assuming the OP is referring to a cash only ISA. I thought you can take out as many as you want as long as the the original is closed and any investment is transferred properly. I had one with Smile and paid in £3K in May 07 and had no problem opening a Yorkshire bank ISA in Sept 07 and transferring the smile amount into the YBS one.

I did check with both banks and they said that it was ok.

Nice to know it's £3.6K from April. thanks.

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