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    Financial question

    Had a cash ISA with the £5,100 limit last year. Now its the new tax year the amount I can have in that account has doubled and abit, so I can have 10 odd in it. If I change accounts to get a better rate can I still have the same amount in it? Or will it go to this years limit five thousand and something?

    Also best ISA at the moment?

    Thanks

    Ben

    7 Comments

    as its a new account you will be opening i am guessing you an only put in the maximum allowable i.e 5k and a bit, as this would mean everybody in your situation would accummulate large amounts of money and transfer them whenever a better deal comes along.

    Correct me if i am wrong anyone.... you always do lol

    you should be able to transfer the money from your original isa to the new one regardless of the amount as it's from last years allowance

    any money paid directly in (not from another isa) will be capped at the yearly at the tax free 5,100 limit though, the isa provider should tell you this when you're opening up your isa with them

    some ISA's allow transfers in and some don't so you can either look for one that does and transfer your previous balance or you can open a new one and leave the other one where it is - you can have as many ISA's open at a time as you like - you can only contribute to one per financial year.

    You can transfer to a better rate aslong as the new ISA accepts transfers. Highest rates tend not to accept transfers but lots will such as Halifax @ 3%

    Original Poster

    Cheers for your help

    Thanks guys, didnt know that! live and learn my friend, live and learn!

    you can transfer to a new provider but whatever you do dont close your isa and put it in a new one or you get charged the tax

    we do it all the time
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