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    I S A a/c help

    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?

    10 Comments

    he can move his isa from bank to bank - you can only have 1 isa though

    you can move a previous years allowance(s) without using any of the current years allowance up.

    i.e. what she said^^^^

    Banned

    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.

    Original Poster

    holly100;1612516

    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

    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.

    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

    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

    Allowance from April goes up to £3,600

    holly100;1612516

    he can move his isa from bank to bank - you can only have 1 isa though



    suze;1612559

    You can only have 1 ISA per person, best to wait until new tax year and … 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

    thesaint;1612673

    It depends on what type of ISA.I believe that you can only take out 1 of … 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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