joz8968

iTrader: (13)

I have £10,440 split into two concurrent ISAs, and the financial year will be over come April 6th.

Unfortunately, like a lot of ISAs, the AER rate drops from 3.xx% to c.0.1% after the first 12 months, so would want to transfer them to a 'decent' rate ISA for the coming FY.

How do you go about it so that it's not counted as a "deposit", thus using up the coming FY's allowance i.e. I just want to "transfer/move/slide" the ISA monies from one one ISA acc. to another.

The reason is, is that I have another £5,100 sitting in my current account and would obviously like to use that for the FY12/13 allowance, thus adding to the 10k that's already been "ISA'd" lol

Any help, appreciated.

EddScott

Look for the best Cash ISA rate - I'm assuming we are talking Cash ISAs given the returns you've stated.

Once you've found the best rate check to make sure the provider accepts transfers in to get that rate. If yes, find the method of application - online/phone/post.

Whilst completing the transfer application it will ask for your existing Cash ISA transfer account and provider. Complete the application process.

Your new provider will contact the existing and ask for the money. The money will be transferred to the new provider. The money hasn't lost its ISA status. The transfer will not affect your allowance for 2012/13.

Cash ISA limit for 2012/13 will be £5,640.

joz8968

iTrader: (13)

Cheers Edd - perfect.

Yes, obviously the intention would be to search out the best possible rate ISA. And yes, they're cash ISAs (not stocks & shares ISAs).

Oh, and thanks for the heads up on the FY12/13 allowance - that new amount had passed me by.