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Is it easier to transfer Cash ISAs to another bank rather than fill in a fresh application form & go through the motions for an existing account?

by optemysticfool 11 July 2009 |

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I opened a Shares ISA and so was prevented from investing in my Cash ISA last year. After recently asking the HSBC to set up a monthly s/o for a regular amount into the Cash ISA I received a letter with form stating HM Revenue and Customs require me to complete a new application form - for an existing account; Why?

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MikeGG1 posted
If you have a break of a complete tax year, which you seem to have had, HMRC do require a new form.
As it was a Stocks & Shares ISA only that you did last year, you will need to complete a new form regardless, if you want a Cash ISA this year.
The new money can go into the old account if that is the best rate that you can get. Otherwise, transfer it to another account or another provider.
Mike
Posted on 11 July 2009 | Love 1 love Report
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optemysticfool posted
Thanks for the info. clarification and advice mike - understandably, having 'lost' money with investments I wonder what the banks are up to these days.
Same bank sold me a preferential account recently, for a fee obviously, but 2 months later main benefits disappeared into the 'ether' - they must have known what they were planning with interest rates etc. well before confused joe bloggs caught up!
Posted on 11 July 2009 | Love 0 loves Report

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