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Q&A » ISAs
Currently have a cash ISA with HBOS @0.5% (transferred from Icesave when they went under) andis fully used for this year.
If I transfer before April will I lose the interest (not a lot anyways on the just over 10K).
So to change now or after the start of the next tax year ?
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272If it's the ISA Saver Direct, then you can transfer the money out whenever you want, and will not lose any interest - the bank will just add the interest onto the final amount transferred out when the account is closed. You will only lose the interest if it is a fixed rate ISA for a fixed period of time, but these ISAs tend to have interest rates way above the base rate so it's unlikely you have one of these. If you think you might, try calling HBOS to check - they will be able to give you a definite answer.
Posted on 16 February 2010 |
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804Don't forget that anything transferred doesn't count against your allowance.
It is only new money from your account that counts. So if this is a transfer from Icesave, you haven't used any allowance yet unless you have another account elsewhere.
Mike
Posted on 16 February 2010 | Love 1 love
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0Hmmm......Getting confussed now !
The Ivesave money was transferred to HBOS and this year I have put in £3,600 (I am under 50) but according to Mike if I transfer my balance to say Santander I can put another £3,600 in as it doesn't count ?
Arrrgggggg
Posted on 16 February 2010 | Love 0 loves
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410No. You have used this years allowance up. Mike meant if you hadn't put any new money in this year, then don't forget you can as the transfer is not new money.
manzanilla
Posted on 16 February 2010 | Love 1 love
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