A reader wants to move her ISA, but is unsure if she can.
Andy McKechnie, head of sales and marketing for savings at Halifax, tackles the problem.
Ann from Edinburgh, asks:
I have paid £3,600 into a Cash ISA for this year, one in which I already had money. Is it possible to transfer some or all of this ISA this year to another bank? I just tried to and was told I couldn’t.
Savers can transfer current year ISA subscription(s) in whole, and/or previous years ISA subscription(s) in whole or in part to another provider at any time.
However, the terms and conditions for ISAs can vary between ISA managers, so it’s a good idea to check with your provider before transferring as penalties may be applied.
I would recommend requesting the terms and conditions for your current cash ISA or asking your bank the reasons why you cannot transfer your funds.
If you have a question for Andy, go to the myfinances.co.uk Ask the Savings Expert section.
Or for more information on your savings options go to savings at Halifax
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