Help with ISAs

[smurfchops]

I bought my quota of ISAs for the year, in June 2005, with Halifax. After April 5 2006 I want to buy some more. Do I have to stick with the Halifax, or can I go elsewhere, and leave the Halifax ones where they are?

[sammd]

You can only have one ISA, so you have to put the money in the same account. I assume it's possible to move your Halifax ISA to a different company if they have a better interest rate.

[dzug]

You can have as many ISAs as you want with as many providers as you want.

Where the 'only one' comes in is that in any one tax year you can only CONTRIBUTE new money to one maxi ISA (or one mini cash and one mini stocks/shares ISA)

So yes you can go elsewhere in the new tax year if you want. You can leave the Halifax ones where they are or move them if you wish, either to your new provider or any other provider that will take them on. You can't add new money to them, but you can receive interest and allow them to grow.

[sammd]

I just checked on mine and it can be closed, therefore you can close your Halifax ISA then open another one somewhere else, however, i don't know if you can transfer the money without taking it out and only being allowed to put �3000 in the new one. I guess it's worth asking the new place where you're thinking of opening one.

[dzug]

If you do decide to transfer your existing ISAs, do NOT close/cash them in and expect to be able to pay the proceeds into your new provider.

What you have to do is authorise the new provider to collect them from the old. The new provider will give you the necessary form(s).

[Hammer]

dzug has it spot on.

You can have one each year, with any provider you like, even if you have existing ones elsewhere. If you close one, the tax free bit is gone for good, but you can transfer existing ISAs to a different provider.

[smurfchops]

Thanks everyone, I am leaving the Halifax ones where they are, and opening a new one with a better rate of interest, after April 5th.