ISA account


K

KRK

Hi,

I have a cash ISA account that I set up as a 'bank' account a few years ago.
I see now that I should have set it up from within 'savings & investements'
.. Can I transfer the account in some way.

I don't understand the difference between setting up a new account from the
accounts page or from 'savings and investments' ?

I have Money 2001

Thanks as always

KK
 
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T

teabag

If you go into 'Change Account Details' for any of your 'bank' accounts you
will see a 'Change Type' box alongside Account type - but 'Investment
Account' is the one type that you can NOT change to.

You will simply have to create a new Investment Account for your ISA after
which you could transfer the whole balance from your 'ISA bank' account into
the cash portion of your new 'ISA investment' account. Then use that money
to 'buy' however many units or shares you actually own. My advice is to
either wait until the new tax year starts 6 April 2010 - or - delete any
transactions in your 'ISA bank' account since 6 April 2009 (after making a
paper record of them) and reinstate them in the new 'ISA investment' account
once that is up and working.

In MSM2000 there is no difference setting up a new account from the accounts
page or from within the investment centre - in both cases the first pop-up
window for the New Account invites me to 'Assign a Financial Institution'.

teabag
 

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