Consolodating ISAs

LouC

Hi there everyone - I have a selection of cash ISAs in different establishments from over the years - I've checked and some are suffering from the low interest rates at the moment.

I've heard it's possible to move these ISAs into new ISA accounts at different banks, or lump them all together into a new account.

Is this correct? Most ISAs i've looked at specify a maximum of £3600, but I must have about £15000 spread over 4/5 ISAs

Any advice would be greatly appreciated

Best
Lou

CLAPTON

you need to look as see whether they say you can 'transfer in' old ISAs.
the 3,600 limit only applies to 'new money' and not previous ISAs

so e.g. only; you could open a new ISA with principality with 3,600 (assuming your haven't already opened one this tax year) and then transfer in your old ISA .. no problem so ending up with 18,600 in the principality.

Stompa

Bear in mind that some ISA providers offer tiered interest rates - so the more you have in, the higher the rate. If you can find such a provider then that might be an argument for consolidating into a single ISA.