Isa interest

SeaBreeze

I've just opened my first isa with Intelligent Finance. I understand that I can only put £3600 into it this year, so when the interest is added does that mean it's taken out of next years allowance or is it allowed to be added to this account?

Lokolo

Interest doesn't count as a contribution to allowance.

SeaBreeze

That's great, thank you for your help.

simplygifted

Sorry to hijack the thread, but does this mean that I can transfer last years isa (£3600 +interest approx. £3700) to a new provider and I will be fine? Will also be starting a new ISA with this new company, but I presume this is irrelevant..

I realise that this has no doubt been asked many times before, but this forum is vast!!

Thanks in advance.

simplygifted

fullstop

simplygifted wrote: »

Sorry to hijack the thread, but does this mean that I can transfer last years isa (£3600 +interest approx. £3700) to a new provider and I will be fine? Will also be starting a new ISA with this new company, but I presume this is irrelevant..

I realise that this has no doubt been asked many times before, but this forum is vast!!

Thanks in advance.

simplygifted

Yes, you can transfer whenever you like, as long as the new provider accepts transfers in , some don't.