another quick question

welshguy_456

If i was to transfer my existing isa which has about £2000 in it to say a fixed isa of say 3 years, would i still be able to top the balance up to £3600 for this year? or not? And i take it if you do this you cannot transfer it until the 3 years is up but you can still get a new isa in the next isa year? thanks again.

Lokolo

Most fixed rate ISAs do not allow additional deposits. It completely depends on the individual product.

But if you cannot put additional deposits in you can open an ISA elsewhere and use your allowance there.

Baldur

welshguy_456 wrote: »

If i was to transfer my existing isa which has about £2000 in it to say a fixed isa of say 3 years, would i still be able to top the balance up to £3600 for this year? or not? And i take it if you do this you cannot transfer it until the 3 years is up...

You'll need to read the Terms & Conditions of the specific FRISA - there's no generic answer to this one.

...but you can still get a new isa in the next isa year?

Yes.

welshguy_456

Thanks again, to lokolos post im guessing you mean open another isa and deposit the other £1600 in that to use up my allowance? think i maybe getting somewhere

Baldur

welshguy_456 wrote: »

Thanks again, to lokolos post im guessing you mean open another isa and deposit the other £1600 in that to use up my allowance? think i maybe getting somewhere

No, the allowance is PER TAX YEAR - you can only open & fund one Cash ISA per tax year.

Next April 6th, you will be able to open a new Cash ISA with next year's £5,100 allowance (any balance from this year will be lost, if not used before 5th April).

welshguy_456

Right, got it, thanks again!