Simple Cash ISA Question

Kieran_W

Last financial year I opened a cash ISA with RBS, about £6200 in it now, this new year I plan to take out £5100 cash from it and put it into a new ISA with another bank with the highest interest rate, and then maybe transfer the remaining £1100 from the previous year to another provider for a lesser rate, I hope that makes sense

Is this possible or even sensible?

big thanks for all who helps

Nednats

Don't take the cash out just transfer it to an account with a higher rate

dasherman

Transfers don't count towards your ISA allowance,so why not just transfer the whole £6200 to somewhere with a better rate and put upto another £5100 during this tax year.

fullstop

Kieran_W wrote: »

Last financial year I opened a cash ISA with RBS, about £6200 in it now, this new year I plan to take out £5100 cash from it and put it into a new ISA with another bank with the highest interest rate, and then maybe transfer the remaining £1100 from the previous year to another provider for a lesser rate, I hope that makes sense

Is this possible or even sensible?

big thanks for all who helps

If you find a provider who accepts transfers, why not transfer the whole lot to the new bank building society etc?

CLAPTON

how did you manage to put 6200 in a cash ISA last year?

Kieran_W

CLAPTON wrote: »

how did you manage to put 6200 in a cash ISA last year?

I actually opened the ISA at the start of April and put some money in then put some more in when it went past the 6th, left it out the original post to keep the question a bit more simple

Thanks to the people who posted, I think I know what to do know