Two Fixed rate Isas maturing the same year.

Graememac

Hi, Hope someone can help!

I have a 3 year fixed Isa maturing April 2013 and now want to take a further fixed Isa with a different provider over two years which will mature July 2013.

Can I refix both at maturity and, if I can, will I be able to add additional funs to both obviously keeping within my yearly allowance.

bigfreddiel

Graememac wrote: »

Hi, Hope someone can help!

I have a 3 year fixed Isa maturing April 2013 and now want to take a further fixed Isa with a different provider over two years which will mature July 2013.

Can I refix both at maturity and, if I can, will I be able to add additional funs to both obviously keeping within my yearly allowance.

depends on the t&cs of ech isa doesn't it?

post backone here the t&cs nd w'll all chipin our 2ps worth

fj

Graememac

Thanks for that.
I thought the rules for taking out ISA's were standard and did not know each had their own T&C's apart from possibly adding more funds.

opinions4u

Graememac wrote: »

Thanks for that.
I thought the rules for taking out ISA's were standard and did not know each had their own T&C's apart from possibly adding more funds.

Well specific T&C difference could be "you can withdraw at any time without charge" v "any withdrawal is subject to a penalty of 6 months interest".

Another could say "You can transact at a branch counter" v "you can only transact online via a linked current account".

An ISA is merely a tax wrapper. The products it surrounds can be very different beasts.

At maturity you will have the choice to accept offers from your existing providers or transfer to a new provider(s) that accepts transfers in.

Unless the T&Cs state otherwise, there is no requirement for a cash ISA provider to offer another fixed rate on maturity. But most do.

Graememac

Thanks.
The main point which I was trying to clarify was in relation to whether I can legally refix both. If both providers therefore offered me a new fixed rate deal I could go ahead and take both offers and have two new fixed bonds commencing in that same year.

jennifernil

I don't see any problem in transferring your ISAs on maturity into new fixed rate ones, each ISA can be transferred ito a new product, you can have as many different fixed rate ISAs as you like, but you cannot add to them both in that same year. You can only contribute new money to one ISA at a time.

If you do not have the full amount available to add to one of them when you transfer them, your best plan might be to have a third, different one you open that year for your new money, then this can later be transferred (even in that year) to wherever you like, depending of course on its terms and conditions.

Graememac

jennifernil wrote: »

I don't see any problem in transferring your ISAs on maturity into new fixed rate ones, each ISA can be transferred ito a new product, you can have as many different fixed rate ISAs as you like, but you cannot add to them both in that same year. You can only contribute new money to one ISA at a time.

If you do not have the full amount available to add to one of them when you transfer them, your best plan might be to have a third, different one you open that year for your new money, then this can later be transferred (even in that year) to wherever you like, depending of course on its terms and conditions.

Thanks for taking the time to respond. Your comments fully answer and clarify my questions.