Transfering a fixed ISA and opening a NISA

alggomas

I have a problem:

I have not used my ISA allowance this year.
My fixed ISA is maturing in May.
Can I transfer this into an ISA and open a NISA with £15000 , or open an instant isa at a lower rate of % and add the £15000?

Suggestions please.

Archi_Bald

alggomas wrote: »

Can I transfer this into an ISA and open a NISA with £15000 , or open an instant isa at a lower rate of % and add the £15000?

These sound essentially the same options, not sure where you see the difference?

A NISA is nothing other than an ISA, with 2 differences to what you had before: your total 2014-15 limit is £15K from July 1, and it is possible to transfer S&S ISAs to cash ISAs. Everything else is as was.

You can transfer your matured ISA to whatever ISA allows transfers in. You may also be able to make 2014-15 contributions into that same ISA - possible for all but most fixed rate ISAs.

You can also open an entirely different ISA for your 2014-15 contributions. You need to ensure the ISA provider will allow the full £15K to be deposited if you are planning on maxing your allowance.

As an aside, lots of discussion on the ISA board about the wisdom of putting any money into a 2014-15 cash ISA before March 2015.

alggomas

Thanks Arci Bald,
I thought I would only be able to have one ISA.