What to do with ISA that doesnt allow further deposits

leeegglestone

Hello,

Last year (October) I transferred my ISA money into Virgin Money Fixed until 2017 - 2.23%. I did not realise until now after trying to add this years allowance in before the deadline, , that i could only add a years allowance within 30days of opening it and then no more until it matures. Plus I lose 120days interest if I move, it may not be worth moving.

Whats the best way to take advantage of this years, as ive not used this years allowance. probably left it too late not knowing I couldnt use it on my current ISA.

Can I open a new ISA somewhere else, deposit into it instantly, then Transfer my other ISA money into it or does you have to Do 'Transfer' beforehand?

Or could I open a new ISA, load it up, then at another time Transfer Both separate ISAs into another one, can you transfer multiple ISAs?

Thanks

Lee

eskbanker

If you haven't used any of your 2014-15 allowance then you're free to open a new ISA for some or all of this if you're quick enough to do so before the deadline. You can do this without affecting the Virgin one, which you can just leave until maturity in 2017, especially if there are early redemption penalties - there's no need to do any transferring to consolidate at all unless you wanted to for some reason.

leeegglestone

At a later date, if i end up with two ISA, both matured, can you transfer two ISA into another one. Just thinking dont want to end up with 3 or 4 ISA down the road, best to have them merged together. Dont think will close the virgin one, Id lose £147

Looking at other ISa, they all pretty dire apart from a 4yr one

CLAPTON

leeegglestone wrote: »

At a later date, if i end up with two ISA, both matured, can you transfer two ISA into another one. Just thinking dont want to end up with 3 or 4 ISA down the road, best to have them merged together. Dont think will close the virgin one, Id lose £147

Looking at other ISa, they all pretty dire apart from a 4yr one

yes you can transfer as many 'old' ISAs as you like, assuming the new ISA manager allows transfers in

eskbanker

Yes, you can transfer multiple ISAs into one later on, although it's not much of a hassle to keep more than one on the go if the rates justify it. However, as you say, rates are pretty dire at the moment, which is why many on here choose not to bother with cash ISAs just now and put money where it'll get a better return (interest-paying current accounts, regular savers, etc).