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question for the pros

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Hi all


Just wanted to ask a question to clear up a few things, apologies for it sounding very simple. I opened a 1 year fixed rate ISA last July, so the interest will be added this July. However I can open a new ISA with a different provider this tax year right. So if I open a regular cash ISA with the max amount say, £15,240..... after July when the fixed rate one matures, would I be able to transfer in the money from the fixed rate ISA into the new cash ISA even though I've used up my yearly limit (as long as the cash one accepts transfers in)?


Thanks for any help

Comments

  • gt94sss2
    gt94sss2 Posts: 6,082 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    Mr_R3 wrote: »
    Just wanted to ask a question to clear up a few things, apologies for it sounding very simple. I opened a 1 year fixed rate ISA last July, so the interest will be added this July. However I can open a new ISA with a different provider this tax year right. So if I open a regular cash ISA with the max amount say, £15,240..... after July when the fixed rate one matures, would I be able to transfer in the money from the fixed rate ISA into the new cash ISA even though I've used up my yearly limit (as long as the cash one accepts transfers in)?

    Yes, you can do this. The fixed rate ISA once its matured can be transferred into your new ISA if it accepts transfers - or anywhere else you like.

    Regards
    Sunil
  • KGriff
    KGriff Posts: 185 Forumite
    Mr R3
    I completely agree with Sunil's comments, but I thought it worth stressing the point that the new ISA that you open, needs not only to allow transfers into it, but also I would make absolutely sure there are no time limits on when additional deposits can be made.

    It usually only applies to fixed term ISA's where additional deposits are restricted to time limits for example one month after the opening of the account etc. but just check the terms and conditions to be on the safe side and then when your old ISA matures and gets the interest applied in July (or thereabouts) then complete an ISA transfer form and merge the funds into your new ISA to get it all working for you at the new ISA interest rate.

    Best of luck with your investing.
  • badger09
    badger09 Posts: 11,578 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    Just remember to ask your new ISA provider to arrange the transfer;)
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