Transferring into a fixed rate ISA

sunflowers123

Hi

I would like to transfer a matured ISA to a five year fixed rate ISA (Coventry Building Soc). The penalty for an early closure is 120 days' interest.

My question is if I transferred to the Coventry and then decided to transfer to another ISA within the five years due to a better interest rate, can I just transfer it across?

Sorry if this is a daft question!

Thanks.

Archi_Bald

Out

You may transfer out your ISA savings to a different ISA with the Coventry or another provider without losing their tax-free status. Remember: if you move your money with an ISA transfer, the charge still applies (see 'Withdrawals' below).
Contact us for more information about ISA transfers.

Withdrawals
Partial withdrawals are not permitted prior to maturity. You can close your account prior to maturity without notice subject to you incurring a charge equal to 120 days' interest on the closure balance.

http://www.coventrybuildingsociety.co.uk/savings-accounts/cash-isa.aspx