gilly

gillybilly

Am now being taxed on my savings interest so want to convert to an isa instead. If I put up to the limit of £20.000 now into an instant access isa, would I then in april in the new tax year be able to transfer that £20.000 to a fixed rate isa and and add the new tax year allowance to it?

AnotherJoe

Gilly, when posting, "title" means the subject line you'd like such as "opening isa" and not your name.

Linton

I cannot see any reason in principle why you cannot do what you wish. Probably prudent to check with your chosen fixed rate ISA supplier that they are happy with this.

dividendhero

I thought a gilly was the outfit snipers wear as camouglage

LeafGreen

What are the interest rates you are looking at for each account?

Will it be worth any difference? (are you a basic or higher rate tax payer)?

TBC15

dividendhero wrote: »

I thought a gilly was the outfit snipers wear as camouglage

Nay lad I’ll prepare your beast,get yourself away to the big hoos.

Stubod

gillybilly wrote: »

Am now being taxed on my savings interest so want to convert to an isa instead. If I put up to the limit of £20.000 now into an instant access isa, would I then in april in the new tax year be able to transfer that £20.000 to a fixed rate isa and and add the new tax year allowance to it?

...yes....

Mr.Saver

Short answer: yes, you can.

Long answer: this actually depends on the fixed cash ISA provider, they may not accept a transfer from previous tax years, or may not accept the mix of new subscription and previous years' transfer. So you'd better check with the fixed cash ISA provider first.

Not an answer: could you please change the subject/title of this post?

Flobberchops

To echo everyone else, in theory ye sthat's fine, but check with your provider whether you can add to the balance during the term.

Voyager2002

Intrest rates on cash ISAs are generally so low that this is not worth doing. Check, check and check again.