Isa

lewie1966

Hi Guys.
Thinking of swapping my isa with Coventry BS to another with a better rate of interest. I want one where I can transfer total amount and add regular amounts during the year . Please forgive my ignorance but the total amount per tax year is £20,000 ?. So if I choose to swap now even though my total isa amount is over £20000 and because we have entered another tax year I can in theory add up to another £20000 is my way of thinking correct ?. It's not based on total amount it's based on how much you pay in per tax year ?.
Thanks Paul.

xylophone

Thinking of swapping my isa with Coventry BS

Have you contributed to the ISA is this tax year?

If not, you should be able to ask the chosen provider to arrange the transfer of the contributions made in previous tax years to the ISA you now require and then continue to contribute up to the current year's allowance (subject to the terms and condiotins of your new account).

colsten

You are right, the maximum amount of new money you can put into one or more ISAs is £20,000 per tax year. You must not put any of the new money into more than one of the same type of ISA. I.e. you can split your new £20k between a cash and an S&S ISA but you cannot split it between more than one cash ISA.

In addition to new money, where the T&Cs of your provider allow this, you can also request the transfer-in of ISA money from previous years.

Whether you can deposit new money into your ISA again depends on the T&Cs. Many fixed-term ISAs only have a short deposit window, whilst instant access ones allow deposits at any time, up to £20K per tax year.

You don't say which Coventry ISA you currently have and where you are thinking of moving to. Are you certain you will get better rates than with Coventry? If so, where?