Isa question

ckes101

Hello friends and thanks for looking at my thread. I have a simple question to ask. I have a fixed term ISA which has just matured. I want to move the money into another ISA from a different building society. If i open a fresh ISA with the new building society and transfer the money over does this count towards my ISA allowance. This year i can put £20000 into an ISA(if i understand the rules correctly) But my recently matured ISA has over £20000 in it. Can i transfer this to my new ISA and ad £20000 for this years ISA allowance? Any advice greatly appreciated.

Rheumatoid

You can add another 20k to the transferred ISA

ckes101

OK that's great. Thank you

molerat

You need to give the new ISA provider the details to do the transfer for it to count as previous year's contributions, you cannot move the money yourself.

Reed_Richards

ISA transfers are pull, not push.

If you move the money over by withdrawing it from your old ISA and paying it in to the ISA with your new provider then it counts towards your allowance.

if you apply to your new provider for an ISA transfer from your old provider (and your new provider accepts ISA transfers) then it will not count against your ISA allowance. ISA transfers, if done correctly, do not count against your ISA allowance.