Transfer of previous ISA funds

Herbies

I have a current year 20/21 Cash Isa, not maxed out.  
I have previous years' cash isas with cash in them
I would like to improve on the rates I am getting in all of them by moving them.
1) can I move the previous years' cash to a new provider - will they stay as "previous years" isas
or do I have to 
2) transfer the current year isa 20/21 first and then only be able to transfer money from previous years isa to the new isa provider ? thus only having the £20000 in the new better rate cash isa ? and leave the rest previous years' isas with current / not good interest rates
thanks in advance

eskbanker

It's option 1 - you can transfer prior year money into as many new ISAs as you wish with one or more providers, as long as the current year money is all kept together in one place.  Ensure that you use the receiving provider's ISA transfer process each time....

badger09

eskbanker said:

It's option 1 - you can transfer prior year money into as many new ISAs as you wish with one or more providers, as long as the current year money is all kept together in one place.  Ensure that you use the receiving provider's ISA transfer process each time....

And don't pay any stated 'minimum opening balance' into the new ISA

tonypick

I have an easy access cash ISA with the Nationwide BS on which the interest rate will drop in May. I wish to transfer this to a fixed rate ISA. I also have a fixed rate ISA with Charter Savings Bank which matures in June. If I transfer the Nationwide ISA to another provider in May, can I transfer the one with a Charter Savings Bank to a different provider?

badger09

Yes you can do both.

Herbies

another question please,
as I have a new isa already set up with provider A for this current year, can I set up another ISA with a new provider B (cash) before transferring across, OR do I have to advise the new provider B it is a transfer in of current year money, (keeping it all together) and then follow whatever procedures I have to follow ? and how is this all done online ? with no ability to visit branches involved for either provider A or provider B.
just trying to work out the best course of action and steps in the process without breaking any rules of ISAs,
thanks
 

eskbanker

You obviously have to open an ISA before you can transfer into it, but are you trying to get everything into B, i.e. current and prior year money?  If so, then it doesn't really matter in which order you transfer the current and prior year money....

Many ISA transfers can be done online but even those involving paper can typically be done by post - it's certainly possible that some providers might require a branch visit if they're unable to verify your ID electronically when opening the account, but you'd get better guidance if you clarify which provider(s) you're thinking of!

avmat

I have read a lot about this but still confused, so any help would be appreciated.
I have 75K ISA maturing May 2020 in Bank A. Two separate ISAs in Bank B (22K maturing June 20 and 10K November 20).
I have now opened a new ISA in Bank C with the aim of transferring these old ISAs; so during the application process, gave details of Bank A and Bank B (full transfer of 75K and partial transfer of 8K from the 22K account to make up approx 85K; FSCS protection limit), ticking the option to serve full notice. This will leave about 24K in two separate accounts in Bank B (still "old" ISA money).
My questions:
Can I open another account in Bank D with maybe 5K of "new" money, and then transfer "old" 24K in as and when they mature, leaving the possibility of adding another 15K as the year goes on?
Sorry if I haven't made myself very clear! Thanks in advance.

eskbanker

avmat said:

I have read a lot about this but still confused, so any help would be appreciated.
I have 75K ISA maturing May 2020 in Bank A. Two separate ISAs in Bank B (22K maturing June 20 and 10K November 20).
I have now opened a new ISA in Bank C with the aim of transferring these old ISAs; so during the application process, gave details of Bank A and Bank B (full transfer of 75K and partial transfer of 8K from the 22K account to make up approx 85K; FSCS protection limit), ticking the option to serve full notice. This will leave about 24K in two separate accounts in Bank B (still "old" ISA money).
My questions:
Can I open another account in Bank D with maybe 5K of "new" money, and then transfer "old" 24K in as and when they mature, leaving the possibility of adding another 15K as the year goes on?
Sorry if I haven't made myself very clear! Thanks in advance.

Yes, you can - you can do what you like with prior year money, but for current year money, the two constraints are that you can only pay new money into one ISA of each type in any given tax year, and all current year contributions to each type need to be kept together in the same place.

avmat

Thanks for the prompt response. So technically, it is possible and legal. However, what I am finding is that most providers have a 14-day window after which no new deposit is allowed, so essentially, locked down (wrong choice of word in the current climate!). This potentially means I have to invest my 20K allowance all at once, and that further transfers in (based on maturity dates of old ISAs) may not be possible; frustrating!

eskbanker

avmat said:

Thanks for the prompt response. So technically, it is possible and legal. However, what I am finding is that most providers have a 14-day window after which no new deposit is allowed, so essentially, locked down (wrong choice of word in the current climate!). This potentially means I have to invest my 20K allowance all at once, and that further transfers in (based on maturity dates of old ISAs) may not be possible; frustrating!

Yes, if you're restricting yourself to fixed-rate accounts then these do typically involve a narrow contribution window - if you feel that could be an issue then you can always use a variable rate easy access ISA on a temporary basis while you assemble matured funds and then do a one-off transfer into a fixed rate product.