ISA rules clarity please

scottiescott

My Nationwide ISA interest rate will drop to a paltry 0.25% tomorrow from the current rate of 1.40%. Next best I can get with Nationwide is 0.8% with their 1 year triple access ISA which I intend to move across to. I have not used my 20/21 allowance yet but would want to open a Virgin Money Double Take e-ISA using £20k from an existing Virgin account.
I am maxed out with both Nationwide and Virgin in terms of protection. And the reason I am in cash is I hope to buy a property in the coming year.
So, can I
1. Move all my previously accrued ISA cash with Nationwide into a new Cash ISA with them,
AND
2. Open a new cash ISA with Virgin?
All in tax year 20/21.
Many thanks in advance.

colsten

Given you want to use the money shortly, is an ISA the best place for your money? Are you going over your Personal Savings Allowance with the interest you get? If not, you might as well go for the best instant access account.

Other than that: there are instant access ISAs with better rates than Nationwide. moneyfacts.co.uk. But yes, you could do what you described. Don’t go over the FSCS limit though

soulsaver

Yes, in a word. 
FTAOD, to ensure compliance ask Nationwide to do the internal transfer.

scottiescott

Yes, I go over my personal savings allowance.
Thanks for the answers all.