Holding multiple ISAs - reminder

fleemkt

Sorry for silly question, but I need a reminder.

I currently have ISAs at three institutions - A, B & C.

I have 2020-21's allowance with A.

My ISA at bank B is due to mature, but I'm thinking of just reinvesting for another fixed year with them.

My ISA at bank C is also due to mature, but I intend to apply for a new ISA account at bank D and only transfer in these matured funds. 

I understand I can do this - opening account D and just transfer in previous years'? 

grumiofoundation

Assuming D allows this, yes. 

eskbanker

Yes, the overarching rule is that you can only pay new money into one ISA of each type in any tax year, so you can do what you like with prior year money.

fleemkt

Great, thanks for confiming both.

So I wanted to transfer my 2020-21 allowance in A, it has to be all or nothing - that is no partial transfer out.

And if I committed say only 50% in A, I won't be able to subscribe the remaining 50% with another provider for that year (I assume I'd need to firstly transfer to new provider before topping up?).

eskbanker

Yes, all current year money (for any given ISA type) has to be kept together in the same place.