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Is this allow?

I have regular saver ISA which only allow put in £500 per month. So £6000 a year. No top up allowed.

I know the cash ISA rate is terrible but I just want to know if this is allowed.

Open SSISA, put in the rest of the allowance, with the pure intention of transfer it to away to cash ISA. 

Comments

  • masonic
    masonic Posts: 28,997 Forumite
    Part of the Furniture 10,000 Posts Photogenic Name Dropper
    edited 12 October 2021 at 6:01AM
    Yes you can use the rest of your allowance in another type of ISA, such as a S&S ISA, then transfer to a cash ISA after the end of the tax year. Note that some S&S ISA providers have charges for transfers.
  • Malchester
    Malchester Posts: 1,073 Forumite
    Eighth Anniversary 1,000 Posts Photogenic Name Dropper
    And some cash ISA's do  not allow a transfer from a stacks and shares ISA
  • Keep_pedalling
    Keep_pedalling Posts: 22,380 Forumite
    Tenth Anniversary 10,000 Posts Name Dropper Photogenic
    Why on earth would you want to do this? You already know the rates are terrible, and there are better options outside of ISAs for cash savings.
  • jimjames
    jimjames Posts: 19,126 Forumite
    Part of the Furniture 10,000 Posts Photogenic Name Dropper
    P3 said:
    I have regular saver ISA which only allow put in £500 per month. So £6000 a year. No top up allowed.

    I know the cash ISA rate is terrible but I just want to know if this is allowed.

    Open SSISA, put in the rest of the allowance, with the pure intention of transfer it to away to cash ISA. 
    Can you explain your rationale for wanting to do this? If it's short term money then get the best rate regardless of the type of account. If it's long term money then S&S ISA or pension would be the better option anyway
    Remember the saying: if it looks too good to be true it almost certainly is.
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