isa help

donsaini

have a M&S minicash isa. have put in £500 for this year, thinking of topping it up. however as a closed account, & recent reduction of rate to 5%, i am wondering would i be better off not topping it off to the max £3000.

eg topping up to £2950, leaving me £50 for this year.

would i be correct in thinking that if rate gets worse, i could open another mini cash isa, then transfer this years M&S money into it. i assume the M&S isa part for this year would be closed.

i never done the isa transfer in the same year.

have i got this right? or have i confused myself from martin's article on isa

:beer:

grumbler

You can transfer M&S ISA to other provider at any time. And there is no difference between transferring £2950 and £3000. If you already put £500 into M&S this year you cannot just open another ISA, put £50 into it and then transfer from M&S. You must first transfer full current year contribution to other provider.