ISA upgrade

Jet

I have an old Santander cash ISA that Santander are inviting me to upgrade, which I would like to do.

I haven't put any funds into it in this financial year.  

I also have a stocks and shares ISA that I invested into this financial year with the full allowance.

I assume upgrading the old cash ISA is OK to do and isn't regarded as new investing in this financial year?

I ask because this is what the terms and conditions say and it's making me doubt myself;

"I apply to subscribe for a Cash ISA for the tax year 2022-2023 and each subsequent year until further notice.

Santander UK plc is not a flexible ISA provider.

I declare that

• All subscriptions made, and to be made, belong to me.
• I am 16 years of age or over;
• I have not subscribed and will not subscribe more than the overall subscription limit in total to a cash ISA, a stocks and shares ISA, an innovative finance ISA, and a lifetime ISA in the same tax year;
• I have not subscribed and will not subscribe to another Cash ISA in the same tax year that I subscribe to this Cash ISA, and
• I am resident in the United Kingdom for tax purposes or, if not so resident, either perform duties which, by virtue of Section 28 of Income Tax (Earnings and Pensions) Act 2003 (Crown employees serving overseas), are treated as being performed in the United Kingdom, or I am married to, or in a civil partnership with, a person who performs such duties. I will inform Santander UK Plc if I cease to be so resident or to perform such duties or be married to, or in a civil partnership with, a person who performs such duties."

refluxer

Yes, you are free to transfer your ISA if you haven't paid into it this tax year as transfers don't count towards the yearly allowance.

Santander's rates aren't the highest though, so I would first see if you can do better by transferring elsewhere : https://www.moneysavingexpert.com/savings/best-cash-isa/

These declarations are always poorly worded and get questioned on here frequently as a result. In this case, by 'subscription' I guess that Santander is referring to 'new money' and not transferred funds.