What does this mean? 5 October 2022 at 1:39PM in ISAs & tax-free savings 4 replies 112 views

Rusty190

"If you transfer your full balance to another ISA, previous years' ISA savings will no longer be flexible if you've withdrawn and not replaced before the transfer".

It relates to an Easy Access ISA.
Thank you.

ForumUser7

I would suggest you ask the Easy Access ISA provider. I don't understand the language in that tbh, and I'm usually good with ts and cs. Hopefully the provider can provide a more clear answer

HappyHarry

Rusty190 said:

"If you transfer your full balance to another ISA, previous years' ISA savings will no longer be flexible if you've withdrawn and not replaced before the transfer".

It relates to an Easy Access ISA.
Thank you.

A flexible ISA is one that allows you to withdraw funds from it, and replace them before the end of the tax year without that replacement forming part of your annual ISA allowance.

The above says that if you have withdrawn funds from your ISA, then transfer the remaining ISA funds elsewhere, the funds you have withdrawn cannot be replaced without using some/all of your annual ISA allowance.

refluxer

Presumably the Easy Access ISA in question is flexible so I would think it means that if you want to transfer out to a different ISA/provider and have taken advantage of the flexible nature of the current ISA by temporarily withdrawing previous years' contributions, these would have to be replaced before doing the transfer as this won't be possible once the ISA has been transferred.

Rusty190

Thank you all.
Much appreciated.