Cash ISA into Fixed 1 year ISA

scottmoreno

Hi all,

Hope you can help, I'm a novice when it comes to all of this.

I currently have a standard cash ISA (easy saver) with Lloyds with an extremely poor interest rate of 0.4% that has £32,000 in it which is my house deposit savings, I add to this each month with overtime money, I do have separate easy saving accounts with Lloyds that I use others savings such as christmas/birthdays etc

I'm considering setting up a Leeds BS 1 year fixed interest ISA as transferring my house deposit ISA into it makes sense as interest rate is a lot better as don't need the monies until 2024, my questions are;

1. Am I able to do this considering I have other cash ISA's with my bank that I pay monies into?
2. If it's allowed, would I then have to stop adding monies to my other cash ISA's with my bank?

I haven't opened the fixed term ISA yet, just want to understand it.

masonic

1 Yes

2 No (but when you say "would I then have to stop adding monies to my other cash ISA's", are you paying money into more than one?)

scottmoreno

masonic said:

1 Yes

2 No (but when you say "would I then have to stop adding monies to my other cash ISA's", are you paying money into more than one?)

Thanks for the reply

I bank with Lloyds and have 4 easy savers I pay money into, I get my monthly salary then transfer it into the easy savers.

Assume i'd still be able to do that whilst transeferring of the savers with my house deposit info a fixed isa?

masonic

scottmoreno said:

masonic said:

1 Yes

2 No (but when you say "would I then have to stop adding monies to my other cash ISA's", are you paying money into more than one?)

Thanks for the reply

I bank with Lloyds and have 4 easy savers I pay money into, I get my monthly salary then transfer it into the easy savers.

Assume i'd still be able to do that whilst transeferring of the savers with my house deposit info a fixed isa?

Are you sure these 'easy savers' are ISAs? The only account Lloyds currently offers called an Easy Saver pays 0.4% and is not an ISA. If you have your £32k in a non-ISA account, then you can only put a maximum of £20k into a cash ISA this tax year. The rest will have to wait until after 5th April 2023 when you'd probably only be able to fix for 6 months.

scottmoreno

masonic said:

scottmoreno said:

masonic said:

1 Yes

2 No (but when you say "would I then have to stop adding monies to my other cash ISA's", are you paying money into more than one?)

Thanks for the reply

I bank with Lloyds and have 4 easy savers I pay money into, I get my monthly salary then transfer it into the easy savers.

Assume i'd still be able to do that whilst transeferring of the savers with my house deposit info a fixed isa?

Are you sure these 'easy savers' are ISAs? The only account Lloyds currently offers called an Easy Saver pays 0.4% and is not an ISA. If you have your £32k in a non-ISA account, then you can only put a maximum of £20k into a cash ISA this tax year. The rest will have to wait until after 5th April 2023 when you'd probably only be able to fix for 6 months.

Thanks for your response mate, the link to my savings account is here;

https://www.lloydsbank.com/isas/cash-isa-saver.html

It says it's an ISA so would I be able to transfer this into a fixed term 1 year ISA with another bank, the amount in this account is £32,000?

masonic

scottmoreno said:

masonic said:

scottmoreno said:

masonic said:

1 Yes

2 No (but when you say "would I then have to stop adding monies to my other cash ISA's", are you paying money into more than one?)

Thanks for the reply

I bank with Lloyds and have 4 easy savers I pay money into, I get my monthly salary then transfer it into the easy savers.

Assume i'd still be able to do that whilst transeferring of the savers with my house deposit info a fixed isa?

Are you sure these 'easy savers' are ISAs? The only account Lloyds currently offers called an Easy Saver pays 0.4% and is not an ISA. If you have your £32k in a non-ISA account, then you can only put a maximum of £20k into a cash ISA this tax year. The rest will have to wait until after 5th April 2023 when you'd probably only be able to fix for 6 months.

Thanks for your response mate, the link to my savings account is here;

https://www.lloydsbank.com/isas/cash-isa-saver.html

It says it's an ISA so would I be able to transfer this into a fixed term 1 year ISA with another bank, the amount in this account is £32,000?

Yes you could transfer this ISA, but bear in mind that whether or not you transfer it, you can only pay into one cash ISA per tax year, so if you have other ISAs that you've been paying into you should make sure you haven't breached this rule.

scottmoreno

masonic said:

scottmoreno said:

masonic said:

scottmoreno said:

masonic said:

1 Yes

2 No (but when you say "would I then have to stop adding monies to my other cash ISA's", are you paying money into more than one?)

Thanks for the reply

I bank with Lloyds and have 4 easy savers I pay money into, I get my monthly salary then transfer it into the easy savers.

Assume i'd still be able to do that whilst transeferring of the savers with my house deposit info a fixed isa?

Are you sure these 'easy savers' are ISAs? The only account Lloyds currently offers called an Easy Saver pays 0.4% and is not an ISA. If you have your £32k in a non-ISA account, then you can only put a maximum of £20k into a cash ISA this tax year. The rest will have to wait until after 5th April 2023 when you'd probably only be able to fix for 6 months.

Thanks for your response mate, the link to my savings account is here;

https://www.lloydsbank.com/isas/cash-isa-saver.html

It says it's an ISA so would I be able to transfer this into a fixed term 1 year ISA with another bank, the amount in this account is £32,000?

Yes you could transfer this ISA, but bear in mind that whether or not you transfer it, you can only pay into one cash ISA per tax year, so if you have other ISAs that you've been paying into you should make sure you haven't breached this rule.

Sorry to confuse you mate, I confused myself with it all, i've spoken with Lloyds, I have a standard saver not an ISAs o as it stands I only hold 1 ISA with Lloyds which was a help to buy one I opened 3 years ago that has £50 in it, last time I paid in was 2019, I have 4 standard savers (house deposit one that has £32,000) in it and the other standard savers for birthdays xmas and emergencies so as it stands if I was to open a 1 year fixed ISA I could only make a payment of £20,000 from my house deposit standard saver into it, is that correct and on that basis would I receive the interest on it the following year then in April next year in the new tax year top it up with the rest ?

masonic

Yes to paying £20k into the 1 year fixed ISA, but in April you'll probably need to open a different ISA for the rest, as fixed ISAs usually only allow new deposits for a short space of time after opening.