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Merging 2 ISA’s - a problem

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Hi I’m looking for some advice 
I have a fixed ISA with the  Coventry maturing at the end of Nov ( good timing I thought) I also have a Teachers building society ISA and I intended to merge them. However the Teachers one is a 90 day notice which I had forgotten as I’d had opened it quite a few yrs ago and so it can’t be released til Jan 23. That will be too late to add funds to any new Coventry fix one I that I intended opening when the other matures 
Any advice on the best thing to do to move forward consolidating these isas without losing too much interest.
Thanks

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  • masonic
    masonic Posts: 23,783 Forumite
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    edited 28 October 2022 at 5:52PM
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    What is the penalty for waiving the notice period on the Teachers ISA? How does this compare with the opportunity cost of moving the Coventry ISA into easy access for 2 months? The third option is to keep them separate and move each into a fix when you can.
  • gele
    gele Posts: 278 Forumite
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    edited 28 October 2022 at 6:19PM
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    Thanks for the reply.
    i didn’t ask about a penalty. Maybe that’s a call I need to make.
    i have started the 90 day process anyway.
    Re moving Coventry for 2 months I was thinking about this. If I move it, can I then transfer it again in the same tax year to a (hopefully) better rate fix? Usually there’s a lime limit to add funds so I’d have to time it right so that I open a new one late jan and still have a window to transfer Teachers money in. 
    Not sure I like the idea of losing 2 months interest at the higher fixed rate while waiting!😕
    But it’s that, or fix and easy access for lesser amount that is in Teachers.
    Theres £40k in Coventry and only £12k in Teachers if that makes much difference.
  • masonic
    masonic Posts: 23,783 Forumite
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    edited 28 October 2022 at 6:46PM
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    With £40k in Coventry, it doesn't seem sensible to make accommodations for the smaller balance in Teachers. You will be able to transfer the Teachers ISA at a time of your choosing, as this is required in the ISA rules, so it is just a case of what it might cost you (e.g. 90 days interest is a likely penalty for a 90 day notice account). If the rate is low, then this might not amount to very much, and you will benefit from a higher rate of interest sooner to compensate for the penalty.
  • gele
    gele Posts: 278 Forumite
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    Yes. It was because there was significantly more in Coventry I wasn’t sure what to do.
     And I can consider both the 1 and 2 yr fixes if I forget about merging. 
    I should have been more diligent regarding the notice period as that additional £12k would have helped that balance nicely.  Unfortunately I won’t have much spare cash to add to it.
    As for the Teachers, I’ll run with the notice period I think and hope there’s a tempting easy access available at the end of Jan.
    Thanks for helping me think things through.
  • gele
    gele Posts: 278 Forumite
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    I read on another thread that Coventry have pulled their fixed Isas so unless they’re going to offer new ones in the coming week or so they won’t have anything I want to transfer into when mine matures at the end of this month! If that’s the case I’ll have to look elsewhere. I’ve had an isa with Coventry for a number of years now as rates have always been pretty competitive on maturity so we’ll see if tomorrow’s decision brings about some nice new rates for us loyal customers. 
  • Albermarle
    Albermarle Posts: 23,120 Forumite
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    edited 3 November 2022 at 10:29AM
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     If I move it, can I then transfer it again in the same tax year to a (hopefully) better rate fix? 

    Assuming you mean move it from an easy access ISA, then yes you can.

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