Fixed rate cash ISA transfer

I want to transfer an existing fixed rate cash ISA from one provider to another. To do this I need to first open a cash ISA with the new provider. But I have already opened a cash ISA this year, so does this break the ISA rules? If so, how can I make the transfer?


Comments

  • jak22
    jak22 Posts: 353 Forumite
    First Anniversary First Post
    edited 8 March 2023 at 1:48PM
    You can only subscribe = add new money to one in a tax year so you can open another with the intention of only transferring in funds that you added to another ISA in a previous year. Often there is the option to set up a transfer during the application for the new ISA - just dont pay any new money in to it

    If the old ISA was subscribed this year then you must transfer it entirely 

    There is often a interest penalty to transfer a fixed rate ISA before maturity
  • Albermarle
    Albermarle Posts: 22,073 Forumite
    First Anniversary First Post Name Dropper
    verona12 said:

    I want to transfer an existing fixed rate cash ISA from one provider to another. To do this I need to first open a cash ISA with the new provider. But I have already opened a cash ISA this year, so does this break the ISA rules? If so, how can I make the transfer?


    If you read through the forum, you will see the answer to this and many other Isa Questions.
  • Ocelot
    Ocelot Posts: 538 Forumite
    First Post Name Dropper First Anniversary Combo Breaker
    I've transferred 5 ISAs in the current tax year. No limit for existing funds.
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