We're aware that some users are experiencing technical issues which the team are working to resolve. See the Community Noticeboard for more info. Thank you for your patience.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!

Fixed rate cash ISA transfer

Options

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: 400 Forumite
    100 Posts Second Anniversary
    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: 27,711 Forumite
    10,000 Posts Seventh Anniversary 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: 625 Forumite
    Part of the Furniture 500 Posts Name Dropper Combo Breaker
    I've transferred 5 ISAs in the current tax year. No limit for existing funds.
Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 350.8K Banking & Borrowing
  • 253K Reduce Debt & Boost Income
  • 453.5K Spending & Discounts
  • 243.7K Work, Benefits & Business
  • 598.5K Mortgages, Homes & Bills
  • 176.8K Life & Family
  • 257K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16.1K Discuss & Feedback
  • 37.6K Read-Only Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.