Can I Transfer This ISA in Year?

london2007

I've tried to find the answer to this, but I've failed, so I thought I would ask here. 

I opened a 2-year fixed rate ISA on 6th April this year. However, there are a lot of better rates available now and I would like to transfer it. 

I appreciate that I will lose 90 days of interest, as that is what the current provider's terms are, but am I allowed under the ISA rules to transfer this ISA in the same year?
Thanks for your help.

35har1old

london2007 said:

I've tried to find the answer to this, but I've failed, so I thought I would ask here. 

I opened a 2-year fixed rate ISA on 6th April this year. However, there are a lot of better rates available now and I would like to transfer it. 

I appreciate that I will lose 90 days of interest, as that is what the current provider's terms are, but am I allowed under the ISA rules to transfer this ISA in the same year?
Thanks for your help.

Yes if you transfer the full amount

refluxer

Make sure you put your figures and dates into this MSE calculator to see if paying the penalty and doing a transfer is worth it...

https://www.moneysavingexpert.com/savings/isa-switch-calc/

Albermarle

I've tried to find the answer to this, but I've failed, so I thought I would ask here. 

If you scroll through this forum or read it regularly, you will find answers to any ISA questions you might have now or in future.

several

The rules are more about ‘funding’ an ISAs

I got really confused when I wanted to transfer ISA and the new place wanted me to open a new ISA with them first. 

Turns out opening more than one ISA in a year is not a problem. As long as you don’t put any money into the new ISA until you’ve gone through the transfer process, so you’re only funding the same one, it’s ok.

london2007

Albermarle said:

I've tried to find the answer to this, but I've failed, so I thought I would ask here. 

If you scroll through this forum or read it regularly, you will find answers to any ISA questions you might have now or in future.

Very helpful, thank you.