ISA Contributions When Transferring From Fixed Rate Account

JamesY201
Forumite Posts: 28
Forumite

Hi
Bit of advice for something I think I already know then answer to, so apologies for the question. I opened a fixed rate ISA in April and contributed a small amount owing to my own misunderstanding as to the time frame I was able to contribute. I am now left with an underused ISA. Could I transfer it out to another ISA and complete the year's allowance? I suspect not.
Bit of advice for something I think I already know then answer to, so apologies for the question. I opened a fixed rate ISA in April and contributed a small amount owing to my own misunderstanding as to the time frame I was able to contribute. I am now left with an underused ISA. Could I transfer it out to another ISA and complete the year's allowance? I suspect not.
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Comments
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Yes you could but the Fixed rate isa you would be leaving will have a penalty clause for early closure.
However if you have not got much in there it might not be very much.0 -
JamesY201 said:Hi
Bit of advice for something I think I already know then answer to, so apologies for the question. I opened a fixed rate ISA in April and contributed a small amount owing to my own misunderstanding as to the time frame I was able to contribute. I am now left with an underused ISA. Could I transfer it out to another ISA and complete the year's allowance? I suspect not.
https://www.moneysavingexpert.com/savings/isa-switch-calc/
'Compound interest is the eighth wonder of the world. He who understands it, earns it; he who doesn’t, pays it' - Albert Einstein.0 -
Doctor_Who said:JamesY201 said:Hi
Bit of advice for something I think I already know then answer to, so apologies for the question. I opened a fixed rate ISA in April and contributed a small amount owing to my own misunderstanding as to the time frame I was able to contribute. I am now left with an underused ISA. Could I transfer it out to another ISA and complete the year's allowance? I suspect not.
https://www.moneysavingexpert.com/savings/isa-switch-calc/0 -
JamesY201 said:Doctor_Who said:JamesY201 said:Hi
Bit of advice for something I think I already know then answer to, so apologies for the question. I opened a fixed rate ISA in April and contributed a small amount owing to my own misunderstanding as to the time frame I was able to contribute. I am now left with an underused ISA. Could I transfer it out to another ISA and complete the year's allowance? I suspect not.
https://www.moneysavingexpert.com/savings/isa-switch-calc/If the new ISA is also a fixed rate, do check how long you have to fund it. Most allow a relatively short time, as you have discovered.0
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