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ISA Question
Ammah45
Posts: 90 Forumite
This is probably a silly question but I genuinely don't know the answer so I appreciate your patience.
I have a cash ISA account with HSBC opened in 2020 which is at 2.85%. I haven't put any money in this financial year yet. I am considering moving (including the interest gathered so far) to another cash ISA with a higher interest rate. Does this mean I will be using this year's allowance if I move?
Thanks
I have a cash ISA account with HSBC opened in 2020 which is at 2.85%. I haven't put any money in this financial year yet. I am considering moving (including the interest gathered so far) to another cash ISA with a higher interest rate. Does this mean I will be using this year's allowance if I move?
Thanks
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Comments
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Does this mean I will be using this year's allowance if I move?
No, transferring a previous year's ISA subscription does not use the current year's ISA allowance.
'Compound interest is the eighth wonder of the world. He who understands it, earns it; he who doesn’t, pays it' - Albert Einstein.1 -
It won't affect this year's allowance, but you have to transfer it by opening a new ISA account with the new provider and completing a transfer form, i.e. you can't just move the funds yourself.Ammah45 said:This is probably a silly question but I genuinely don't know the answer so I appreciate your patience.
I have a cash ISA account with HSBC opened in 2020 which is at 2.85%. I haven't put any money in this financial year yet. I am considering moving (including the interest gathered so far) to another cash ISA with a higher interest rate. Does this mean I will be using this year's allowance if I move?
Thanks1 -
There is a sub forum for ISA's ,where this and similar questions are asked and answered all the time. So worth a look.
ISAs & tax-free savings — MoneySavingExpert Forum
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