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Transferring cash ISA
penniesmakepounds123
Posts: 3 Newbie
I'm looking to open a 1 year fixed cash ISA, and transfer the balance of my existing easy access cash ISA into it. I can see interest was credited at the end of March, and that there is a balance of accrued interest to date which is yet to be credited, I assume because it's annual. Does that mean that if I transfer out today, that I will lose that interest? Or will I receive the amount accrued to date as I close and transfer out?
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Comments
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You won't lose the accrued interest, it will be credited when the old account is closed, which will happen if you do a full ISA transfer to the new provider.'Compound interest is the eighth wonder of the world. He who understands it, earns it; he who doesn’t, pays it' - Albert Einstein.1
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Thank you. Does that mean I have to manually try to calculate the exact amount that will be transferred? (I haven’t done the application yet but assumed I would need to state how much I'm going to transfer). Or hopefully there’s an option where I can just say ‘full balance’!0
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If you want to transfer and close the old ISA just choose a 'full transfer' when completing the new ISA provider's transfer form.'Compound interest is the eighth wonder of the world. He who understands it, earns it; he who doesn’t, pays it' - Albert Einstein.1
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