Fixed ISA maturity

bear.1973

Hi, hoping to get clear advice around the following, if poss. 

I have fixed 1 yr isa taken out Jan 23, and another 1 yr fix taken out April 23. Both are used to capacity of annual allowance. 

I’ve had notification of the Jan isa coming to maturity (Jan 24) meaning it will auto transfer to lower rate easy access if I don’t do anything. The second fixed is due to mature in April 24. 

Do I wait until my new isa allowance in April and then transfer both amounts into a new isa? But this means I’ll lose quite bit interest in the Jan isa whilst waiting?

I’ll also be adding to the isa once my allowance renews in April 24 so I’m unsure of the best way to manage in the meantime? Any help appreciated. ☺️ 

amanda1024

Given the potential for rates to fall, I’d open a new ISA now (fixed for the length that’s right for you), and transfer the ISA that’s maturing this month, once it’s matured (you can give the transfer instruction in advance). Often you can only put money in for the first 14 or 30 days after opening, so you’ll probably have to open another in April to transfer your other ISA into, but should be able to also out next year’s ISA allowance into the same one, if you time it right.

eskbanker

bear.1973 said:

Do I wait until my new isa allowance in April and then transfer both amounts into a new isa? But this means I’ll lose quite bit interest in the Jan isa whilst waiting?

You don't need to do that, so it's up to you depending on what you want to achieve - you can use a new ISA this month to transfer in the prior year money on maturity, without compromising your options in April for the next one.

Are you aiming at consolidating everything into one ISA (eventually) or using separate ones for different durations?

Albermarle

There is a sub forum for ISA's
If you read through that for a few pages, you will see many very similar questions to yours ( and answers) .
ISAs & tax-free savings — MoneySavingExpert Forum

GrubbyGirl_2

Go for the best rate here and now and have 3 separate ISAs if you need to as rates are inevitably going down unless something very dramatic happens in the world in the near future

bear.1973

eskbanker said:

bear.1973 said:

Do I wait until my new isa allowance in April and then transfer both amounts into a new isa? But this means I’ll lose quite bit interest in the Jan isa whilst waiting?

You don't need to do that, so it's up to you depending on what you want to achieve - you can use a new ISA this month to transfer in the prior year money on maturity, without compromising your options in April for the next one.

Are you aiming at consolidating everything into one ISA (eventually) or using separate ones for different durations?

i would like to consolidate isa's, so that would be one that matures in Jan, and other one early April. Then be able to add to it for the new tac yr allowance as of April 24. But I'm not sure if the dates would allow for this? maybe id need two, one that i transfer the Jan matured isa into, and a new (pay in) isa in April that i transfer the early April matured one into, aswell as adding to the new 20K pot if that makes sense? 

xylophone

Then open the best easy access available now and transfer in/contribute as required?

https://www.thisismoney.co.uk/money/saving/article-1583864/Best-savings-rates-Isas-Cash-Isa-accounts-fixed-rate-Isas.html

bear.1973

xylophone said:

Then open the best easy access available now and transfer in/contribute as required?

https://www.thisismoney.co.uk/money/saving/article-1583864/Best-savings-rates-Isas-Cash-Isa-accounts-fixed-rate-Isas.html

Im so rubbish at this    So, I've tried to open a 1 yr fix with shawbrook to transfer in the isa due to mature 23rd jan. however, it asks for an initial deposit of £1000 in order to open? I thought the transfer amount would be the only deposit/transfer i would have to make, and how can i deposit £1000 to open if I'm not allowed to deposit any new money until new allowance in April?   i also looked at easy access Moneybox but that also requires initial £500 to open?  Im confused....? 

refluxer

If a cash ISA provider allows transfers-in, then a cash deposit (new subscription) isn't normally mandatory, however Moneybox do state that you need to "download the app and deposit a minimum of £500 to get started. Plus, you can transfer in any ISAs you hold with other providers" so they may be an exception to this.

I've held fixed rate cash ISAs with Shawbrook in the past and I'm pretty sure that they were funded solely by transfers. I can't remember what I did during the application process though - with some providers, the deposit/intended amount field is just for their info so you can often enter the estimated transfer amount, but I can't remember whether that's the case with Shawbrook or not, I'm afraid.

Albermarle

bear.1973 said:

xylophone said:

Then open the best easy access available now and transfer in/contribute as required?

https://www.thisismoney.co.uk/money/saving/article-1583864/Best-savings-rates-Isas-Cash-Isa-accounts-fixed-rate-Isas.html

Im so rubbish at this    So, I've tried to open a 1 yr fix with shawbrook to transfer in the isa due to mature 23rd jan. however, it asks for an initial deposit of £1000 in order to open? I thought the transfer amount would be the only deposit/transfer i would have to make, and how can i deposit £1000 to open if I'm not allowed to deposit any new money until new allowance in April?   i also looked at easy access Moneybox but that also requires initial £500 to open?  Im confused....? 

ISA providers can be confusing with their fixed rate applications. They often assume you want to add some new money when you do not. It is possible that some may insist on this but most do not, although it might seem like they do.