ISA transfer of £10k + new cash ISA of £20k in same financial year?

ultimatenorthernexposure

I opened a new £20k cash ISA in June 2023.

I also have a £10k cash ISA from 2022 with a poor interest rate.

Can I transfer the £10k cash ISA to a better performing provider before 5th April 2024 or will that mean I exceed my annual ISA allowance, and I should therefore wait until 6th April 2024 to make the transfer?

Thanks in advance!

eskbanker

Transfers of prior year money don't count towards your annual contribution allowance so you're fine to do what you propose anytime, as long as you use the new provider's ISA transfer process.

boingy

Definitely transfer it to a better paying one. Banks are great at attracting new customers then letting their rates fall behind the competition once they have their money!
Start the transfer at your new provider. It might be all electronic and quick or it might involve real paper and the postman. Then set yourself a reminder in your phone or computer to check your savings rates every so often to make sure you money continues to work hard for you. Every three or six months is a good interval but it depends how fast interest rates are changing. 

Albermarle

ultimatenorthernexposure said:

I opened a new £20k cash ISA in June 2023.

I also have a £10k cash ISA from 2022 with a poor interest rate.

Can I transfer the £10k cash ISA to a better performing provider before 5th April 2024 or will that mean I exceed my annual ISA allowance, and I should therefore wait until 6th April 2024 to make the transfer?

Thanks in advance!

If you scroll through the forum you will see many threads on this subject.

Ocelot

I transferred over 100k in one financial year, as well as putting 20k of new money in. It's fine.

boingy

Albermarle said:

ultimatenorthernexposure said:

I opened a new £20k cash ISA in June 2023.

I also have a £10k cash ISA from 2022 with a poor interest rate.

Can I transfer the £10k cash ISA to a better performing provider before 5th April 2024 or will that mean I exceed my annual ISA allowance, and I should therefore wait until 6th April 2024 to make the transfer?

Thanks in advance!

If you scroll through the forum you will see many threads on this subject.

I've noted your one person campaign to get folks to search and read the entire forum before posting but it's never going to happen. These boards are many and varied and very active and the built-in search engine is very basic to put it mildly. Suggest you just ignore the repeated questions or else post links to recent relevant posts.

Albermarle

boingy said:

Albermarle said:

ultimatenorthernexposure said:

I opened a new £20k cash ISA in June 2023.

I also have a £10k cash ISA from 2022 with a poor interest rate.

Can I transfer the £10k cash ISA to a better performing provider before 5th April 2024 or will that mean I exceed my annual ISA allowance, and I should therefore wait until 6th April 2024 to make the transfer?

Thanks in advance!

If you scroll through the forum you will see many threads on this subject.

I've noted your one person campaign to get folks to search and read the entire forum before posting but it's never going to happen. These boards are many and varied and very active and the built-in search engine is very basic to put it mildly. Suggest you just ignore the repeated questions or else post links to recent relevant posts.

I have never suggested anybody reads the whole forum. Only that it could be useful for them to scroll through it for a while. Especially if they have not posted their question in the ISA forum, and may not even be aware of its existence.
Probably most do not follow up my suggestions, but occasionally I have been thanked for pointing them in the right direction.
It does get a bit boring though, I must admit.