Best Cash Isa with Limited Access

Vim1965

Afternoon All

Have approx 60k in an ISA with Jupiter, earning basically nothing! This is in my name

If I am right I can open a limited cash isa this month in my name and transfer 20k to it.
Also open another in my wife's and transfer another 20k.

Then in April open another ISA in my name.
After this just cash in the balance...

Is this correct?

Albermarle

You are only limited to £20K per tax year, when talking about new money being added.
You can open a new cash ISA of your choice and ask the new provider to transfer in the whole £60K , as it is not money being added in this tax year.
If you wanted to ( and could afford it ) you could also add £20K in new money to this new Cash ISA at the same time ( so you would have £80K in it) 
There are plenty of threads on here about the topics of new money and transfers etc

boingy

As stated, you don't need to jump through any hoops. You can open pretty much any cash ISA (or S&S ISA) and transfer the whole lot into it without using up any ISA allowances. The only caveat is that the new ISA has to accept transfers - most do. Check for any withdrawal penalties or notice periods at your existing one. You start the transfer with the new provider. It takes anywhere between a few days and half a lifetime, depending upon both providers. Some will want you to deal with paper forms through the post, some are super efficient and some are not!

If you have not added any money to the ISA this tax year you can also add up to 20K this side of April and another 20K next tax year.

And set a reminder in your calendar to check the interest rate you are getting every so often (annually, quarterly, whatever). There are plenty of league tables showing best rates. Example: Best cash ISAs: up to 5.09% easy access, up to 5% fixed - MSE (moneysavingexpert.com) Providers love to tempt you in with great rates then quietly let the rate fall, safe in the knowledge that many folks won't check or will just put off taking action.

xylophone

Have approx 60k in an ISA with Jupiter, earning basically nothing! This is in my name

You are dissatisfied with the funds you have chosen?

Vim1965

The current return is less than 2% so I thought it best to ove it while I can