Shawbrook ISA question.

Bazzalona13295

6 months ago I opened a fixed rate ISA with Shawbrook - my only ISA - and bit by bit I'm trying to top it up, though I doubt I'll reach 20k this tax year.

I have a few questions as I have a poor understanding of ISA's.

I have read that the ISA rules are being loosened in April this year, so if I continue to top up this ISA is that still the only ISA I can contribute to in 24/25?

Once the 12 months is up (Sept 2024) I will be looking for the best available rate. If I want to transfer my ISA will I have to transfer the whole lot over?

Thanks in advance for any replies, its just so I have more awareness of my options.

badger09

Bazzalona13295 said:

6 months ago I opened a fixed rate ISA with Shawbrook - my only ISA - and bit by bit I'm trying to top it up, though I doubt I'll reach 20k this tax year.

I have a few questions as I have a poor understanding of ISA's.

I have read that the ISA rules are being loosened in April this year, so if I continue to top up this ISA is that still the only ISA I can contribute to in 24/25?

Once the 12 months is up (Sept 2024) I will be looking for the best available rate. If I want to transfer my ISA will I have to transfer the whole lot over?

Thanks in advance for any replies, its just so I have more awareness of my options.

From 6 April you will be able to pay into as many cash ISAs as you wish, subject to max £20k overall

No, you will be able to transfer it to as many new ISAs as you wish, assuming both Shawbrook & those new providers allow partial ISA transfers. You must obviously use the new providers’ xfer process to maintain the ISA status. 

Bazzalona13295

badger09 said:

Bazzalona13295 said:

6 months ago I opened a fixed rate ISA with Shawbrook - my only ISA - and bit by bit I'm trying to top it up, though I doubt I'll reach 20k this tax year.

I have a few questions as I have a poor understanding of ISA's.

I have read that the ISA rules are being loosened in April this year, so if I continue to top up this ISA is that still the only ISA I can contribute to in 24/25?

Once the 12 months is up (Sept 2024) I will be looking for the best available rate. If I want to transfer my ISA will I have to transfer the whole lot over?

Thanks in advance for any replies, its just so I have more awareness of my options.

From 6 April you will be able to pay into as many cash ISAs as you wish, subject to max £20k overall

No, you will be able to transfer it to as many new ISAs as you wish, assuming both Shawbrook & those new providers allow partial ISA transfers. You must obviously use the new providers’ xfer process to maintain the ISA status. 

Great, thankyou, I appreciate it.