Transfer Cash ISA from previous year

Brookcottage

Hi I'm confused... I opened a fixed rate Cash ISA in 22/23 with Barclays, it has recently matured and the interest has plummeted.
I opened a new flexible Cash ISA with Metro bank about 2 months ago (23/24) but want to fix the sum in the 22/23 ISA.
The three recommended banks offer 5%1yr fixed and accept transfers in but all say HMRC rules you can't open a new Cash ISA in a year when you have already opened one even if you aren't putting new ISA money in???
Have I got to wait until April or should I transfer into the flexible one I've opened with Metro Bank and the fix in April. I don't want to fix all the money only the 22/23 ISA.

eskbanker

Brookcottage said:

Hi I'm confused... I opened a fixed rate Cash ISA in 22/23 with Barclays, it has recently matured and the interest has plummeted.
I opened a new flexible Cash ISA with Metro bank about 2 months ago (23/24) but want to fix the sum in the 22/23 ISA.
The three recommended banks offer 5%1yr fixed and accept transfers in but all say HMRC rules you can't open a new Cash ISA in a year when you have already opened one even if you aren't putting new ISA money in???
Have I got to wait until April or should I transfer into the flexible one I've opened with Metro Bank and the fix in April. I don't want to fix all the money only the 22/23 ISA.

There isn't any restriction on how many ISAs you can open in any tax year, but you can only pay new money into one of each type per year, so you can open one for the purposes of transferring in prior year money, even though you've already paid new money into another.