ISA transfer

Brishsa

Hi, I have a one year fixed ISA maturing in March. Can I transfer this to another ISA in the new tax year 2024/2025 and add my £20,000 allowance for this tax year?

eskbanker

You can transfer it to another ISA at any time, without this affecting your annual contribution allowance, provided you use the receiving provider's ISA transfer process.  I'm not aware of any ISA that wouldn't allow new money to be added to old, as long as this is done within any initial funding window associated with the product.

Albermarle

Have a read through the forum, there are lots of similar questions ( and answers).

Lindam77

Am I too late to start a transfer now to get it in for this current tax year? 

eskbanker

Lindam77 said:

Am I too late to start a transfer now to get it in for this current tax year? 

What are you referring to, i.e. where is your money just now and where do you want to get it to?

If it's in an ISA and you want to transfer it to another ISA then there's no obvious reason why you'd want to complete that before the change of tax year?

If it's outside an ISA and you want to pay it in, that's not an ISA transfer as such, but simply a deposit, which can be practically instantaneous, depending on which product you have....

elkiedee

If you use the transfer process - which is applying to the provider of the account that you want to transfer into and asking them to arrange to transfer your money in from another ISA, the transfer doesn't use up your ISA allowance(s) for the tax year, whether you do it this tax year or next. In fact, if you're transferring now, given that there is only one working day left before the 4 day Easter weekend, it's probably best to initiate the transfer next Tuesday (2 April).

If you want to pay money in that's not already in an ISA to use this year's tax allowance, even if it's in another savings account, you have one working day this week and 4 next week, so if you're able to do it online (or in a branch) it should be fine - if it's in an accessible interest paying account (non-ISA) it might be better to do it on Tuesday. If it's already in an ISA, using the specific ISA transfer procedure means it might take longer, and you will have to wait for the building society or bank to carry it out, so it may not complete until the next tax year, but it won't use any of your ISA allowance.