Having multiple ISAs as of next month

Daniel1111

Ah ok!

Can I do more than one transfer if I open one at the end of this month? A full fixed ISA from the last tax year and part of a flexible cash ISA from this year?

DJSINGH

You will have to check with the ISA provider in question on their rules regarding transfers in!

elkiedee

Daniel1111 said:

Ah ok!

Can I do more than one transfer if I open one at the end of this month? A full fixed ISA from the last tax year and part of a flexible cash ISA from this year?

I think if an account accepts transfers you can do more than one. But transferring part rather than the whole of a 2023/24 ISA might be an issue because you've already paid into it this year. 

I've transferred part of a really old HSBC ISA into a new account with the Coventry Building Society - part only because I wanted to keep some of it instant access and earn a higher rate of interest on part of it. I haven't added new money to it for some years (there was some added interest). 

I have a much larger ISA that I transferred from one Nationwide account at 2.3% Instant Access to another at 1 year Triple Access, at variable 4.25%. I am considering transferring again but the Coventry transfer conditions would have to transfer the whole of it because I've added other money this year (from a small non-ISA savings account), so I'm going to wait and see what's on offer at the start of the new tax year. I had assumed the rule that current tax year ISAs containing this year's savings can only be transferred as a whole is due to the current ISA rules, and that it's not just specific to my Coventry BS account or to that Building Society.  

elkiedee

If you can't transfer part only of the 2023/2024 ISA, you might well be able to do so at the beginning of the next year. The ISA rules change meaning you can split your allowance of new money paid in between accounts/providers, but also, it will become last year's ISA. 

Ocelot

Daniel1111 said:

Ah ok!

Can I do more than one transfer if I open one at the end of this month? A full fixed ISA from the last tax year and part of a flexible cash ISA from this year?

You may be able to. You can certainly transfer out the full amount as often as you like during the same tax year, if necessary (if fixed rate it will be subject to a penalty).

I transferred out about 4 ISAs during the 22/23 tax year, as well as opening one every year. I have about 10 currently.