ISA

Sam1063

I have a 1 year fixed rate ISA (opened May 23) which will mature in May 24.  If I re-invest this when they offer me my options, will this still count as year year 23/24?

Can I open a new ISA for the new tax year 24/25 as soon as the tax year starts in April?

Thank you for any advice.

Rodders53

Yes.  To both Qs.

You don't need to reinvest with current ISA provider in May.  You can transfer the old ISA into a (better-paying) ISA with any provider.

35har1old

Next year you can open more than one as long as your Don't exceed the limit for new money in that tax year

Sam1063

Thanks for your replies, very helpful.   Just one more question, if I open an ISA in the new tax year, say a fixed rate for 2 or 3 years, how does that work?  Would is just count for 24/25 isa allowance, and I would still be able you use the allowance again 25/26? Or, would that use my allowance for the next 2 or 3 years?

CrickJon

You have £20k of 'new money' every year to invest in ISAs.

Ocelot

You can put to 20k of new money in every year, irrespective of the term of the fix. 

Albermarle

Sam1063 said:

Thanks for your replies, very helpful.   Just one more question, if I open an ISA in the new tax year, say a fixed rate for 2 or 3 years, how does that work?  Would is just count for 24/25 isa allowance, and I would still be able you use the allowance again 25/26? Or, would that use my allowance for the next 2 or 3 years?

Suggest you read through a few pages of the ,as many similar questions about ISA's crop up all the time.