ISA Rules

Suenos57

I understand that currently we are limited to purchasing one new Cash ISA every year up to the value of £20,000. 

My question is that Is it also permissible to continue with  existing Fixed Term  ISA'S as well if they have  matured in that same Tax year by taking out another similar Fixed Term Cash ISA product, either with the same  or with a new provider, again up to the value of £20,000?

Or  must I transfer all Fixed term ISA savings  on their  maturity into a conventional Savings account to avoid exceeding the annual £20,000 Cash ISA threshold?

ColdIron

Suenos57 said:

Or  must I transfer all Fixed term ISA savings  on their  maturity into a conventional Savings account to avoid exceeding the annual £20,000 Cash ISA threshold?

DO NOT DO THIS, it will lose its ISA status forever

Previous years' subscriptions have no bearing on the current year's allowance and never have done

Your Fixed rate ISA will become some sort of easy access ISA, you can pay that into another ISA with your current provider or ask a new provider to transfer it to them

Barkin

ColdIron said:

Suenos57 said:

Or  must I transfer all Fixed term ISA savings  on their  maturity into a conventional Savings account to avoid exceeding the annual £20,000 Cash ISA threshold?

Your Fixed rate ISA will become some sort of easy access ISA, 

Not always. 

e.g. with Skipton, the default at maturity is to roll over into another similar product. So at maturity, unless told otherwise, the funds from a 1 year fix would be placed in another 1 year fix.

As always...read the t&C's and maturity paperwork.

Albermarle

There is a sub forum for ISA questions.
ISAs & tax-free savings — MoneySavingExpert Forum

In fact two very similar questions to yours have been asked and answered just this morning.

ISA maturing — MoneySavingExpert Forum