Best way to combine multiple fixed rate ISAs?

vaderag

I like having a fixed rate on my savings and though a mixture of my and banks messing up I have about 4 ISAs that mature in different mouths
Given the latest will mature well after the transfer window on any new ISA, and id be penalised due moving out of the fixes, it's not straightforward

I'm assuming the best way will be to open a variable rate for a bit and then transfer all in, then move everything back to a fix once combined - is this the right way?
Can I open and transfer into a fix later in the same year?
Am I missing something obvious?!

refluxer

Yes, transferring them one by one (on maturity) into an easy access ISA and then transferring from there to a single fixed rate once they're all combined is one way of doing that. 

Why do you want to do this, though ? Won't that take you close to the £85k FSCS limit, either now or in the future ? Posts asking about how to split cash ISAs due to this issue are very common.

It's also worth thinking about the (likely) prospect of interest rates having fallen quite a bit by the time your last one matures - based on the recent slide in fixed rates, there's a chance that you could lose out by holding off too long on taking one out.

Keeping fixed rate ISAs from different tax years separate and maturing at different times of the year is a strategy that can actually be a good thing, as it allows you to take advantage of the best available rate each time - it essentially smooths out any rate fluctuations. It also allows for the prospect of getting hold of chunks of your savings at different times of the year, should you suddenly find you need to. You'll often see it referred to on here as a 'savings ladder'.

vaderag

refluxer said:

Yes, transferring them one by one (on maturity) into an easy access ISA and then transferring from there to a single fixed rate once they're all combined is one way of doing that. 

Why do you want to do this, though ? Won't that take you close to the £85k FSCS limit, either now or in the future ? Posts asking about how to split cash ISAs due to this issue are very common.

It's also worth thinking about the (likely) prospect of interest rates having fallen quite a bit by the time your last one matures - based on the recent slide in fixed rates, there's a chance that you could lose out by holding off too long on taking one out.

Keeping fixed rate ISAs from different tax years separate and maturing at different times of the year is a strategy that can actually be a good thing, as it allows you to take advantage of the best available rate each time - it essentially smooths out any rate fluctuations. It also allows for the prospect of getting hold of chunks of your savings at different times of the year, should you suddenly find you need to. You'll often see it referred to on here as a 'savings ladder'.

Thanks, that wasn't something I had considered. 
Actually I wouldn't be that close to the limit (at least not for some time), but the main reason I wanted to consolidate was for simplicity of management