Isa transfer

stulaunch

I took out a fixed rate ISA last August.
I want to start a new ISA for this upcoming tax year. 
What is the best thing to do when my existing ISA fixed rate deal ends?
Can I transfer existing ISA into new one in August? Is that possible?
Or do I /can I, open another ISA in August and transfer it over then?

Thanks

CrickJon

You can transfer your fixed rate ISA into a new one after 6 April if the rate is better and the new one allows transfers*. You'll still have your £20k allowance for 24/25.

You don't have to wait until August to move it.

*Wanted to caveat this with losing interest on your existing ISA.

stulaunch

CrickJon said:

You can transfer your fixed rate ISA into a new one after 6 April if the rate is better and the new one allows transfers. You'll still have your £20k allowance for 24/25.

You don't have to wait until August to move it.

The rate on the August one is better. Meant to say I want to take another 1 year fix. Do you usually have a time limit on deposits on fixed rate ISA's?

CrickJon

Yes that's normally the case. Although I've just noticed that Lloyds have a 1 year and 2 year fix where the term remains open throughout at 4.45% and 4.20% respectively. £3k minimum though for both. Not sure if that has to be paid on opening each though.

I'm seriously considering these.

BensonChester23

I have 2 ISAs. One for the tax year 2022/23 which has just matured as I took it out at the end of March 2023. My other is for the tax year 2023/2024. I want to transfer my 2022/2023 one into an alternative provider who is offering a better rate. Can I do this now in this tax year (2023/24) bearing in mind I already have one? 

xylophone

Yes, you can.
Check new provider allows transfers in and if so, ask new provider to arrange the transfer.

Jimbouk

xylophone said:

Yes, you can.
Check new provider allows transfers in and if so, ask new provider to arrange the transfer.

To add to the above, most allow transfers however some providers only allow a 30 transfer-in / funding window from the date of opening.

BensonChester23

Thank you 🙏 is this the case if you have the maximum that year in an ISA? So for example if my 2023/2024 is £20k can I still transfer my 2022/2023 (not 20k) into a 2023/2024 ISA? It’s all very confusing 🫤 

eskbanker

BensonChester23 said:

Thank you 🙏 is this the case if you have the maximum that year in an ISA? So for example if my 2023/2024 is £20k can I still transfer my 2022/2023 (not 20k) into a 2023/2024 ISA? It’s all very confusing 🫤 

You can do what you like with prior year money, regardless of how much it is, without affecting, or being affected by, your current year annual allowance, provided you always transfer using the receiving provider's ISA transfer process.

BensonChester23

thank you 🙏 

stulaunch

Can you put £20k in an easy access ISA, then move it to a fixed ISA later in the year? Wasn't sure about the added interest taking it over the limit?