Isa transfer

gravel_2

stulaunch said:

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? 

Once the money is inside the ISA wrapper there is no "limit". Your only limit is adding no more than £20k per year of new money.

staircase

Hi, Sorry if this has been asked before, but I am a little confused with ISA allowance.  I took out a  £20,000 cash ISA last July. Now it is a new tax year am I allowed to put another  £20,000 into a different ISA ? This would mean that I would have two ISA's with more than £40,000 in between them. And then the next tax year put aside another £20,000 making it over £60,000 in ISA's?

ColdIron

staircase said:

Hi, Sorry if this has been asked before, but I am a little confused with ISA allowance.  I took out a  £20,000 cash ISA last July. Now it is a new tax year am I allowed to put another  £20,000 into a different ISA ?

Yes you can

This would mean that I would have two ISA's with more than £40,000 in between them.

Yes that's right

And then the next tax year put aside another £20,000 making it over £60,000 in ISA's?

Yes once again

eskbanker

staircase said:

Hi, Sorry if this has been asked before, but I am a little confused with ISA allowance.  I took out a  £20,000 cash ISA last July. Now it is a new tax year am I allowed to put another  £20,000 into a different ISA ? This would mean that I would have two ISA's with more than £40,000 in between them. And then the next tax year put aside another £20,000 making it over £60,000 in ISA's?

Yes, it is asked frequently and the answer immediately above your post addresses it - the £20K allowance is an annual one, so you can contribute £20K per year into ISAs.  You can use different ISAs if you wish, or you can keep funding the same one (product terms permitting)....

Beddie

staircase said:

Hi, Sorry if this has been asked before, but I am a little confused with ISA allowance.  I took out a  £20,000 cash ISA last July. Now it is a new tax year am I allowed to put another  £20,000 into a different ISA ? This would mean that I would have two ISA's with more than £40,000 in between them. And then the next tax year put aside another £20,000 making it over £60,000 in ISA's?

You can add £20k to last year's if you want, instead of to a new ISA. But check the rate is still good. If it's a fixed rate you probably cannot add money though, check with the provider.