Cash ISA's

bondquest007

Apologies for sounding a bit thick, and/or if this has been discussed already, but I've got a quick question about Cash ISA's.

I've got £20K in a Virgin Money cash ISA that's been open since November 2022.

Can I open a new ISA now (for example Plum), deposit £20K new money into it, and transfer the Virgin Money ISA into it?

The Virgin Money ISA pays interest yearly, but I'd like something that pays interest monthly so I could have additional income if required.

Peter999_2

If the new ISA allows transfers in then yes, you can do that.   Usually on the page advertising the ISA it will tell you if it allows transfers in.

eskbanker

bondquest007 said:

The Virgin Money ISA pays interest yearly, but I'd like something that pays interest monthly so I could have additional income if required.

At the risk of stating the obvious, paying interest monthly doesn't provide additional income over paying yearly, it just drip-feeds the same amount gradually!

grippynick

Hi, anyone else had an issue with providers not knowing that you can have more than one Cash ISA this financial year? 

eskbanker

grippynick said:

Hi, anyone else had an issue with providers not knowing that you can have more than one Cash ISA this financial year? 

Yes:

https://forums.moneysavingexpert.com/discussion/6514005/new-isa-rules-april-2024

PeskyBlunder

grippynick said:

Hi, anyone else had an issue with providers not knowing that you can have more than one Cash ISA this financial year? 

Somewhat confusingly Aldermore have a bit on their web page explaining the new rules yet their ISA declaration still had the bit about not opening more than one ISA. This was on Saturday - it might have changed by now. It all seems a bit of a mess.