Basic ISA question, can I top up an existing account now we're in a new year?

surferstar

I've just opened a Chip easy access ISA account to put £20k in, as it's one of the top payers and I prefer monthly interest and their app is simple.

I have a few existing Virgin ISA's with higher rates (one 5.32%, one 5.47%). The former rate expires July 24, the latter September 24.

I've just realised, am I able to add to these even if I topped up the £20k max? so can I actually put the full additional £20k into my ISA earning 5.47% to take advantage until September and then re-evaluate the options then?

I still find it pretty confusing what to do with old ISA's once they expire. If I did move it in and the balance was £40k come September (will be more due to interest), can I then transfer that full £40k into a new ISA hence keeping it tax free? I think I was confusing the £20k per tax year and thinking this is the max you can have per ISA account.

gravel_2

Read your terms and conditions. Most banks do not permit additional funds to be added to fixed rate products.

On the second part of your question - there's no limit to the amount of cash you can have wrapped in an ISA. Terms permitting you can transfer (full or partial) between accounts. The only real limit is you cannot subscribe more than 20k of new money in any tax year.

Albermarle

Some time reading through this forum could be useful, as lots of similar questions have been asked and answered previously.

Reed_Richards

I'll bet there are a few people who made good/lucky investments in stocks and shares who now have ISAs worth over a million pounds.  The only limit on ISAs is the amount of new money you can invest each year.  Currently this is £20k.