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Transferring Cash ISAs
Highdays
Posts: 508 Forumite
Can anyone please advise:
I opened a one year fixed rate Cash ISA yesterday with £20,000.
I have a Cash ISA with a different company which will mature in October 2024. This will then transfer into an ISA with a lower interest rate. Do I then have to wait until the new tax year, April 2025, before I can open a new ISA to transfer this into as I have already opened a Cash ISA this year?
Hope this makes sense!
Many thanks.
I opened a one year fixed rate Cash ISA yesterday with £20,000.
I have a Cash ISA with a different company which will mature in October 2024. This will then transfer into an ISA with a lower interest rate. Do I then have to wait until the new tax year, April 2025, before I can open a new ISA to transfer this into as I have already opened a Cash ISA this year?
Hope this makes sense!
Many thanks.
0
Comments
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No, you can open as many cash ISAs as you want. The only limit is £20k of new money.1
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You don't need to wait - you can open a new ISA in October and just ask for it to be funded by a transfer from the matured ISA without paying any new money in.
1 -
Perfect! Thank you both so much for your prompt replies.0
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