2 year cash isa

PETTR01

Sorry fairly new to this and not sure how it works.  I opened a cash isa in March 2023 and then another in April 2023.  Both run for 2 years.  I assume I can open another isa April 2024 now we are into the next tax year.  I’m not sure what happens when the 2 isa’s mature next year? 

What are my options other than withdrawing all the cash?

masonic

Yes, you can open one or more cash ISAs from this tax year providing you don't exceed the annual allowance across all of your ISAs.

When a fixed ISA matures, the provider will move it into a maturity account as specified in the T&Cs. You will have an opportunity to transfer it if this is not to your liking, or you can withdraw the cash.

slinger2

You can certainly open another ISA. If fact, under the new rules you can open lots of ISAs as long as you don't exceed the £20k total limit for all of them.

As to what happens when they mature, you'll need to read the T&Cs of your particular investment. Often they go into an easy access ISA with a low interest rate, but it may be different in your case.

t0rt0ise

They'll give you options when your ISAs are near maturity. If you don't like their suggestions you can open an ISA somewhere else and get it transferred over. Transferring ISAs don't count towards the £20,000 new money you can save as long as you get the new bank to do the transferring.