ISA Terms and conditions

gutoffowc69

An ISA provider has this term  (for a fixed term ISA)

"I have not subscribed and will not subscribe to another cash ISA in the same tax year that I subscribe to this Cash ISA."

I have another fixed term ISA which does not mature for a few months and I will want to transfer that to the best rate I can.

Am I allowed to do this, as it seems unreasonably restrictive?

jimjames

It shouldn't apply with the new rules anyway BUT it sounds you haven't put money into another ISA this tax year if the fixed term is close to ending so isn't an issue? Are you wanting to add another £20k of non ISA money to it? Transfers don't count against the allowance either

gutoffowc69

I agree that's what the new rules allow, but I would like the assurance that a transfer from an existing ISA can go wherever i decide.

eskbanker

gutoffowc69 said:

I agree that's what the new rules allow, but I would like the assurance that a transfer from an existing ISA can go wherever i decide.

Even prior to this tax year, the old rules allowed transfers without affecting, or being affected by, the annual contribution limit for new money ("subscribing") and the stipulation about current year money all being with one provider, as long as such transactions are carried out via the receiving provider's ISA transfer process.