Fixed ISA

mighty2022

Hi, 

I have a fixed 1 year ISA for 2023-2024 with Halifax which matures on 15th May. This has a balance of 23k. 

I want to open up a new ISA for 2024-2025 which I have 60 days to fund. I want to fund this instantly with 20k from my regular saving account. 

My question is, will I be able to do this and then make a request to transfer the 2023-2024 ISA once it matures on 15th May? Or do I need to wait until it matures, transfer it to the 2024-2025 ISA first and then fund the 20k for this year's allowance? 

TIA

BikingBud

You can open an ISA for 24/25 and fund it now, providing you have not added new money over 20K to an ISA this year.

The new ISA funding window appears to give you 60 days so transferring 23/24 maturing ISA seems fine but you should check the Ts&Cs allow transfers in, not all do.

I trust you have read this: https://forums.moneysavingexpert.com/discussion/401374/cash-isas-the-best-currently-available-list#latest

badger09

Yes but you don’t have to wait. Open it now & pay in your £20k. If your new ISA provider allows transfers in, you should be able to start the transfer process straight away. There will be an option to transfer the maturing ISA straight away & face any possible interest penalty, or wait until maturity. Just choose the latter. 

mighty2022

Thanks @badger09 @BikingBud

I've opened a new one for 2024-25 and funded it with 20k. I'll do a transfer of the old one once it matures in May.