Cash ISA help please

fridaysfingers

Hi All,
I have a NatWest 1 year fixed rate Isa which matures in September. It is at 5.7% so a very good interest rate but when it matures it will go into a 1.75 cash Isa (not so good)
I want to open a new cash Isa now with a good rate and put the full £20,000 for this tax year into it but what I want to know is whether I will be able to transfer the old Isa into it when it matures to get the better rate.
I'm aware that some (all?) ISA's have to be funded within a certain time (a month?) so would that prevent me transferring last years Isa in as would be too late in September?

Alternatively after I open an Isa now for this year is there a way to transfer the one maturing in September to another new Isa as I would not be funding it with any extra cash but with wrapped up ISA money?

I hope all that makes sense and any guidance would be greatly appreciated

slinger2

Only a few Cash ISAs let you pay in such a long time after opening. And of those do, some only accept new money, not transfers.

What you definitely can do is open an ISA now with your new money and then in September transfer out your old ISA to another provider. You'd have 2 separate ISAs but that's no problem.

refluxer

The majority of fixed rate cash ISAs have a limited funding window for both new subscriptions and transferring-in and some will only allow transfer-in requests to be submitted during the account opening process. 

There are one or two exceptions to this such as Shawbrook who, despite stating that transfer-in requests submitted after account opening 'may be refused', do appear to allow it according to people on this forum who've done this successfully at a later stage. 

There is nothing to stop you opening one now for your 2024-25 allowance and transferring your current fixed rate ISA into a new fixed rate when it matures in September, however.

fridaysfingers

Thank you both for your great advice and confirmation of a few of my thoughts.

Kind regards 

steveksullivan

fridaysfingers said:

Hi All,
I have a NatWest 1 year fixed rate Isa which matures in September. It is at 5.7% so a very good interest rate but when it matures it will go into a 1.75 cash Isa (not so good)
I want to open a new cash Isa now with a good rate and put the full £20,000 for this tax year into it but what I want to know is whether I will be able to transfer the old Isa into it when it matures to get the better rate.
I'm aware that some (all?) ISA's have to be funded within a certain time (a month?) so would that prevent me transferring last years Isa in as would be too late in September?

Alternatively after I open an Isa now for this year is there a way to transfer the one maturing in September to another new Isa as I would not be funding it with any extra cash but with wrapped up ISA money?

I hope all that makes sense and any guidance would be greatly appreciated

Individual providers have different terms and conditions re: transferring in .......  only a FEW will allow it throughout the term of the ISA (e.g. Shawbrook at the moment .....) with some you have a limited period to transfer, some you have to ask for the transfer on application.

No problem transferring the ISA in September though to any available then that accept transfers in..... just remember to ask the new provider to do the transfer and not withdraw the money otherwise it loses it's ISA status

EDIT: Blimey the other two got in quick while I was still typing!!

eskbanker

steveksullivan said:
EDIT: Blimey the other two got in quick while I was still typing!!

???  They posted yesterday!

refluxer

steveksullivan said:

EDIT: Blimey the other two got in quick while I was still typing!!

That's some slowwww typing lol