Cash ISA help/advice needed please

helpanindian

Firstly apologises if this topic has been covered at some point.

I have a Cash ISA thats been sitting with a provider for a good few years and matures on 16th April'24. Its fair to say its more than £50k.

If I transfer all of this into a Stocks & Shares ISA, I think I can contribute another £20k for year 24/25. My question is what happens come maturity time next year, would the interest be calculated on the entire pot or only on the £20k contributed?

Maybe it would be better to leave the Cash ISA as is and open a new S&S ISA with a different provider?

Im open to suggestions if any.....

Thanks in advance
eM

Ayr_Rage

You can move the £50k to any kind of ISA that accepts transfers, it is old money.

Your £20K allowance for this year can join it if the product allows or can go elsewhere.

Both sums will accrue interest or dividends all the time they are invested whether they are combined or kept separate.

Whatever you do, DO NOT remove the old money from the ISA wrapper, transfer it.

refluxer

helpanindian said:

Firstly apologises if this topic has been covered at some point.

I have a Cash ISA thats been sitting with a provider for a good few years and matures on 16th April'24. Its fair to say its more than £50k.

If I transfer all of this into a Stocks & Shares ISA, I think I can contribute another £20k for year 24/25. My question is what happens come maturity time next year, would the interest be calculated on the entire pot or only on the £20k contributed?

Maybe it would be better to leave the Cash ISA as is and open a new S&S ISA with a different provider?

If you were to transfer the £50k into a S&S ISA and add your £20k ISA allowance to it, there would be no interest payments or maturity date like you get with a fixed rate cash ISA - as I understand it, your ISA balance will rise and fall along with the stocks and shares / funds you've chosen to invest in.

£50 or £70k sounds like a lot to transfer into a S&S ISA all at once - hopefully those more familiar with S&S ISAs than I am will be able to give you an indication of whether that's likely to be a good idea or not.