What to do with previous isa balance

MoneyMisc

Hi, I'm a little lost with what to do with last year's isa balance. I have £20k invested at Close Brothers which matures shortly and I have opened a new ISA at plum £20k.

My question is what do I do with the previous isa balance? How does this stay in the tax free wrapper?

Any help appreciated. Thank you.

slinger2

Yes. It's still an ISA. You can leave it where it is but you also can "transfer" it to a new provider. Find a new provider first and then initiate the transfer through them. Can take up to 3 weeks. Generally if you withdraw the money, that'll take it out of the ISA system.

Beddie

See what rate Close Brothers offers you for when it matures. If it's good stick with them. If not open a new ISA and transfer it - you give the new ISA provider details of the old one and they take care of it. Or you can transfer to your new Plum account if they accept transfers - all are possible options.

Catplan

If transferring to plum check what happens to bonus rate. 

Moneyfacts says no bonus if account opened via transfer…… so I’d be double checking what happens if I transferred a previous years subscription. On moneyfacts the wording is ambiguous imo, as it suggests you can open with new money get the bonus rate then transfer…. You’ve not opened by transferring that way, so I’d be double checking before transferring to Plum

xylophone

https://www.thisismoney.co.uk/money/saving/article-1583864/Best-savings-rates-Isas-Cash-Isa-accounts-fixed-rate-Isas.html

You can check rates above - if an account appeals, check again to see if transfer in accepted.

If you wish to transfer in, apply through the new provider.