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Combining ISAs at end of term
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Clearviz
Posts: 1 Newbie
I have 3 separate cash ISAs, the last of these is one that I opened this year with the maximum amount for this tax year, and it is an open term (easy access). The other 2 ISAs are fixed term and will mature during this tax year.
Will I be able to transfer them (at maturity) into my new cash ISA, without losing the ISA status of that money, and if I do so will I therefore breach the maximum amount that I am allowed to invest in a single tax year.
As a secondary question when the 2 fixed term cash ISAs do mature can I instruct the companies to put the money into a new fixed term ISA, or an easy access ISA.
The same questions apply, would I be able to do that as I have already opened one new ISA this year (as stated above)
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Comments
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Yes you'd be able to transfer them to an existing easy access ISA when they mature, assuming that ISA accepts transfers in. The exact process depends on the provider, but having them mature to an easy access maturity account is preferable if it is an option. Transfers can be initiated ahead of maturity and you can instruct that the transfer doesn't take place until maturity. Requesting a transfer more than 5 working days ahead of maturity does sometimes cause problems with some providers.
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Will I be able to transfer them (at maturity) into my new cash ISA, without losing the ISA status of that money, and if I do so will I therefore breach the maximum amount that I am allowed to invest in a single tax year.
Transfers have no effect on your ability to add the maximum amount of new money this tax year.
If you read through the forum you will lots of questions and answers about ISA transfers.0 -
Make sure you ask the new (receiving) provider to do the transfer in. That way you don't lose the ISA status of the older money. Don't withdraw it from the old provider yourself and try to deposit it in the new provider.0
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