Multiple old ISAs - can you combine them into a new one

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LittleRedHen789
LittleRedHen789 Posts: 1 Newbie
in ISAs & tax-free savings
Hello! Can you open a new cash ISA to transfer multiple old cash ISAs into, and then pay in this year's £20K allowance on top?
Thanks!   

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  • jimjames
    jimjames Posts: 17,668 Forumite
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    Yes you can
    Remember the saying: if it looks too good to be true it almost certainly is.
  • mebu60
    mebu60 Posts: 941 Forumite
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    Ensure that your new provider's Cash ISA accepts transfers-in first then yes, you can. Be sure to use the new provider's transfer-in process. And don't forget about the £85k FSCS protection limit if you have >£60k in the multiple old Cash ISAs.
  • badmemory
    badmemory Posts: 7,877 Forumite
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    A point to consider when amalgamating ISAs into fixed term ones.  If you may need to access some of the funds say for a new roof or similar then there may be penalties for taking some early.  If you have funds elsewhere to deal with that then no problem.
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