We'd like to remind Forumites to please avoid political debate on the Forum. This is to keep it a safe and useful space for MoneySaving discussions. Threads that are - or become - political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
We're aware that dates on the Forum are not currently showing correctly. Please bear with us while we get this fixed, and see Site feedback for updates.

Paying into a cash isa

Just wanted to check on my understanding of the new Isa rules. 
I have paid £19 k this 24/25 tax year into an existing cash isa which is due to mature in December 24. 
Can I open another two new cash ISAs now, and pay £500 (into an easy access) and another £500 ( into a fixed rate ) which will effectively use my remaining allowance this year…

and then in December transfer the £19 k I paid in this year + old money that was in it from previous years, into one of my newly opened accounts that has the £500 I funded this year. 

Hope that makes sense. I just want to open one higher easy access now and also a fixed rate, just in case rates fall in preparation to choose where to put the maturing isa when the time comes.



Comments

  • slinger2
    slinger2 Posts: 577 Forumite
    500 Posts Name Dropper
    Adly812 said:
    Just wanted to check on my understanding of the new Isa rules. 
    I have paid £19 k this 24/25 tax year into an existing cash isa which is due to mature in December 24. 
    Can I open another two new cash ISAs now, and pay £500 (into an easy access) and another £500 ( into a fixed rate ) which will effectively use my remaining allowance this year…

    and then in December transfer the £19 k I paid in this year + old money that was in it from previous years, into one of my newly opened accounts that has the £500 I funded this year. 

    Hope that makes sense. I just want to open one higher easy access now and also a fixed rate, just in case rates fall in preparation to choose where to put the maturing isa when the time comes.



    You can certainly open the two £500 accounts. Whether you can transfer the one that matures in December into either of those will depends on the T&Cs of those two accounts. Generally speaking most variable rate easy access ISAs will let you and most fixed rate ISAs won't. However there are exceptions.
  • Adly812
    Adly812 Posts: 573 Forumite
    Eighth Anniversary 100 Posts
    Absolutely, I will be checking with the provider. I know kent reliance allow you to make transfers into a fixed account - well mine did. 
    I think West Brom easy web saver isa will let me make the transfer in December. So I will just try find another fixed rate account that might let me make a transfer into the account in December. Hopefully I’m being sensible, as I really want to lock in a good rate ahead of December 

    thank you for confirming my understanding on this 
  • soulsaver
    soulsaver Posts: 6,397 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    Institutions that usually allow transfers in throughout the term to fixed rate ISAs, IIRC:

    Barclays, Lloyds, Kent, Shawbrook.

    Shawbrook allow new money top ups but actually state 'may refuse' transfers-in after it goes 'Off sale'. But in my experience they allow it - I have done.

    Bath BS if still available, allow new money top ups but not transfers in.

    These things can change while I'm not looking, so check their terms.
     
  • Albermarle
    Albermarle Posts: 25,990 Forumite
    10,000 Posts Sixth Anniversary Name Dropper
    Shawbrook allow new money top ups but actually state 'may refuse' transfers-in after it goes 'Off sale'. But in my experience they allow it - I have done.

    It will depend on interest rate movements. If interest rates are stable, then they will allow in transfers presumably.

    If they have gone up they will allow transfers, if anybody was daft enough.

    If they have gone down, they will almost certainly block transfers, especially large ones.

Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 348.3K Banking & Borrowing
  • 252.1K Reduce Debt & Boost Income
  • 452.4K Spending & Discounts
  • 240.9K Work, Benefits & Business
  • 617.2K Mortgages, Homes & Bills
  • 175.7K Life & Family
  • 254.1K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16K Discuss & Feedback
  • 15.1K Coronavirus Support Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.