Paying into a cash isa

Adly812

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.

slinger2

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

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

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

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.