ISA advise please

liamster

I have a fixed rate ISA maturing soon  that I took out in the last tax year.
I also have a fixed rate ISA that I took out in this tax year
Am I right in thinking that when last year's ISA matures I can reinvest it  another ISA
As this is classed as ( old money ) or is this not allowed. ??
Thanks

Middle_of_the_Road

liamster said:

I have a fixed rate ISA maturing soon  that I took out in the last tax year.
I also have a fixed rate ISA that I took out in this tax year
Am I right in thinking that when last year's ISA matures I can reinvest it  another ISA
As this is classed as ( old money ) or is this not allowed. ??
Thanks

Yes, though make sure to ask the new provider to request the transfer, and not move the money yourself.

liamster

Middle_of_the_Road said:

liamster said:

I have a fixed rate ISA maturing soon  that I took out in the last tax year.
I also have a fixed rate ISA that I took out in this tax year
Am I right in thinking that when last year's ISA matures I can reinvest it  another ISA
As this is classed as ( old money ) or is this not allowed. ??
Thanks

Yes, though make sure to ask the new provider to request the transfer, and not move the money yourself.

So does this mean I can take out a new one next year  and reinvest both my existing ones as an when they mature leaving me with three. As this means I am taking out three ISA's in the one tax year. ( Could I reinvest both maturing ISA's into the new one ) and is £20000 still the max as all three invested in one would be over this limit
Thanks

InvesterJones

liamster said:

Middle_of_the_Road said:

liamster said:

I have a fixed rate ISA maturing soon  that I took out in the last tax year.
I also have a fixed rate ISA that I took out in this tax year
Am I right in thinking that when last year's ISA matures I can reinvest it  another ISA
As this is classed as ( old money ) or is this not allowed. ??
Thanks

Yes, though make sure to ask the new provider to request the transfer, and not move the money yourself.

So does this mean I can take out a new one next year  and reinvest both my existing ones as an when they mature leaving me with three. As this means I am taking out three ISA's in the one tax year. ( Could I reinvest both maturing ISA's into the new one ) and is £20000 still the max as all three invested in one would be over this limit
Thanks

£20000 is the maximum new contribution you can make in a single tax year. Contributions in previous years don't count as new contribution for this tax year. So, you can make new contributions of up to £20000 this tax year, and separately you can transfer (NOT withdraw and re-contribute) previous tax years' ISAs to new investments. There is no limit on the total value over time.

Albermarle

You might find reading through the ISA subforum useful.
ISAs & tax-free savings — MoneySavingExpert Forum