ISA Options

helix1250

Hi Everyone, 
I am looking for some guidance, I have currently two fixed rate ISA's. One I took out this year in early April, so this years 20K has been used to the full.  However I have a second fixed rate ISA maturing in August, so I am trying to work out if I need to wait until next (2025) April to take out a new ISA as my current years allowance has been used, or can I transfer it to a new ISA with the same broker without me having to pay tax on that new ISA. 

Any help would be great 
Rob

gravel_2

You can open a new ISA anywhere that accepts transfers and transfer it. Note you have to have the new provider make the transfer. If you withdraw the money and then deposit it into another product you lose the tax status of that cash.

You do not have to wait until 2025 tax year, but after April 6 2025 you can add another 20k to your ISAs.

xylophone

Presumably your existing provider has offered options on maturity?

If they do not suit, you can look here

https://www.thisismoney.co.uk/money/saving/article-1583864/Best-savings-rates-Isas-Cash-Isa-accounts-fixed-rate-Isas.html

You would need to ask the new provider to arrange the transfer.

helix1250

Thank you both for your replies, and yes they have given me options for what to do at maturity, I can either reinvest in a new fixed rate ISA, close the ISA or transfer to a new ISA manager. 

I wasn't sure that I could take out a new TAX free ISA as I had already used my allowance for this tax year. 

gravel_2

You can open as many ISAs as you want in any tax year. You can also pay in to as many of these as you want to. The only restriction is you cannot pay in more than £20k of new money in any given tax year.

Albermarle

helix1250 said:

Thank you both for your replies, and yes they have given me options for what to do at maturity, I can either reinvest in a new fixed rate ISA, close the ISA or transfer to a new ISA manager. 

I wasn't sure that I could take out a new TAX free ISA as I had already used my allowance for this tax year. 

Probably a good idea to have a read through the forum, where there are lots of similar questions and answers about ISA transfers.