Confirm understanding of flexible cash isa rules

twadds123

I just want someone to confirm if i am right or wrong with my thinking on how having multiple flexible cash isas works.

So setup info

March 2024, open Chip flexible isa, deposit 6k,  on 6th april 2004, balance was 6k +£14.72 interest.

Apr 7th 2024, open zopa flexible cash isa, deposited £4k

So for chip, i've withdrawn money and added money during this tax year,  however apart from new interest my balance has never gone above the starting point of £6014.72.  So am i right to think, despite having made deposits into the account, because I withdrew first that i've not actually used any of my £20k allowance in this yet as any deposit was just replacing money that was withdrawn from the previous years balance?

Zopa, obviously the initial 4k deposit is from this years allowance.  again i've made withdrawals and deposits but never gone above the 4k +interest,  so my total allowance usage remains 4k and I can replace money up to the 4K + interest balance without it affecting my overall allowance?

So in short, can I take chip back to the 6k+ interest and zopa back to 4k + interest before starting to eat into my remaining isa allowance this year?

Just want to clarify as I have several regular savers due to mature and want to be able to put the money away whilst I get new regular savers up and running.

masonic

Yes that's correct.