Question on ISAs movement and transferring pots

tasticz

Hi all,

I have anytime access flexible ISA with chip for year 2024-2025. I have been saving into it for last couple months.

Now that trading 212 is paying more interest in their anytime access flexible ISA, 

Am I allowed to move to trading 212? If yes, is it just a case of withdrawing my cash from chip then opening new ISA with trading212 then depositing?


similarly my 2023-2024 Fixed ISA is coming to end, what option do I have with this? Can I bring this and combine my pot with the flexible ISA I have? 

Thanks

RobfromCornwall

If you withdraw ISA money in the way you describe then it'll lose its ISA status.  Don't do this!

Instead, open an account with the provider you want to move the money to, in the process you'll be asked to enter the details of the account you want to move money from.  

With the fixed ISA you can move this wherever you like when the fixed term ends.  Take note of the maturity instructions you have or will receive.  Most providers move the money into an easy access account with a low interest rate, whereas some (cheekily, in my view) open another fix.  

Ayr_Rage

@tasticz I am in the process of doing exactly what you are planning.

 As above DO NOT take funds out of any of your existing ISAs !!!

 1. Open an ISA account with Trading 212

 2. Request an ISA transfer using the Trading 212 app or website, they will contact the current providers.

With my CHIP transfer it took just a week for the funds to be moved, that was this year's allowance but T212 have, for some strange reason, only allocated 15 of the 20 thousand to this year, I have messaged them today to advise them to allocate it all to 2024/25.

My other ISA from 2023/24 was a fixed term with Charter Savings Bank, that rolled over into an easy access product and I requested T212 to transfer that on the 22/8 so am still waiting on that one.