ISA Transfers

liamster

If I let my fixed rate ISA mature and it is  then transferred into an " easy access ISA saver " by  my  existing provider, when I open  a new ISA can I transfer in the full amount ie the full £20000 plus the interest it earned  or am I still limited to the £20000 max.??
If Not is there any way I can reinvest this amount within the ISA wrapper
Thanks for your advise

masonic

There is no upper limit to the amount you can transfer using your new provider's ISA transfer process (unless your new provider has a balance restriction).

Hammer_Time

You can transfer all the money you have in a ISA.

refluxer

The £20k limit just applies to the total amount of new subscriptions you can pay into an ISA (or ISAs) each tax year - it isn't a limit on the amount you can hold within an ISA, which will grow if interest is paid into the same account.

Transfers of ISAs containing money paid in during previous tax years don't count towards the current tax year's allowance - you just need to submit a request to the new ISA provider to carry out the transfer on your behalf to ensure that it remains with the ISA 'wrapper' (so don't withdraw the money from the originating ISA yourself).

liamster

Got it. Thanks
liamster

where_are_we

Similar to the op`s circumstances, I have just completed a full internal transfer of my Principality Online Bonus ISA Issue 4 @ 4.75% funded with a previous years ISA allowance to my new Principlaity Online Bonus 5 Access Cash ISA @ 4.85% thus renewing my 12 month bonus. I replaced all the money I had taken out of the old ISA to be certain of getting full replacement value with the new ISA. I opened the new ISA first with no new money so this didn`t count towards this years ISA allowance. Interest was added, taking the transfer above £20K. I was able to do this using secure messaging, didn`t have to post a Principality Internal transfer form and the response time was good with the transfer completed within a few hours. Well done Principality!