Difference between new and transferred ISA

FinanceIsNewToMe

I’m helping my Mum sort out her savings since my Dad died. He had £20k in his current account so she immediately opened a new ISA and put the £20k into it.

She also has a long standing ISA with £30k in it on abysmal rate. Can she transfer this ISA to a better one in this tax year or has she already used up this year’s allowances.

Thanks

eskbanker

Transferring an ISA (using the receiving provider's ISA transfer process) doesn't count towards the current year's £20K annual contribution allowance.

mebu60

The £20k allowance is for new money. Assuming the new Cash ISA accepts transfers-in she can transfer the £30k from previous tax years into it (I'm assuming the old one is an easy access account). Be sure to instruct the new provider to action the transfer.

Albermarle

Could be a good idea to scroll through the ISA forum. 
ISAs & tax-free savings — MoneySavingExpert Forum