Question about transferring and opening a new isa in the same year?

Rich1234a

Hi,

Excuse my ignorance please!!  I wonder if anyone can advise me please?

I have an existing ISA with NatWest where the interest is about to reduce after 12 months.

i am looking to transfer this ISA to a better paying one (circa £20k).  In addition to doing this transfer to a new ISA, can I also open another new ISA to start putting in ‘this years allowance’ - ideally I want them in separate accounts.  I guess I’m asking if the yearly transfer allowance for an ISA is different to the year paying in amount?

thanks in advance!

jimjames

There is no yearly transfer allowance. The only allowance is the £20k you can pay in each year. You can do whatever transfers you want.

mebu60

Make sure the new ISA permits transfers-in and use the new provider's transfer-in process to effect the move of funds from previous tax years. 

Rich1234a

Amazing.  Appreciate your help thanks!!