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

Rich1234a
Rich1234a Posts: 56 Forumite
Tenth Anniversary 10 Posts Combo Breaker
in ISAs & tax-free savings
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!

Comments

  • jimjames
    jimjames Posts: 18,930 Forumite
    Part of the Furniture 10,000 Posts Photogenic Name Dropper
    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.
    Remember the saying: if it looks too good to be true it almost certainly is.
  • mebu60
    mebu60 Posts: 1,766 Forumite
    1,000 Posts Third Anniversary Photogenic Name Dropper
    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
    Rich1234a Posts: 56 Forumite
    Tenth Anniversary 10 Posts Combo Breaker
    Amazing.  Appreciate your help thanks!!
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