New to ISA

bripat

Please go easy on me as I know very little about ISAs . I had £40k to invest , and I put 20k into my Halifax ISA at 4.5% in January 2024 and another £20k into my wife's nationwide isa in January 2024 . My question is do I move both in January to another fix or can I cash my wife's and put that together with my £20k . Just think it would better £40 + interest in one place then add more to it in April 2025 . Or do I lose out by cashing in the wife's ISA? Regards.

iantowelsh

If you did cash in your wife ISA, you would only be able to invest £20k and not the interest gained. Personally, I would keep them separate.

masonic

Don't move them between yourselves as that means treating the money as new. Transfer them to another ISA in the same person's name using the new provider's transfer process.

MCT56

From what you say you and your wife each have fixed rate Isas maturing in January 2025. These Individual Savings Accounts means the money is owned by whoever's name is on the account. Before the maturity date the provider will write to advise you (and your wife) of the maturity date, the projected balance with interest and give you options to reinvest or not. As you probably want to retain the tax free status of the money DO NOT WITHDRAW the money yourselves. All you need to do is apply for another isa with the same or a different provider and let them do the transfer of funds. You might decide you want to stay with the same provider (if they have any good Isas available) or alternatively apply to a new provider that accepts TRANSFERS IN. You can research what's available on this website and others including moneyfactscompare. You don't have to go with another FIXED RATE - it's up to you. Best do any research nearer the maturity date as availability is constantly changing. On an aside I had an isa that matured recently with a well known provider who gave me some options. 

Albermarle

Please go easy on me as I know very little about ISAs 

If you read through the forum for an hour or so, you will know a lot more.