Two ISA's

FrannieBarn

I opened an 1 year fixed cash ISA 6 Dec 2023 with £20000 this matured 6 Dec 2024. I withdrew the interest and reinvested £20000 in another 1 year fixed cash ISA which matures 6 Dec 2025.
I also opened an 1 year fixed cash ISA £10000 with another bank on the 29 April 2024 which matures 28 April 2025.
When can I top them up and by how much?

eskbanker

If you've used £10K of your 2024/25 allowance then you have another £10K left to use by 5 April 2025, and then another £20K thereafter.

Whether or not you can top up either of your existing ISAs will depend on their Ts & Cs, but if neither remain open for new money you could always open another one....

Albermarle

Most fixed term accounts do not allow you to add any more money ( or transfer any in ) after the opening window, which is usually 14 to 30 days only. That is the same for ISA and non ISA fixed term accounts,

FrannieBarn

Thanks for your comments. the ISA opened on 6 Dec 2024 as given me 14 days to had money. And the the other say's I can add £10000.
what I was afraid of was that would both ISA's mature in the same 2024- 2025 tax year.

saajan_12

FrannieBarn said:

I opened an 1 year fixed cash ISA 6 Dec 2023 with £20000 this matured 6 Dec 2024. I withdrew the interest and reinvested £20000 in another 1 year fixed cash ISA which matures 6 Dec 2025.

To be clear when you say you reinvested, was that done manually by you or a transfer by the provider? If the former, it may have counted as new money and exceeded this years allowance. 

FrannieBarn

saajan_12 said:

FrannieBarn said:

I opened an 1 year fixed cash ISA 6 Dec 2023 with £20000 this matured 6 Dec 2024. I withdrew the interest and reinvested £20000 in another 1 year fixed cash ISA which matures 6 Dec 2025.

To be clear when you say you reinvested, was that done manually by you or a transfer by the provider? If the former, it may have counted as new money and exceeded this years allowance. 

It was with the same provider.

eskbanker

FrannieBarn said:

Thanks for your comments. the ISA opened on 6 Dec 2024 as given me 14 days to had money. And the the other say's I can add £10000.
what I was afraid of was that would both ISA's mature in the same 2024- 2025 tax year.

That's nothing to be afraid of, why would that be an issue?  The ISA rule relates to capping deposits of new money to £20K in any tax year but apart from that, once the funds are within the ISA shelter then there's nothing further to be concerned....

jimjames

FrannieBarn said:

I opened an 1 year fixed cash ISA 6 Dec 2023 with £20000 this matured 6 Dec 2024. I withdrew the interest and reinvested £20000 in another 1 year fixed cash ISA which matures 6 Dec 2025.

Unfortunately by doing so that money is no longer inside the ISA wrapper and no longer protected from tax. If you don't actually need to spend it you can leave the interest inside the ISA to stay tax free and earn more interest.

Reed_Richards

FrannieBarn said:

...what I was afraid of was that would both ISA's mature in the same 2024- 2025 tax year.

You could have 22 ISAs all mature in the same tax year and it wouldn't matter in terms of any regulations - but it might keep you busy working out where to re-invest them all.  

badger09

FrannieBarn said:

saajan_12 said:

FrannieBarn said:

I opened an 1 year fixed cash ISA 6 Dec 2023 with £20000 this matured 6 Dec 2024. I withdrew the interest and reinvested £20000 in another 1 year fixed cash ISA which matures 6 Dec 2025.

To be clear when you say you reinvested, was that done manually by you or a transfer by the provider? If the former, it may have counted as new money and exceeded this years allowance. 

It was with the same provider.

That doesn’t answer @saajan_12’s question. 

Did you use the ISA provider’s correct transfer process, or did you simply move the money from be account to another?

masonic

I think there is reasonable cause for concern surrounding the "I withdrew the interest and reinvested the £20000..." statement above. If it was necessary to withdraw the interest because you could only add a maximum of £20000 to the new one, then that is suggestive that you applied for a new account yourself, then self-transferred the money and it will be counted towards your ISA allowance for this tax year. If that is what happened, then you have a problem, because that would take the amount you've paid into ISAs this tax year up to £30,000.

If the provider gave you an option to have the matured ISA transferred into a new product, and they took care of everything, then that would be different, but I cannot believe a provider would lead you down the path of removing interest from the ISA.