ISA advice

jamesyboy7471

I have an ISA which matures June this year,approx 21,000,what are my options ?

I am in the position to put another £20,000 into a new ISA,can I do this ? 

born_again

You get a £20K ISA allowance each year. So once we hit the new tax year you can add £20K either into the current ISA, or open a 2nd one elsewhere now.

As to current ISA, you can transfer it after it matures to other ISA suppliers to get a better % rate or leave it there if it is a good rate.

eskbanker

jamesyboy7471 said:

I have an ISA which matures June this year,approx 21,000,what are my options ?

I am in the position to put another £20,000 into a new ISA,can I do this ? 

If the maturing ISA was a one-year fixed one, this presumably signifies that you used your 2024/25 annual allowance and so would need to wait until 6 April before paying into another, but if you funded the maturing account further back and still have your 2024/25 allowance available then you can use that now.

As above, you can transfer the existing account to a new one without affecting your ability to pay new money into ISAs, provided that you use the receiving provider's ISA transfer process.

Albermarle

ISA advice

My advice would be to spend some time reading through the forum as similar questions are asked and answered on a very regular basis, so would be quite informative.