ISA Transfer Question

becky1980_2

I am in a fortunate situation whereby I am wanting to build up money in an ISA to avoid paying pax.  Currently, I have £20,000 (plus interest) in one ISA which is due to mature on 5th Feb.  I also have another ISA account from this year which will mature in the new financial year April 2025. This means that in this financial year I cannot add any more funds to an ISA.
QUESTION 1: Halifax have sent me the options about what I can do with my ISA which matures on 5th Feb and one of those is to 'transfer' the ISA into a new ISA.  Will the bank offer this for every ISA?
QUESTION 2: If I chose to transfer the ISA into a new one, I am therefore presuming that in April I can add a further £20,000 to it as this will be a new financial year?
QUESTION 3: This time next year - will the bank offer to transfer the ISA again and in which case I can add a further £20,000 to make the ISA total £60,000 -therefore building up my savings without having to pay tax?

I am asking as previously I have let the ISA end and reverted back to an instant ISA but this has a much lower interest rate.

p00hsticks

I think the answer to all your questions is that it will depend on the T&Cs of the particular ISA.

Some (particularly fixed rate ones) only let you put money in to it at the start and not allow you to add any more. Some Isas just continue without having maturity dates, and some will just revert to a standard ISA on maturity. 

badger09

becky1980_2 said:

I am in a fortunate situation whereby I am wanting to build up money in an ISA to avoid paying pax.  Currently, I have £20,000 (plus interest) in one ISA which is due to mature on 5th Feb.  I also have another ISA account from this year which will mature in the new financial year April 2025. This means that in this financial year I cannot add any more funds to an ISA.
QUESTION 1: Halifax have sent me the options about what I can do with my ISA which matures on 5th Feb and one of those is to 'transfer' the ISA into a new ISA.  Will the bank offer this for every ISA?
QUESTION 2: If I chose to transfer the ISA into a new one, I am therefore presuming that in April I can add a further £20,000 to it as this will be a new financial year?
QUESTION 3: This time next year - will the bank offer to transfer the ISA again and in which case I can add a further £20,000 to make the ISA total £60,000 -therefore building up my savings without having to pay tax?

I am asking as previously I have let the ISA end and reverted back to an instant ISA but this has a much lower interest rate.

When a Fixed Rate/Fixed Term ISA matures, most but not all, providers convert them to an instant or easy access ISA. A few providers roll them into another FR product so you need to know what yours does. 

As a general point, Halifax do not offer competitive rates for ISAs. You might think about opening a new, higher paying one elsewhere & asking the new provider to transfer your maturing ISA. 

Albermarle

OP,
Probably worth spending some time reading through the forum,  to get a better picture of all the ISA rules, transfer options etc.