Cash ISA

SilverBullet24

Should I wait until the new tax year to transfer money from my existing cash ISA to a new one or should I do it before then?

eskbanker

There's no need to move to a new one at all, but if you choose to do so, e.g. for a better rate, then you can do it whenever you want - from the perspective of overall interest earned, it would make more sense to move it sooner rather than later.

Mark_d

Why are you thinking about waiting to transfer?  Are you hoping that you can get a lower rate compared to the rates currently available?

Albermarle

The tax year only defines the maximum new contributions you can make ( £20K) You can transfer existing ISAs when you like, unless you are locked in a fixed term with the provider.

If you are not sure about all the ISA rules, then spend some time reading through this informative forum. 

goodread

It's generally best not to hang about as banks etc can pull products from sale at very short notice. There is nothing to stop you from moving your cash to another ISA in the future if it is more attractive - but I would check the terms and conditions before you move it in case there are any penalties for doing so.

SilverBullet24

Thanks for the help, I'm moving for a better interest rate and was wondering if I did it now that I might lose any interest gained in the last year, I'm new to all this kind of stuff so once again thank you 

PRAISETHESUN

SilverBullet24 said:

Thanks for the help, I'm moving for a better interest rate and was wondering if I did it now that I might lose any interest gained in the last year, I'm new to all this kind of stuff so once again thank you 

Typically interest is calculated daily, even if it is only paid annually. If/when you close/transfer the account, any pending interest should be paid alongside closing/transfer balance.

If all you're doing is transferring around existing money, then it doesn't really matter when you do it, apart from the availability of the account you wish to switch to. If you wish to deposit new money and maximise this year's subscriptions then obviously you want to deposit any new money prior to the end of this FY.