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Does Transferring a Cash ISA count as starting a new ISA?

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  • Yorkie1
    Yorkie1 Posts: 12,014 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    The point is, I suppose, that the maturing ISA has to convert into something on maturity day. From the original provider's perspective, it's a new fixed rate ISA, an easy access rate ISA, or withdrawn to non-ISA status.

    Given that a transfer to a new provider has to be initiated by the customer via the new provider, the best option if wanting to transfer would be to select the easy access ISA on maturity, which then allows for the transfer to happen without the funds being (perhaps, depending on the fixed ISA T&Cs) tied up. Either with the possibility of no withdrawal, or a penalty of loss of interest.
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