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Reinvesting a Fixed Rate Cash ISA dilemma
LearningToBeSavvySaver
Posts: 1 Newbie
I opened a Fixed rate ISA with Bank A on 11/03/2024 and invested the full annual allowance (last financial year).
I opened a Fixed rate ISA with Bank B on 03/05/2024 and invested the full annual allowance (this financial year).
I have now received a letter from Bank A informing me that my Fixed Rate Cash ISA is due to mature on the 11/03/2025 and I have an option to reinvest in a Fixed Rate ISA.
Will the reinvestment be considered as a New ISA?
I opened a Fixed rate ISA with Bank B on 03/05/2024 and invested the full annual allowance (this financial year).
I have now received a letter from Bank A informing me that my Fixed Rate Cash ISA is due to mature on the 11/03/2025 and I have an option to reinvest in a Fixed Rate ISA.
Will the reinvestment be considered as a New ISA?
0
Comments
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It'll be considered as a new ISA but not as current year subscriptions if that's what you mean, so rolling over into another product (without withdrawing and redepositing) doesn't contravene the rules about your annual contribution allowance.2
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