We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
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
-
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
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 352.2K Banking & Borrowing
- 253.6K Reduce Debt & Boost Income
- 454.3K Spending & Discounts
- 245.3K Work, Benefits & Business
- 601K Mortgages, Homes & Bills
- 177.5K Life & Family
- 259.1K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards