Anything I'm missing before transferring my ISA?

throughtheblue

I transferred in to a Moneybox Cash ISA last year and have been using as much of my allowance as possible. As the interest rate has been dropping and the bonus rate will disappear, I'm looking to move it to Trading 212's Cash ISA. 

Presumably I can initiate this switch now and don't have to wait until the new tax year?

I don't know if the interest accrued moves with it, or if this will be paid in to my Moneybox Cash ISA post switching? Presumably once this years interest is paid in, I can transfer that again, so it doesn't count as a part of my ISA allowance used?

Thanks

FrugaiMacDugal

You must get 212 to initiate the transfer to keep ISA status, your balance and interest will all be transferred.

If you want to transfer, never withdraw money from a cash ISA! You'll immediately lose all the lasting tax benefits.

Instead, speak to the new provider and fill in an ISA transfer form. Your new provider should then sort it all out, including moving the money over for you – keeping your ISA cash permanently tax-free.

Ayr_Rage

Yes, you can transfer any time you want.

Interest will be added and transferred if you request a full transfer.

Only NEW money counts towards your annual allowance.

slinger2

Most fixed rate cash ISAs have penalties if you transfer them before they mature. However variable rate products generally don't, so you can transfer whenever you like.