1 year cash ISA that matures in June 2025

BurtonBloke

I have a 1 year cash ISA that matures in June 2025

My question and I apologies if it sounds naive, can I top my current 1 year cash ISA with part or all my new £20,000 tax year allowance and still have tax free savings in my 1 year cash ISA?

Or what is the best approach for an ISA that mature part way into a new tax year, wait until it matures or open a new ISA at the start of the new tax year?

Thanks BB

slinger2

Assuming your 1 year cash ISA is a fixed rate product, the answer is generally no, you can't "top up" your existing ISA. A small number of providers let you add new money during the term, but it's pretty unusual. Read the T&Cs of your product.

You can open a new ISA from 6 Apr and have 2 ISAs, that's no problem.