ISA Question - Have a Current One

Hendo9

Hi, opened up and deposited 20k in my first ISA earlier this year, which I understand falls into the previous tax year bracket.

However, knowing the new tax year is upon us, am I able to open a NEW ISA and deposit an additional 20k into that (as I wouldnt be touching my previous one and just letting it accrue interest)

Or am I able to transfer everything from my current ISA into a new one, and add a further 20k into that?

Thanks

slinger2

Not 100% clear but I assume that you've used your £20k allowance for the 24/25 tax year. You get another £20k in 25/26 which starts on 6 April 2025. You can use that allowance to open a new ISA or 10 new ISAs or add it to the existing ISA (if the T&Cs allow).

Hendo9

Hi, yes.

Opened up an ISA this year (24/25) and deposited the full £20k in.

So from 6th April, i can either:

1. Add the additional 25/26 £20k to my current ISA (if able)
2. Open a new one and deposit up to 20k in and just leave both running?
3. Transfer my current 20k to a new provider, and add the 25/26 20k to it (if able)

slinger2

Yes. All these are potentially possible, depending (as ever) on the T&Cs of the accounts.

It wasn't obvious from your post whether you've got a variable or fixed rate product. Fixed rate products generally have penalties when you transfer them before they mature, so you may want to wait in that case.