I am new to the ISA game, so need some assistance please - 😀🙏

EnglishTutor

 I've spent the morning reading about ISAs and need to check my understanding.

Last year I opened a T212 ISA and deposited £20k all good, earning 4.5% variable

I have another £20k to invest in another ISA for this tax year. If I put it with T212, I just get the current 4.5%. as I'm not a new customer

There are a variety of opening offers out there offering higher rates for 3 months.

To take advantage of these higher rates, do I choose one and transfer my existing £20k +interest ISA from T212 to the new one and also add another £ 20k, then in 3 months look around for the best rates and transfer it all again. 

Is that correct?  If so it's becoming like shopping around for insurance, just more often!  A real pain.

masonic

In some cases the promotional rate only applies to new money (e.g. Plum). Some do not accept transfers in. In other cases you could do as you suggest. Note that you may have some loss of interest when you transfer while the money is in limbo.

friolento

You don't have to transfer your existing ISA as you are allowed to have as many ISAs as you like. But you can request a transfer if you want your money to earn the higher rate, provided that the provider actually offers transfers-in. As mentioned above, check the T&Cs carefully as there is at least one provider who only pays a much lower rate for transfers.