Cash ISA easy access - can I leave last years savings in?

Stevepd

Hi all. Perhaps an obvious answer to some, but I want to check. I have £9.5k in last years ISA which I've left it there. Now we've rolling into the new tax year and the £20k allowances has reset. Can I drop in £19k into that £9k to bundle it all together and not fall foul of the tax rules. I'm unsure and want to check first before I transfer it.

Thank you.

slinger2

Yes. There's no limit to how much money you can have in an ISA.

Aretnap

Yes. The limit applies to how much new money you can pay in each year, not to the total amount you can have in an ISA (or several ISAs).

At some point you are likely to find that you can get a better interest rate by moving your money to a different ISA account. The other thing to be aware of (because a lot of people seem to get it wrong) is that when you do, it's important to use the ISA transfer process so the money goes directly from Old ISA to New ISA - transfers from one ISA to another don't count as new money. If you withdraw it all from Old ISA to your current account, then try to pay it into New ISA, it will count as new money, and the £20,000 limit will apply.

Stevepd

Wonderful, thank you both.