Transfer question

Amyloupj

I have several isa’s. One is being transferred. Can i still put money in my other one.haven’t put any new money in either this tax year.

also probably a dumb question but if I want to withdraw some of the money from the transferred one, that doesn’t affect the allowance either?

Aidanmc

Amyloupj said:

I have several isa’s. One is being transferred. Can i still put money in my other one.haven’t put any new money in either this tax year.

also probably a dumb question but if I want to withdraw some of the money from the transferred one, that doesn’t affect the allowance either?

Yes, you can still fund the ISA.
Yes you can withdraw from the ISA and if its a flexible ISA you can replace the amount withdrawn before end of tax
year, but only to the same ISA account from which it was withdrawn

refluxer

Amyloupj said:

I have several isa’s. One is being transferred. Can i still put money in my other one.haven’t put any new money in either this tax year.

What type of ISA is it ? If it's an easy access cash ISA then yes - you'll be able to pay new subscriptions from the current tax year into it. If it's a fixed rate cash ISA and you're outside of your initial funding window, then no - you generally won't be able to pay more into it, although there are a few ISA providers who do allow this so you'd need to check the account T&Cs.

Amyloupj said:

also probably a dumb question but if I want to withdraw some of the money from the transferred one, that doesn’t affect the allowance either?

Again, this depends on the type of ISA you've got. If it's an easy access cash ISA, then you should be able to withdraw from it without penalty but, as mentioned above, you'll only be able to pay that money back into an ISA without it counting towards the current tax year's ISA allowance if that ISA is flexible (and it would have to be paid back into the same ISA you withdrew the money from).

it it's a fixed rate cash ISA, then withdrawals will normally be subject to a penalty. Withdrawals won't affect this year's ISA allowance - this allowance only affects the total amount of deposits you can make into an ISA (or ISAs) each tax year.

Amyloupj

Thanks for the help.They are both easy access cash isa’s.

So if I withdraw some of the money into current account I can’t then later put it into the other isa?

eskbanker

Amyloupj said:

Thanks for the help.They are both easy access cash isa’s.

So if I withdraw some of the money into current account I can’t then later put it into the other isa?

You should be able to do that, but it would count towards your current year contribution allowance.