Another ISA muddle, sorry!

Jurgen500

I have a 2024 tax year cash ISA maturing in June 2025. I recently opened a seperate new 2025 cash ISA in April. Can I renew the 2024 ISA in June (open a new cash ISA with same or new provider) as its already has tax free status from 2024?

Jurgen500

Forgot to mention, both the 2024 and 2025 ISAs use the full allowance of 20k each

masonic

Yes           

Ayr_Rage

You can TRANSFER the maturing ISA and any interest to a new product.

What you cannot do is take the money out of that ISA and then put it into a new ISA as you've already used this year's allowance.

clairec666

Jurgen500 said:

I have a 2024 tax year cash ISA maturing in June 2025. I recently opened a seperate new 2025 cash ISA in April. Can I renew the 2024 ISA in June (open a new cash ISA with same or new provider) as its already has tax free status from 2024?

Yes you can. Your maturing ISA might give you the option to put it into another fixed rate for another year, or it will turn into an easy-access ISA (probably at a lower rate) and you can shop around to find the best place to transfer it to. Just make sure you do an ISA transfer, don't withdraw it.