Cash ISA opening rules

Carman999

Can I open a new cash ISA to the full allowance of £20,000 this week with my bank which has money matured from a non ISA savings account, and, also later this year transfer money in another cash ISA which matures with over £20,000 from its present provider into another provider?  

Albermarle

Carman999 said:

Can I open a new cash ISA to the full allowance of £20,000 this week with my bank which has money matured from a non ISA savings account, and, also later this year transfer money in another cash ISA which matures with over £20,000 from its present provider into another provider?  

Yes, and if you read through the forum, you will see lots of similar questions and answers, so could be useful to have a look through.

PRAISETHESUN

The £20k limit only applies to "new" money (ie. non-ISA money) . Existing ISA savings doesn't affect any allowances and can be transferred without issue (but make sure to use the dedicated ISA transfer process, don't just withdraw and re-deposit).

Yorkie1

In addition to the above, if you were hoping to transfer the later-maturing ISA into the same ISA that you newly opened, you'd need to check the new ISA's T&Cs for any funding window. Fixed rate ISAs often say you only have x days to add / transfer any funds. If there is a funding window and you're beyond it, then you can't transfer into that particular ISA (but could open a new one, as you say in your question).