Maturing Fixed Rate ISA

Walkinthewoods

I have a fixed rate ISA maturing in July. I am thinking of putting the money into a Variable Cash ISA which pays a bonus rate on top of the variable rate.The new account allows transfers in at a lower rate of interest. I don't intend to add any extra money into the account other than the existing maturing ISA. Should I withdraw the cash at maturity and pay it into the new account as new money in order to get the bonus rate which I wouldn't get if I transferred it?

Middle_of_the_Road

Walkinthewoods said:

I have a fixed rate ISA maturing in July. I am thinking of putting the money into a Variable Cash ISA which pays a bonus rate on top of the variable rate.The new account allows transfers in at a lower rate of interest. I don't intend to add any extra money into the account other than the existing maturing ISA. Should I withdraw the cash at maturity and pay it into the new account as new money in order to get the bonus rate which I wouldn't get if I transferred it?

You could do that, as long as it's not more than £20k.
I presume you're looking at Trading 212 and hopefully not Plum..

clairec666

Nothing to stop you withdrawing up to £20000 and depositing it in a new ISA, however it would use up this year's allowance so keep this in mind if you plan on putting more money into an ISA in this tax year.

Walkinthewoods

I also have another maturing ISA in September but intend to transfer it at the maturity date with another provider or let it roll over with the existing provider.