ISA transfers

Highlea

Recently I moved the entire contents of an old Cash ISA to a new Cash ISA with the same bank as the old one was a one year fix. Am I able to open another Cash ISA with another provider and transfer, say, £5,000 from yet another existing Cash ISA account or is this not allowed under the £20k annual limit?

Ayr_Rage

You are allowed £20,000 of NEW money every tax year, so provided you have TRANSFERRED old money from previous years then you can subscribe the full amount this tax year.

slinger2

My experience is that moving money directly from one ISA to another ISA within the same provider is counted as a transfer, and so doesn't use up any of your annual allowance. Whether that's an absolute rule I'm not sure.

jimjames

slinger2 said:

My experience is that moving money directly from one ISA to another ISA within the same provider is counted as a transfer, and so doesn't use up any of your annual allowance. Whether that's an absolute rule I'm not sure.

If you use the ISA transfer process then yes it's totally within the ISA rules not just your experience