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Cash ISAs
elsieandnora
Posts: 5 Forumite
I currently have a very old Cash ISA to the value of £20,000 and the interest rate is pretty poor. I also have another fixed term ISA that is coming close to full term and would like to know if I can transfer the money from both into to a new Cash ISA and add more money to it. Any advise would be welcome
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Comments
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Yes, subject to the rules of the receiving ISA.#2 Saving for Christmas 2024 - £1 a day challenge. £325 of £3660
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Yes, you can. Ensure the new Cash ISA accepts transfers-in and provide the relevant details of the two ISAs to be transferred-in when asked during the application process. The transfers-in have to be initiated by the new provider to protect the tax-efficient status of your existing ISAs.
You can (currently) add up to £20k of new money to ISAs in a tax year.0 -
Yes, it’s been £20,000 per tax year for some years so you can add another £20,000 if you haven’t used any of your allowance since April 6. Transfer the old ISA first (using the new provider’s transfer process) then the new ISA once the fix has morphed into an Easy Access (you may need to ask for this as a maturity option if the provider’s default is to re-fix for the same term.) The transfer going through even one day early would trigger a penalty, so best to take no risks when it comes to transferring maturing fixes. I also wouldn’t want to have two transfers into the same ISA on the go at the same time.elsieandnora said:I currently have a very old Cash ISA to the value of £20,000 and the interest rate is pretty poor. I also have another fixed term ISA that is coming close to full term and would like to know if I can transfer the money from both into to a new Cash ISA and add more money to it. Any advise would be welcome
Some providers only provide a limited timescale for transferring in, but if you are not wanting a new Fixed ISA this shouldn’t be a problem.1 -
Watch out for some not-so-nice suprises at some ISA providers who pay lower than their headline rates fir transfered-in amounts. AFAIK, it’s only Plum and T212 who presently do this but do check all the T&Cs in detail1
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Suggest before doing anything have a good read through this forum.0
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