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Cash ISAs
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elsieandnora
Posts: 5 Newbie

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 -
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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