We're aware that some users are experiencing technical issues which the team are working to resolve. See the Community Noticeboard for more info. Thank you for your patience.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!

Cash ISAs

Options
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

Comments

  • JGB1955
    JGB1955 Posts: 3,850 Forumite
    Sixth Anniversary 1,000 Posts Name Dropper
    Yes, subject to the rules of the receiving ISA.
    #2 Saving for Christmas 2024 - £1 a day challenge. £325 of £366
  • mebu60
    mebu60 Posts: 1,621 Forumite
    1,000 Posts Second Anniversary Photogenic Name Dropper
    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. 
  • Kim_13
    Kim_13 Posts: 3,432 Forumite
    Tenth Anniversary 1,000 Posts Name Dropper Photogenic
    edited 18 July at 6:22PM
    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
    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.

    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.
  • friolento
    friolento Posts: 2,413 Forumite
    1,000 Posts Second Anniversary Name Dropper Photogenic
    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 detail 
  • Albermarle
    Albermarle Posts: 27,871 Forumite
    10,000 Posts Seventh Anniversary Name Dropper
    Suggest before doing anything have a good read through this forum.
Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 351K Banking & Borrowing
  • 253.1K Reduce Debt & Boost Income
  • 453.6K Spending & Discounts
  • 244K Work, Benefits & Business
  • 598.9K Mortgages, Homes & Bills
  • 176.9K Life & Family
  • 257.3K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16.1K Discuss & Feedback
  • 37.6K Read-Only Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.