Virgin ISA maturing

jamesyboy7471

I have a Virgin ISA maturing in a week or so-two year fix-paying £22000 approx.
One of the Maturity Options offered is a one year fixed ISA.
I already have a one year fixed ISA for the maximum £20000 with Virgin opened this tax year.
Would taking up the offer of the one year fixed ISA Maturity Option-transferring £20000 (taking interest),not take me over my ISA limit for this tax year ?

slinger2

No. The £20000 limit only relates to new money you can pay in each tax year. Transferring existing ISAs does not use any of that allowance.

badger09

jamesyboy7471 said:

I have a Virgin ISA maturing in a week or so-two year fix-paying £22000 approx.
One of the Maturity Options offered is a one year fixed ISA.
I already have a one year fixed ISA for the maximum £20000 with Virgin opened this tax year.
Would taking up the offer of the one year fixed ISA Maturity Option-transferring £20000 (taking interest),not take me over my ISA limit for this tax year ?

No
You are allowed to add £20k of new money to your ISA every tax year.  

As long as you use Virgin’s transfer process to move your maturing ISA into a new FRISA, you’re fine. The accrued interest is irrelevant. 

Lorian

No it's fine. It's only new money in the year that counts towards the limit. Not reinvested money 

flaneurs_lobster

jamesyboy7471 said:

I have a Virgin ISA maturing in a week or so-two year fix-paying £22000 approx.
One of the Maturity Options offered is a one year fixed ISA.

Can I ask what rate is being offered on the new 1yr FRISA? I've a VM maturing in a couple of weeks too and interested in what they are offering as maturity options.

2010

At the moment it's 4.16%, can't see it being any different for renewals.

t0rt0ise

Just in case you don't know also that you can leave the interest in there, none of it counts as new money.

Hal17

Having POA on my Dad's Virgin ISA, the current ISA matures in 2 days. The best I could get from Virgin was 1 Year Fixed at 4.16%.