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.