Lloyds fixed rate ISA has matured

Ch1ll1Phlakes

Bolt1234 said:

Ah.  So, the original £20k stays in its tax free wrapper year after year providing you don’t cash it in? Effectively you build up lots of £20k allowances over the years.

Exactly. Instead of cashing in, you transfer the funds to a new ISA or one you already have so you don't lose that nice tax free wrapper.

Bolt1234

Thank you SO much.  Will speak to financial advisor tomorrow.

Ch1ll1Phlakes

Bolt1234 said:

Ah.  So, the original £20k stays in its tax free wrapper year after year providing you don’t cash it in? Effectively you build up lots of £20k allowances over the years.

It would be ideal if I could just ask the financial advisor to move it across to my stocks and shares portfolio.

The only way to withdraw some funds but hold onto the wrapper as such is through a flexible ISA. I don't want to make this overly confusing so I'll only explain it if you want to know how it would work. 

Though if your finding ISA rules a bit confusing head to the MSE page for best buy Cash ISAs at the following link. They explain many of the rules and I've attached a screenshot of some the key points.
Edited to add the link as I forgot it. Whoops Best cash ISAs: up to 4.82% easy access, up to 4.3% fixed - MSE

Ch1ll1Phlakes

Bolt1234 said:

Thank you SO much.  Will speak to financial advisor tomorrow.

Not a problem. Hope you get sorted.

soulsaver

 @Bolt1234

If you don't give any maturity instruction, Lloyds roll it over to a low interest (1.2% IIRC) but Easy Access ISA. 

You then can either arrange with your choice of ISA provider, to transfer it to cash or S&S ISA .

You can use 'Renew' in the Lloyds EA ISA  to a choice of Lloyds cash ISAs.. instantly. It keeps the same ac number & sort code, and, importantly, the ISA status.

If you want to time think about it, and you've got a club ac (or willing to open one) renew to their Club Advantage 3.25% flex EA ISA until you're ready; it's their best rate EA ISA rate.
ISAs | Open an ISA Online | Lloyds Bank

It's not a top rate but you're not going to leave it there for long?
Note : limited to 3 withdrawals before a rate drop?

Then you can arrange for your chosen stocks and shares ISA provider to transfer it to them. 

Then 'bed & isa' your stocks and shares into your S&S ISA. You have to sell your choice of shares in your General Investment Account and rebuy them in the ISA - you can't transfer them across. 

PS If you use the Lloyds 'transfer' process to transfer to another Lloyds ISA - they (may) take 10 days or more. Use the 'Renew' process mentioned above if you want immediate access - it DOES maintain the isa wrap.