Transferring multiple old cash ISA's

Bulgaria72

My wife has a number of old cash ISA's, that are earning next to nothing. Is there a limit on how much she can transfer to a new account this year? Does the £20,000 limit refer to transfers or just new savings? Thanks for any help.

jimjames

No limit on transfers, only on new money

FrugaiMacDugal

Rememner if she wants to trasnsfer get the new provider to initiate the transfer, to maintain ISA status, don't just close accounts then open new account, that would be classed as new money then and restricted to £20k.

Bulgaria72

Thanks for your help both. We can now get things moving.

Ch1ll1Phlakes

Bulgaria72 said:

My wife has a number of old cash ISA's, that are earning next to nothing. Is there a limit on how much she can transfer to a new account this year? Does the £20,000 limit refer to transfers or just new savings? Thanks for any help.

Just want to add to this that certain ISAs may have additional terms which restrict or prevent transfers in. Just make sure to check this before you open any new accounts.

Yorkie1

And bear in mind that you should aim to have no more than £85K with any one banking institution. So, if you have 5 ISAs which each have £20K in, you would probably aim to consolidate them into two, rather than one, ISA in order to keep under the FSCS compensation limit. (Probably no more than £75K - 80K per ISA, to allow for interest to take the balance up towards £85K).