Transfer from Tembo (non Flexible ISA) to another provider

jungleboy123

Hello,

I've put in money for this ISA year to Tembo. If i was to transfer my entire isa balance (which includes previous ISA years) from Tembo, would i still be able to contribute the rest of the balance to aim to hit the 20k limit? 

First time I've used a non flexible isa, but i guess its what you do when you want to stop cash being eaten by inflation.

Hope this makes sense?

Thanks.

Albermarle

It does not matter  if you transfer it to a new ISA, whether the Tembo ISA is flexible or not. Assuming that you organise the transfer via the new provider. 
In any case if you have not yet added the full £20K to an ISA this year, you can add more up to the limit.

Note that there is a specific sub forum for ISA questions. 
 ISAs & tax-free savings — MoneySavingExpert Forum

Ch1ll1Phlakes

jungleboy123 said:

Hello,

I've put in money for this ISA year to Tembo. If i was to transfer my entire isa balance (which includes previous ISA years) from Tembo, would i still be able to contribute the rest of the balance to aim to hit the 20k limit? 

First time I've used a non flexible isa, but i guess its what you do when you want to stop cash being eaten by inflation.

Hope this makes sense?

Thanks.

As explained above the flexible-ness (or lack of) of the Tembo ISA is irrelevant. After transferring you will still be able to use the rest of your £20k allowance. 

Furthermore, recent rule changes mean you are allowed to open more than one ISA and fund each of them as long as your combined deposits across them, in a tax-year, do not exceed the £20k.

jungleboy123

Ch1ll1Phlakes said:

jungleboy123 said:

Hello,

I've put in money for this ISA year to Tembo. If i was to transfer my entire isa balance (which includes previous ISA years) from Tembo, would i still be able to contribute the rest of the balance to aim to hit the 20k limit? 

First time I've used a non flexible isa, but i guess its what you do when you want to stop cash being eaten by inflation.

Hope this makes sense?

Thanks.

As explained above the flexible-ness (or lack of) of the Tembo ISA is irrelevant. After transferring you will still be able to use the rest of your £20k allowance. 

Furthermore, recent rule changes mean you are allowed to open more than one ISA and fund each of them as long as your combined deposits across them, in a tax-year, do not exceed the £20k.

Thanks. I did not realise they'd made a change thats good to know.  I think i'll stick to one ISA. 

I remember I always opened up a new ISA account with a new provider each ISA year then my old isa's were just sat there. Took me years to join them up and realise how much interest i was losing when they matured. 

jungleboy123

Albermarle said:

It does not matter  if you transfer it to a new ISA, whether the Tembo ISA is flexible or not. Assuming that you organise the transfer via the new provider. 
In any case if you have not yet added the full £20K to an ISA this year, you can add more up to the limit.

Note that there is a specific sub forum for ISA questions. 
 ISAs & tax-free savings — MoneySavingExpert Forum

oops had no idea there was another sub forum on this one. Thanks.

Ch1ll1Phlakes

jungleboy123 said:

Ch1ll1Phlakes said:

jungleboy123 said:

Hello,

I've put in money for this ISA year to Tembo. If i was to transfer my entire isa balance (which includes previous ISA years) from Tembo, would i still be able to contribute the rest of the balance to aim to hit the 20k limit? 

First time I've used a non flexible isa, but i guess its what you do when you want to stop cash being eaten by inflation.

Hope this makes sense?

Thanks.

As explained above the flexible-ness (or lack of) of the Tembo ISA is irrelevant. After transferring you will still be able to use the rest of your £20k allowance. 

Furthermore, recent rule changes mean you are allowed to open more than one ISA and fund each of them as long as your combined deposits across them, in a tax-year, do not exceed the £20k.

Thanks. I did not realise they'd made a change thats good to know.  I think i'll stick to one ISA. 

I remember I always opened up a new ISA account with a new provider each ISA year then my old isa's were just sat there. Took me years to join them up and realise how much interest i was losing when they matured. 

I think a lot of people are in this boat. A lot also don't realise you can transfer your ISAs to ones with a better interest rate keeping the ISA wrapper, while also having no effect on their current year allowance.