ISA Transfer

nbrewitt

I have already invested £20K into a Fixed rate ISA in this tax year. I also have an old flexible rate ISA which was opened some time ago. Under the rules, am I allowed to transfer the flexible rate ISA into a new Fixed rate ISA? The reason I am asking is that whenever I open an ISA one of the conditions is that you cannot to subscribe to more than one ISA in any tax year.

wmb194

nbrewitt said:

I have already invested £20K into a Fixed rate ISA in this tax year. I also have an old flexible rate ISA which was opened some time ago. Under the rules, am I allowed to transfer the flexible rate ISA into a new Fixed rate ISA? The reason I am asking is that whenever I open an ISA one of the conditions is that you cannot to subscribe to more than one ISA in any tax year.

Yes. The one ISA per year no longer applies* and you’ve always been able to open a new ISA and transfer prior year contributions plus returns to it.

*Some providers still claim it’s the case but they’re wrong.

slinger2

nbrewitt said:

I have already invested £20K into a Fixed rate ISA in this tax year. I also have an old flexible rate ISA which was opened some time ago. Under the rules, am I allowed to transfer the flexible rate ISA into a new Fixed rate ISA? The reason I am asking is that whenever I open an ISA one of the conditions is that you cannot to subscribe to more than one ISA in any tax year.

Depends on what you mean by "the rules". ISA rules let you transfer your old ISA to the new one. However, Cash ISAs are basically just savings account and each have their own terms and conditions. So it's quite likely that your fixed rate ISA will only let you transfer into it for a short period after you open it. That's not an ISA rule, that would be a specific rule of your ISA.

MACKEM99

Sorry to tag on but I have a question regarding transfer.  I know normally it can take 15 days but does this also apply to a maturing one?  For example on 8 Aug I asked gaining BS to take from losing one on 1 Sep and they said they had requested on 11 Aug for transfer  on maturity i.e. 1 Sep (2 Sep once matured)?

t0rt0ise

MACKEM99 said:

Sorry to tag on but I have a question regarding transfer.  I know normally it can take 15 days but does this also apply to a maturing one?  For example on 8 Aug I asked gaining BS to take from losing one on 1 Sep and they said they had requested on 11 Aug for transfer  on maturity i.e. 1 Sep (2 Sep once matured)?

Fifteen days is the maximum it could take. Usually a transfer will be much quicker. The time will start from the maturity date.

Ch1ll1Phlakes

nbrewitt said:

I have already invested £20K into a Fixed rate ISA in this tax year. I also have an old flexible rate ISA which was opened some time ago. Under the rules, am I allowed to transfer the flexible rate ISA into a new Fixed rate ISA? The reason I am asking is that whenever I open an ISA one of the conditions is that you cannot to subscribe to more than one ISA in any tax year.

Yes you can transfer a variable rate ISA with previous tax-year subscriptions to a new fixed rate ISA as long as the new provider's T&Cs are ok with this.

The one ISA a year rules is outdated. But also you are not subscribing to a new ISA you are just transferring funds from old one, this is not classed as a subscription.