ISA Matures

Golden2sun

I have an ISA with £45000 in it which matures soon. When it matures what happens? Can I transfer the whole amount into a new ISA or can only transfer £20000 (the annual ISA allowance)? 

badger09

Golden2sun said:

I have an ISA with £45000 in it which matures soon. When it matures what happens? Can I transfer the whole amount into a new ISA or can only transfer £20000 (the annual ISA allowance)? 

Your ISA provider should give you maturity options 14-30 ish days in advance. The T&Cs you got when you opened it will also tell you what happens at maturity. 

Most will simply morph into a lower rate easy access ISA but some will roll over into another fixed rate, fixed term. 

Assuming it becomes an easy access ISA, you can xfer the whole £45k plus interest to another provider. Or you can split it and xfer to 2, 3 or more providers. 

You must use the new providers’s xfer process though. Don’t withdraw the money & move it yourself! 

flaneurs_lobster

Golden2sun said:

I have an ISA with £45000 in it which matures soon. When it matures what happens? Can I transfer the whole amount into a new ISA or can only transfer £20000 (the annual ISA allowance)? 

The former. 

FrugaiMacDugal

You can transfer the lot, including interest.

You must get new provider to initiate the transfer to maintain ISA status, do not draw out or you will lose ISA status.