Cash ISA transfer confusion

thejinkazama

Morning,

I opened a Cash ISA account with Chip on 18th September 2024. My boosted rate is about to expire so I'm looking at transferring.

Currently the app reads ISA allowance: £0 / £20,000. Will this reset on 18th September 2025?

I was considering transferring to Cynergy Bank as they offer the highest rate but they don't accept transfers in from Chip. MSE says I can't withdraw my cash from Chip and deposit it into the Cynergy account or I would lose the tax benefits. Is there no way around this?

Thanks 

FrugaiMacDugal

MSE is correct, if you withhdraw your cash you will lose the ISA status.

Similar thread here, reply from  Ch1ll1Phlakes might help.

Ayr_Rage

As you subscribed in the last tax year,  the £0/£20,000 will mean you have used £0 out of your £20,000 annual allowance for this tax year.

You can subscribe the full £20,000 of NEW funds to another ISA any time from 6/4/25 until 5/4/26, the 18th September is irrelevant.

The only way around the issue is to transfer to an instant access ISA with a provider that will accept the funds from Chip and then request another transfer with Cynergy to pull that from the middle provider.

Obviously the middle provider will have to allow transfers to Cynergy.

If you are adding new money too then check the Ts and Cs to see if it is possible to add those plus a transfer in.

Ch1ll1Phlakes

thejinkazama said:

Morning,

I opened a Cash ISA account with Chip on 18th September 2024. My boosted rate is about to expire so I'm looking at transferring.

Currently the app reads ISA allowance: £0 / £20,000. Will this reset on 18th September 2025?

I was considering transferring to Cynergy Bank as they offer the highest rate but they don't accept transfers in from Chip. MSE says I can't withdraw my cash from Chip and deposit it into the Cynergy account or I would lose the tax benefits. Is there no way around this?

Thanks 

As @FrugaiMacDugal mentions the thread above gives the workaround. Here's the idea, if you really want to transfer to Cynergy, you do can this through a intermediate account provider. Use the links provided in the above linked thread