Transferring ISA

Football56

Good Morning. In September 2024 I took out my 1st ISA(1 year fixed rate cash ISA) and deposited £20,000. I have made no further deposits and the account matured yesterday. I have now been put on a low rate easy access ISA. My question is if I decide to open a new ISA with my existing provider and transfer the £20,000 to the new ISA would I be allowed to deposit any further payments to the new account. My assumption is that as the original deposit was made in Sept 2024 I have the full allowance for 2025/26 which would enable me to deposit a further payment into the new ISA account. Any advice would be much appreciated

flaneurs_lobster

You are absolutely correct.

You can deposit a further £20k into 1 or more ISA(s) in this financial year, including the one you move your matured funds to.

maman

And this applies to any ISA provider (that allows transfers in) don't stick with your current provider if you can get a rate that suits you elsewhere.

You should have received correspondence from your provider a few weeks back outlining your options.

singhini

Football56 said:

Good Morning. In September 2024 I took out my 1st ISA(1 year fixed rate cash ISA) and deposited £20,000. I have made no further deposits and the account matured yesterday. I have now been put on a low rate easy access ISA. My question is if I decide to open a new ISA with my existing provider and transfer the £20,000 to the new ISA would I be allowed to deposit any further payments to the new account. My assumption is that as the original deposit was made in Sept 2024 I have the full allowance for 2025/26 which would enable me to deposit a further payment into the new ISA account. Any advice would be much appreciated

The key word is "Transfer"
Make sure you "transfer" the old ISA to a new ISA and you don't "withdraw" the old funds.
As pointed out by others, you can "transfer" to a new bank/building society if you want and by "transferring" you will still have 2025/2026 ISA allowance.

Football56

Many thanks for all the valued comments very much appreciated