Easy Access ISA NS&I

Wolfie0000

Good day,

I opened a cash ISA with 212 in 2024. 

Over  that period I have had the full amount in, but withdrawn and replaced amounts as I can, at the moment it is full. 

I have a NS & I account, but want to transfer the money from there in to a ISA so I earn interest on the money, then transfer the ISA’s back each month before the draw, with the maximum allowed in the bond.  

Basically, I want to utilise the most interest for my money instead of it sitting in premium bonds earning nothing, but adding the maximum back for the draw each month  

The reason is the years I’ve had the bonds, I’ve won on average £175-200 per month in the draw, making it worth the gamble. 

So I need the ability to access ISA’s as and when, along with adding as and when I can with no penalties. 

I have more than the maximum for a single isa in this tax year, but of course want to maximise interest, move as I wish, add as I can. 

Can I only have 1 ISA per tax year? 

Can I add to last years 212 ISA as the interest has taken it over £20k?

Not a money/numbers person, so struggling here….. I am reading you can add more than £20k in previous ISA’s, or am I mistaken please?

May I ask which should I look at and compare? 

Would also very much prefer one with a UK based helpline, as I find internet only help chats frustrating, slow & difficult.

 I prefer to speak with people on the phone, not a chat service, as invariably it seems they are AI run before you get to “speak” with a human, which takes forever to “dance” around the “stupid” AI algorithms, to detract one from contacting a person directly. 

Kindest regards. 

El_Torro

I might have misunderstood but are you saying that you want to cash in your Premium Bonds and then buy new ones just before the draw? New bonds need to be in the draw for 1 month before they are eligible for a prize. So if you buy bonds at the end of November for example they won't be eligible to win anything until the January draw. If this wasn't the case people would be moving money around all the time. 

There is no problem having more than £20k in one ISA (assuming the terms and conditions don't say otherwise). The only restriction is that you can only put £20k of new money into an ISA every tax year. Any growth inside the ISA is not part of this £20k. 

You can also open as many ISAs as you like whenever you like, and pay any amount you want into them. As long as you respect the £20k annual limit. 

Some banks are a bit funny about what you can and can't do, especially with fixed rate Cash ISAs. Always worth reading the t's and c's before opening an ISA. 

ColdIron

Sounds like a complete non starter to me. You do know that you have to hold money in PBs for a full calendar month before being eligible for the draw, e.g. January for March?

eskbanker

Essentially the same question was asked (and answered) yesterday, with regard to the premium bonds aspect:

https://forums.moneysavingexpert.com/discussion/comment/81729124/#Comment_81729124