Opening another Cash ISA

borderline

I have a year fixed rate with Virgin, it will mature at the end of the month.
I'm about to get some inheritance money but I won't get this money on time to add it to my Virgin Cash ISA, if I don't do anything, they will move me to an easy access account with a far lower rate. If I sign up again for a year fixed rate, I only have a month to deposit more cash, not sure I will get the inheritance money in time for this.

Can I open another Cash ISA with another provider if I still have the one with Virgin? , I'd like to put 20K 

or shall I wait until I get this money and in the meant time I let them move my mature Virgin Isa to easy access , then add more cash and move it to their one year fixed?
thank you

Albermarle

If you have not added any money to a cash ISA ( or any other type of ISA) this tax year, you can add up to £20K to a new cash ISA. In fact you can open more than one, but the overall limit is still £20K.

Be aware even if you did this there would be nothing to stop you opening another one with a fixed rate and transfer the Virgin one to that when it matures f the rates on offer are not great.

To get more up to speed with ISA rules, it would be a good idea to have a good read through this forum. 

refluxer

With the general downward trend in interest rates and a Bank of England base rate cut now predicted to be likely before the end of the year (next BoE meeting is 18th Dec), it may make sense to get your maturing fixed rate ISA into another fixed rate when it matures at the end of this month rather than leave it in a lower-paying maturity/easy access ISA for further funds to become available, as ISA rates may start to drop in anticipation.

If you do this and the inheritance funds do end up arriving after your funding window, then you'll be free to open a different ISA for those, either with Virgin (if they don't limit you to one, as some ISA providers seem to be doing) or elsewhere.

That's just what I would do though, based on my own needs and instincts... there are no guarantees what will happen to interest rates of course - we can only act on the information we have at the time we need to make our decisions. Googling 'interest rate predictions uk' can be a good way of getting a quick snap-shot of current market expectations.

borderline

refluxer said:

With the general downward trend in interest rates and a Bank of England base rate cut now predicted to be likely before the end of the year (next BoE meeting is 18th Dec), it may make sense to get your maturing fixed rate ISA into another fixed rate when it matures at the end of this month rather than leave it in a lower-paying maturity/easy access ISA for further funds to become available, as ISA rates may start to drop in anticipation.

If you do this and the inheritance funds do end up arriving after your funding window, then you'll be free to open a different ISA for those, either with Virgin (if they don't limit you to one, as some ISA providers seem to be doing) or elsewhere.

That's just what I would do though, based on my own needs and instincts... there are no guarantees what will happen to interest rates of course - we can only act on the information we have at the time we need to make our decisions. Googling 'interest rate predictions uk' can be a good way of getting a quick snap-shot of current market expectations.

yes it's true, interest my drop after Rachel Thieves announcement