Transfer ISA from T212 not possible?

Spies

I signed up to Monument but they don't allow transfers in from T212, I haven't got more than 20k in, so can I just withdraw it and put it back into the Monument ISA or does it have to be transferred to another provider first?

dunstonh

Its doesnt need to be transferred if you are ok with using this year's allowance.

Spies

dunstonh said:

Its doesnt need to be transferred if you are ok with using this year's allowance.

What's in T212 is from this year's allowance 

eskbanker

Spies said:

I signed up to Monument but they don't allow transfers in from T212, I haven't got more than 20k in, so can I just withdraw it and put it back into the Monument ISA or does it have to be transferred to another provider first?

How much do you have in T212 and what's the split between 2025/26 money and that from prior years?

Spies

100% from this tax year

eskbanker

That doesn't actually answer the first question, but it may not matter given the answer to the second - T212's cash ISA is flexible and that gives you the right to withdraw current year money and redeposit it in any other ISA without it counting towards your current year allowance.

Spies

Ok thank you, so it doesnt matter if the other one is a flexible one?

eskbanker

Spies said:

Ok thank you, so it doesnt matter if the other one is a flexible one?

No, it doesn't matter - as long as the money is withdrawn from a flexible ISA, it can be redeposited into any other one, regardless of whether the latter is flexible or not.

cloud_dog

eskbanker said:

Spies said:

Ok thank you, so it doesnt matter if the other one is a flexible one?

No, it doesn't matter - as long as the money is withdrawn from a flexible ISA, it can be redeposited into any other one, regardless of whether the latter is flexible or not.

I thought it had to be dosited back into the ISA account it was withdrawn from (within the same FY)?

wiseonesomeofthetime

cloud_dog said:

eskbanker said:

Spies said:

Ok thank you, so it doesnt matter if the other one is a flexible one?

No, it doesn't matter - as long as the money is withdrawn from a flexible ISA, it can be redeposited into any other one, regardless of whether the latter is flexible or not.

I thought it had to be dosited back into the ISA account it was withdrawn from (within the same FY)?

I was under the same impression too

eskbanker

cloud_dog said:

eskbanker said:

Spies said:

Ok thank you, so it doesnt matter if the other one is a flexible one?

No, it doesn't matter - as long as the money is withdrawn from a flexible ISA, it can be redeposited into any other one, regardless of whether the latter is flexible or not.

I thought it had to be dosited back into the ISA account it was withdrawn from (within the same FY)?

wiseonesomeofthetime said:

I was under the same impression too

No, current year money can go into any ISA, it's only prior year money that needs to be replenished into the same one it came out of - the rules changed in July:

https://forums.moneysavingexpert.com/discussion/6624325/flexible-isa-replacement-rules-confusion