Cash ISA consolidation

mk1boy

Hi all, apologies in advance for what might be a subject discussed before but I have searched and can't find the answer. I have several fixed term cash isa's with different providers which all mature on different dates. Id like to have them all in one place so I'm looking for a new provider that will accept multiple transfers in. The ones I have seen only allow transfers within a short time after the account is opened. Ideally I want to open a new ISA in April and then transfer in three existing fixed term ISAs when they mature in July, September and November. Are there any accounts that will let me do that? I can't find any. Thank you for your help.

FrugaiMacDugal

Once your fixed term ISAs have matured you can transfer to new provider when you want.

You must get new provider to initiate the transfer.

You can open a new ISA April, max deposit £20k, then transfer matured ISAs when they mature.

dcs34

Most easy access ISA accounts will allow multiple transfers in. Are you only looking at a new fixed term one, as those tend to have the limited initial funding period.

Maybe transfer them to an easy access ISA and once all your current fixed terms have matured and transferred, then transfer the single easy access ISA into a new fixed term ISA?

Albermarle

As above.
An easy access ISA will normally allow transfers at any time.
Fixed term ISA's normally only allow new contributions and transfers in during the initial funding window ( 14 to 30 days) .
A few fixed term ISAs will allow new contributions throughout the period of the term, and one at least will accept transfers after the initial funding window, but only 'at their discretion'- which is Shawbrook bank ( but there maybe others)

refluxer

mk1boy said:

Hi all, apologies in advance for what might be a subject discussed before but I have searched and can't find the answer. I have several fixed term cash isa's with different providers which all mature on different dates. Id like to have them all in one place so I'm looking for a new provider that will accept multiple transfers in. The ones I have seen only allow transfers within a short time after the account is opened. Ideally I want to open a new ISA in April and then transfer in three existing fixed term ISAs when they mature in July, September and November. Are there any accounts that will let me do that? I can't find any. Thank you for your help.

Shawbrook aren't currently allowing transfers-in to their fixed rate cash ISAs beyond the initial funding window, so your only option will be to open an easy access cash ISA, transfer-in each of your fixed rate ISAs as they mature throughout the year and then take out a fix once they've all matured.

The downside to this though is that, if interest rates continue to drop as predicted, it's likely that the interest rates for the fixed rates available when your last one matures in November will be lower than the rates available when your first one matures in April.

Personally, I would keep them separate and transfer each to a new fixed rate as it matures. As a fixed rate cash ISA requires no further admin beyond the initial account opening and transfer request, I don't think the upside of combining them outweighs the downside of doing this and (potentially) getting a lower overall return. One compromise could be to open each account with the same ISA provider but if you're going to do that, it would make sense to choose a provider who features regularly at the top of the 'best buy' tables.

saajan_12

I'd just pick an easy access ISA, transfer everything in as they mature and then re-fix when the last one is in (or nearly in). Or if you really want fixed rates then fix for shorter eg 3/6 months for the April / July deposits so they're available to combine when the later ones are out of their current fixes. 

Reason being, with a fixed rate account the bank will hedge the rate for the amount deposited. They may up/down size their hedge if you add/reduce funds in a short period hoping that the going rate hasn't moved much. But several months later, things may have changed and they wouldn't know how much you intend to add in the future.