ISA maturing this tax year but provider wants my decision now

immy1

I opened my first cash ISA which matures on 17 March this year. I deposited the full £20k. My provider wants me to make a decision on my choices now - i.e. open another ISA with someone else etc. I want to move the full ISA to another cash one but won't I have to wait until the new tax year as I have used my full allowance this year? The problem with that is if I wait until then my current provider will have moved my funds into their Cash ISA matured funds which is very low interest rate?

eskbanker

Transferring an existing ISA doesn't count towards your current year contribution allowance, so even though you've used your full 2025/26 allowance, that doesn't prevent you from moving existing funds to a new one in the same year, provided you use the new provider's ISA transfer process.

immy1

That's full explained it. Thank you very much.

Newbie_John

This isnt withdrawing money and putting it elsewhere - you instead ask your new ISA provider to do it for you.

Also make sure your can transfer your ISA, that it's not under some kind of fixed term etc. you'd need to share more details details who are you with and what product.

Albermarle

https://forums.moneysavingexpert.com/discussion/comment/81887261#Comment_81887261

The OP said it was opened on March 17th 2025 and the provider has written to them with maturity options.

So should be no issue to transfer, when the product matures.