2nd ISA/End of Interest Offer

NebulaNova

Hi, I have a T212 ISA that is maxed out and the interest offer comes to an end next month.

I also have another £20k I want to put in a new ISA for the 2026-2027 tax year.

With the existing ISA, I presume I have to wait until the new tax year to open a new account somewhere else and then transfer it?

With the new £20k I have, I guess I also have to wait until the new tax year to open a new ISA to put that in?

Or, can I open two ISA accounts now so they are ready, but wait until April to transfer funds into them?

Ideally I wanted two ISAs with the same company, T212 really, but the promo rate comes to an end so I would have to leave.

These would be cash/flexible ISAs incase I need to access the money at any time.

Thanks

Angelica123

https://forums.moneysavingexpert.com/discussion/6658694/2nd-isa-end-of-interest-offer

You can transfer an ISA at any time (as long as it's not a fixed term ISA). So you can transfer the Trading 212 ISA at any time to another provider with better. You do not need to open a new ISA to contribute in money from the next tax year - just add money to the same ISA that is already open after the 6th April. No need for 2 ISAs.

Ayr_Rage

Do check carefully when transferring ISAs, not all providers offer the same rate for transfers-in as they do for new money.

NebulaNova

https://forums.moneysavingexpert.com/discussion/comment/81915079#Comment_81915079

That's great thanks, so come April 6th, the account I have will then just allow me to transfer another £20k into it?

Is it common for the interest to be the same for a transfer of ISA and also for the next tax year?

Ocelot

Some ISAs may allow you to continue to pay into the same one in the next tax year, some may not. I don't know about the Trading 212 ISA. However, transferring an existing ISA can be done at any time, as the tax year is irrelevant.

You can also transfer a fixed rate ISA at any time too, but you will have to pay a charge of a certain amount of days' interest.

The tax year is only relevant for new money, although ISAs with a long funding window allow you to open one in one tax year and fund in the next.

Angelica123

https://forums.moneysavingexpert.com/discussion/comment/81915432#Comment_81915432

No. On Easy access ISAs the rates are variable. So what the rate is now, may not be what the rate is in 1 month time. Furthermore, you need to check that the rate being offered includes transfers-in (eg Plum's cash ISA rates includes a bonus rate that is only applied if the money added is new money and not money transferred from another ISA).

The only way to guarantee a rate is to get a fixed term ISA - but then you lose the ability to easily withdraw the money from the ISA (while you can withdraw, you then are penalised several month's interest).

Unfortunately, you either have to accept that you won't always have the best rate or regularly perform ISA transfers to chase the best rates.