Cash ISA Question

ronbell101 · 13 March at 5:34PM

Very new to ISA`s only ever had "normal" savings but last year I opened a Cash ISA and deposited 17k into it, the interest rate is about to drop so my question is

Can I transfer the 17k into another cash isa before 2025/2026 tax year?

Can I put a further 20k into the same cash isa for 2026/2027 tax year?

sausage_time · 13 March at 5:42PM

Yes to both. Assuming (for the first question) that the ISA is easy access and not a fixed term or other restricted access.

eskbanker · 13 March at 5:44PM

When you say 'last year', do you mean last calendar year or last tax year, or both?

The short simple answers to both questions will be 'yes' though.

Woodstok2000 · 13 March at 5:55PM

Yes and yes.

You can move money about between isa accounts without impacting your annual allowance (make sure to follow the isa transfer process, don't withdraw and redoposit funds).

Your allowance resets on 6 April, so you can deposit another £20k

ronbell101 · 13 March at 6:13PM

https://forums.moneysavingexpert.com/discussion/comment/81922061#Comment_81922061

tax year 2025/2026

ronbell101 · 13 March at 6:15PM

can you have multiple ISA`s as long as you have a max of 20k spread across them

eskbanker · 13 March at 6:19PM

https://forums.moneysavingexpert.com/discussion/comment/81922101#Comment_81922101

The restriction has only ever been about how many ISAs (and how much) can be funded in any tax year, rather than how many you have, but again the short answer is effectively yes, in that you can fund multiple ISAs up to an aggregate total of £20K of contributions in any tax year.

JGB1955 · 13 March at 6:20PM

https://forums.moneysavingexpert.com/discussion/comment/81922101#Comment_81922101

No, you can have multiple ISAs with more than £20K in them - as long as you only add/subscribe an extra £20K a year. There are people with more than £1M in ISAs.