ISA transfer question - haven’t done it before!

movingforward2010

I have an ISA with Tembo and I’m looking at transferring it to a new ISA for the new tax year. It currently has £20800 in it

I also have a regular savings account with 20k in it with cahoot.

When do I start doing a transfer to a new ISA? Do I need to wait until 06/04/26?

Does it work that I transfer the Tembo isa to a new one and then add the 20k from cahoot to it on 06/04/26?

Or can I get another ISA with Tembo?

sorry I’m just confused about it all.

eskbanker

You don't need to open a new ISA at all, unless the existing one is a fixed term one coming up to maturity - you can just continue to use it and add new money from next week.

If you choose to open a new one, e.g. for access to a better rate, and transfer into it, then you can do that anytime, again assuming you're not within a fixed term…

movingforward2010

oh right thanks. See I never knew this at all!

The Tembo one is an easy access ISA so I can just keep this one then. Although it does say it’s 3.8% variable. I don’t want a fixed one as I’m looking to get a mortgage later this year and don’t want the money locked away

Albermarle

https://forums.moneysavingexpert.com/discussion/6661896/isa-transfer-question-haven-t-done-it-before

sorry I’m just confused about it all.

It would be a good idea to spend some time reading through the forum, as there are lots of similar questions asked and answered. Then hopefully you will be less confused.

nottsphil

I didn't know Cahoot did regular savers. What's the name of this account and how much interest is the 20K earning?

PeskyBlunder

https://forums.moneysavingexpert.com/discussion/comment/81943910#Comment_81943910

Maybe "regular" in the sense of ordinary/common-or-garden?

eskbanker

https://forums.moneysavingexpert.com/discussion/comment/81944385#Comment_81944385

Yes, agreed, I read it in that sense too, i.e. as opposed to an ISA - a true regular saver (in the usual sense of monthly deposits, generally capped) is very unlikely to have a balance of £20K in it!