Current Cash ISA

Cookiepops

I've probably left it too late for this year but have funds in a cash isa which I've just discovered is only 2.75% (I opened it a few years ago). Presumably it's too late to open a fixed cash isa with another provider for this year?

Peter999_2

No, it's not too late. You can open a cash isa instantly online and so long as you put the money in before 5th April 2026 then it's fine.

If you are talking about transferring the existing cash isa you've got, you can transfer that whenever you want (if it is fixed you need to wait until maturity or accept a penalty ). That ISA used your allowance when you opened it and is not affected by your allowance for 2025 to 2026.

NebulaNova

Be aware not to withdraw it and then add. With bank holidays and the weekend, you may not have time so think about transferring only to save that ISA tax year.

nottsphil

https://forums.moneysavingexpert.com/discussion/comment/81949358#Comment_81949358

Poor advice.

It's obviously not current year funds, so OP would lose the tax-free status on the amount withdrawn…unless that sum + next year's subscriptions aren't going to total £20,000.

Nova's advice is barely comprehensible, but I think it is to do a transfer out instead. You won't lose any allowance by doing that next year.

elkiedee

I think it might be too late to open an account with a new provider in this tax year, particularly if you need to pass identity checks. If you have money that isn't in an ISA now and unused allowance in 2025/26, you might be able to open an ISA online - this may be easier to do somewhere that you already have an account and put money in without waiting for Tuesday April 7, the next bank working day, which is in the next tax year. If you can't open a suitable fixed rate account this week, choose an easy access ISA account that allows withdrawals.

Then next week it will be the tax year 2026/27. You can look for an account offering a better rate, variable or fixed, that accepts transfers. Then you can transfer previous ISAs without it affecting the 26/27 tax allowance.

Angelica123

https://forums.moneysavingexpert.com/discussion/6662633/current-cash-isa

You say the cash ISA was opened a few years ago but I am unclear if you have funded it at all this tax year

It depends on provider whether you could open an account and have money cleared into account given there are no working days left.

If the priority is to use unused ISA allowance of this current tax year - the best way is likely to fund your currently open ISA today. Presuming you are happy for all the money to be fixed in that ISA - you could then open a fixed cash ISA next working (which will be next tax year) organising a ISA transfer (through the formal ISA transfer process) stating all contributions are from previous years contributions. That would still leave next year's ISA allowance free to use.

Remember you can open ISAs at any time - the importance is not when an ISA is opened but when you contribute money to it.

Malchester

Opening an ISA is independent of tax year. You can open an Iat any time. The issue is when it is funded. ISA transfers can take place at anytime and is nig dependent on tax year. I have 2 ISA transfers going through which will not complete until next financial year

Peter999_2

https://forums.moneysavingexpert.com/discussion/comment/81949396#Comment_81949396

Haha, you have completely mis-understood what I wrote.

Like I clearly said, if they are talking about opening a new ISA there is time.

If they are talking about transferring a current ISA to a different ISA then they can transfer at any time without using up any additional ISA. There was no mention of withdrawing money just transferring to a new ISA.