Consolidating ISAs?

middlewife

Due to receiving a small inheritance in stages last year, I have the following ISAs which all mature at different dates between now and the end of June,

£6950 in serve and protect CU, matured

£5031 Coventry BS matures 31st May

£3500 Nat west fixed rate iSA matures 25 June

I also have £10893 in Leeds BS 3 year fix matures 31st May ( tax year 2023/4).

Ideally I'd like to consolidate the ISAs from last tax year into one, but can't ascertain whether there are any easy access ISAs that accept multiple transfers . I'm wondering whether it's worth transferring the NatWest early and losing interest?

My other assets are around £44k in a mixture of easy access, limited access and one year fixes, so I'm under £1000 interest as a basic rate tax payer, but would be over the limit if I moved the ISAs into non ISA accounts.

I'm 63, so annoyingly my fiscally unaware 65 year old partner will need to set up next year's ISAs as I have no wish to use S&S ISAs when we will need to access the money in 2 years time to fund a house move and medical care.

Hope this isn't a stupid question, but it's the first time I've had some money to save.....

JGB1955

I've recently opened a Virgin Money easy access ISA and been able to transfer in from 3 other sources. (Very quickly too - 24 hours for 2 transfers to complete).

ToastLady

If you open an easy access ISA, you can transfer in your ISAs as and when they become available. Have a look at https://moneyfactscompare.co.uk/isa/easy-access-cash-isas/ take your pick. If you only want flexible, do a full search and choose to only have flexible shown.
I wouldn't be closing any of the fixed ISA's early as you could suffer a big interest hit.

middlewife

Thank you, both, I'll take a look

middlewife

Answered my own query! Checked some of the Building society accounts and have opened a 5 access flexible cash ISA with Principality BS pays 4.02% and allows 5 transactions so should be able to transfer another ISA in. The only pain is that I'm transferring from a credit union which doesn't support online transfers, so have to post the request, but will send signed delivery just to be on the safe side, fingers crossed…..

Newly_retired

There’s no point transfering in fixed rate ISAs before their maturity date as you will lose x number of days interest. Very rarely is it worth the loss. There is a calculator on the main MSE site to check.

ToastLady

Think you've made a typo, you should be getting 4.20% with Principality rather than 4.02%. Sorry I didn't understand that CU meant credit union for your matured funds (never have had any dealings with a credit union so pure ignorance on my part, but something new learned). Main thing is you have got the ball rolling, even if it will be postal to start. At least now you can transfer your fixes in, as and when they mature, and not lose any interest in the process.

ToastLady

https://forums.moneysavingexpert.com/discussion/comment/81954700#Comment_81954700

I may be totally wrong on the way you are looking at the Principality 5 Access account. It shouldn't be limited to the number of ISA accounts that you can transfer in, but the amount of withdrawals you make being limited to five, without some kind of impediment on the account. Not having that account personally, better check yourself on the t's and c's or ask Principality for confirmation.

SacredStephan

I have never come across an Easy Access Cash ISA that limits the number of transfers in from other ISAs. Many will prompt you to request a transfer as part of the online account opening process, but once the account is open you should be able to request further transfers.

friolento

https://forums.moneysavingexpert.com/discussion/comment/81954700#Comment_81954700

The 5 access refers to the number of transactions going out (withdrawals or ISA transfers-out), not to money in (by ISA transfers-in, or by new money deposited).

There are only the following limitations to ISA transfers-in:

1. ISA doesn’t allow any transfers-in at all
2. Fixed rate ISAs often (but not always) only allow one transfer-in, and they generally have a short window of time for transfers-in and other deposits

sammy_zammy

My other assets are around £44k in a mixture of easy access, limited access and one year fixes, so I'm under £1000 interest as a basic rate tax payer,

That suggests to me you’re not getting the best rate you can!