Advice on consolidation please!

uk1

Hi all,

Both my wife and I each have 4 ISAs maturing over then next few months each at around £22k or so. We’re within safety limits.

What I’m looking for a banks for each of us to have an account that offers a decent 1 year fixed cash ISA and that also allows us to open 4 new ISAs in each account to receive the old ones when they all shortly mature.

I’d appreciate pointers for banks that have an easy interface or app who will accept 4 applications for new ISAs please.

Thanks in advance

flaneurs_lobster

Is there a good reason for having separate ISAs?

Although the ISA rules allow you to have as many as you like, some institutions will only allow you to hold a single one with them.

Van_Girl

Could you not transfer your 4 ISA's into a single new one?

DRS1

This page has a list of the highest paying 1 year fixed ISAs. Can't say I use any of those listed (other than Halifax which has an OK website)

Highest 1 Year Fixed ISA Rates | Updated Hourly

You would need to look at the product terms to see how long they will let you add to the ISA (eg 30 days from opening for Halifax) and whether you can transfer in old ISAs. I assume from the heading that you want to add 4 old ISAs to the same new ISA rather than having 5 separate ISAs. I guess it depends what sort of gaps you have on the maturities of the old ISAs. You might want to open an easy access ISA first let the 4 old ones mature and transfer them to the new easy access ISA and then open the 1 year fixed ISA and transfer everything from the easy access to the fixed rate ISA in one go.

friolento

https://forums.moneysavingexpert.com/discussion/comment/82007540#Comment_82007540

To make the search easier, you can use the Full Seacrh and then just select ISA transfers.

I happen to know that Vida allow more than one ISA in the same tax year - but there is obviously no guarantee that you will still get a good rate in a few months time. You'll have to check the ISAs individually, and also check that transfers-in get the headline rate as not all of them do

uk1

https://forums.moneysavingexpert.com/discussion/comment/82007535#Comment_82007535

Thanks,

The issue I see is that the dates are staggered and most receiving ISAs have a finite funding date limit.

flaneurs_lobster

https://forums.moneysavingexpert.com/discussion/comment/82007595#Comment_82007595

See @DRS1's suggestion above, open a variable ISA and transfer your fixed ISAs in as/when they mature. When all consolidated, open new fixed and transfer.

Consensus seems to be that interest rates will rise (or at least stay steady) this year so unlikely that you would miss an attractive fixed rate by waiting.

uk1

https://forums.moneysavingexpert.com/discussion/comment/82007603#Comment_82007603

That is a stunningly brilliant idea. I'd never have thought of it. Thanks.

uk1

https://forums.moneysavingexpert.com/discussion/comment/82007540#Comment_82007540

Many thanks for the suggestion. That's exactly what I'll do.

Albermarle

https://forums.moneysavingexpert.com/discussion/comment/82007676#Comment_82007676

Along similar lines- normally one of the maturity options when a fixed rate ISA matures, is for it to go to an easy/instant access at the same provider. If all four have this option you could do that with each one.

Then start a new fixed rate ISA and transfer all four into that.

uk1

https://forums.moneysavingexpert.com/discussion/comment/82007718#Comment_82007718

Thanks.

I've just checked and the first maturing is one of my wife's and if I do nothing they automatically place it in a non-fixed cash ISA. It specifically promises no lock-in.