Can I transfer maturing ISA into a new ISA same company?

ChickenLicken12

Me again - asking a question for my husband.

He opened a cash ISA a few weeks ago depositing the max amount possible from a lump sum received.

He already had a cash ISA with the same company (Virgin) which was 1yr fixed rate and matures next week!

We were both under the impression that if it was fixed rate 1 year ISA you couldn't transfer money in even in a new tax year - so think we may have been numpties with that thought!!

Two questions:

Can he transfer the maturing ISA into the new rate ISA account that has been offered by Virgin even though he has a only just opened another ISA account with them?

Can he transfer the maturing ISA into the new ISA account - both are Virgin accounts.

Hope that all makes sense and thanks for any advice.

xylophone

https://uk.virginmoney.com/savings/learn/isas/transfer-your-isa/

clairec666

You mention that he opened a new ISA a few weeks ago - is it fixed rate or easy access? If it's fixed then 1) you probably can't add any more to it now, and 2) you won't be able to withdraw without paying an interest penalty.

Albermarle

We were both under the impression that if it was fixed rate 1 year ISA you couldn't transfer money in even in a new tax year - so think we may have been numpties with that thought!!

Normally you can only add new money or a transfer into a fixed rate ISA during the 'funding window' which is usually 14 to 30 days. So not Numpties ! There are a small number of providers who are more flexible though ( not Virgin) .