ISA transfer question

[steveo3002]

i have an existing ISA with variable rate , if i see another provider with a better can this be transferred over

i have already used my 20k this years allowance on a seperate account

[trickywoo]

steveo3002 said:

i have an existing ISA with variable rate , if i see another provider with a better can this be transferred over

i have already used my 20k this years allowance on a seperate account

Yes transfer is fine.

[C69]

You'll need to check that the new product you've chosen accepts transfers in.

If it does, then tell your new provider to arrange a transfer in from your old provider. Don't try to do a transfer out from your old provider yourself.

[steveo3002]

thank you

so i can transfer to alternate providers as much as i like as long as the new provider accepts transfers and the existing account isnt fixed/locked as long as no more than £20k new money is deposited per tax year?

[C69]

Yes, you can't exceed the £20,000 'new money' limit per tax year.

So, for example, you set up a Cash ISA in 2023/24 with Provider A and deposited £20,000. That account might now be worth £21,000 after interest has been added.

If you're now setting up a Cash ISA in 2024/25 with Provider B, then you could deposit this tax year's £20,000 and get the £21,000 transferred in from Provider A. So your initial balance with Provider B would be £41,000.

[steveo3002]

C69 said:

Yes, you can't exceed the £20,000 'new money' limit per tax year.

So, for example, you set up a Cash ISA in 2023/24 with Provider A and deposited £20,000. That account might now be worth £21,000 after interest has been added.

If you're now setting up a Cash ISA in 2024/25 with Provider B, then you could deposit this tax year's £20,000 and get the £21,000 transferred in from Provider A. So your initial balance with Provider B would be £41,000.

but im asking soon after being set up with B , can i then transfer to C and if a better deal comes along at D can i keep transfering to chase the best rates

[C69]

There aren't any ISA rules that say you can't do that. You'd just need to check the terms of the products offered by Provider B, C, etc to make sure that they allow what you want to do.

[trickywoo]

steveo3002 said:

but im asking soon after being set up with B , can i then transfer to C and if a better deal comes along at D can i keep transfering to chase the best rates

You can do that but transfers are far from instant. Both providers can sit on the money without crediting you any interest for quite a long time. Some will ask you request the transfer in writing via a letter.