Mr. Cow
Über Member
- Location
- Manchester
In the last tax year in December 2022 I opened a fixed 1 year cash isa with Virgin money and put money in.
In this tax year in April I opened another fixed 1 year cash isa with Nationwide and put money in that too.
In a few days the ISA I opened in December 2022 will be maturing where it will revert to a standard instant access isa with a poor rate of interest.
I do not want to close it and withdraw the money as it will lose its tax free status. I cannot "transfer in" this matured ISA to my current Nationwide ISA as I was only able to pay into it once (when I opened it) and it won't accept any more money.
My question, can I open a new ISA and transfer the matured ISA from the previous tax year to the new ISA? As I understand it you can only subscribe to 1 ISA in a tax year and invest new money upto the maximum yearly allowance. As this is money from a previous tax year so shouldn't count towards the yearly allowance? BUT I would have to open a new ISA to do so..?
Or do I have to leave the Virgin Money ISA where it is for 4 months with a paltry interest rate until April when I can do something with it e.g transfer it in to another ISA product?
I have searched t'internet and there is so much conflicting/wishy washy information even on he HMRC site
Thanks
In this tax year in April I opened another fixed 1 year cash isa with Nationwide and put money in that too.
In a few days the ISA I opened in December 2022 will be maturing where it will revert to a standard instant access isa with a poor rate of interest.
I do not want to close it and withdraw the money as it will lose its tax free status. I cannot "transfer in" this matured ISA to my current Nationwide ISA as I was only able to pay into it once (when I opened it) and it won't accept any more money.
My question, can I open a new ISA and transfer the matured ISA from the previous tax year to the new ISA? As I understand it you can only subscribe to 1 ISA in a tax year and invest new money upto the maximum yearly allowance. As this is money from a previous tax year so shouldn't count towards the yearly allowance? BUT I would have to open a new ISA to do so..?
Or do I have to leave the Virgin Money ISA where it is for 4 months with a paltry interest rate until April when I can do something with it e.g transfer it in to another ISA product?
I have searched t'internet and there is so much conflicting/wishy washy information even on he HMRC site

Thanks
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