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Maturing ISA
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- Posts: 7
- Joined: December 6th, 2021, 4:25 pm
Maturing ISA
I've just received a letter from one of my banks saying that my fixed rate ISA, opened in 2023, is due to mature in July 24 and that it will be converted to a cash ISA (at less than half the fixed interest rate) or I can move it to another fixed rate ISA. The ISA has the full annual allowance from 2023 plus interest. If I move it to a fixed rate does that use up my 2024 maximum allowance or could I add another 20k to it?
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- Lemon Quarter
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Re: Maturing ISA
SomeoneElse wrote: If I move it to a fixed rate does that use up my 2024 maximum allowance or could I add another 20k to it?
The limit is on contributions. If you MOVE your ISA, you can contribute a further 20k. Either to the same ISA or a different one.
If you WITHDRAW the contents of your ISA then it would count as a contribution were you to add the contents to an ISA.
Always get your new provider to organize the transfer.
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- Lemon Half
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Re: Maturing ISA
SomeoneElse wrote:
If I move it to a fixed rate does that use up my 2024 maximum allowance
No.
SomeoneElse wrote:
could I add another 20k to it?
Yes.
As Urbandreamer says, initiate the transfer via your next ISA provider and let them handle the transfer. Do NOT cash it in yourself.
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- Posts: 7
- Joined: December 6th, 2021, 4:25 pm
Re: Maturing ISA
Thanks, that's what I thought/hoped. I've already opened a new fixed rate ISA for 2024 with a different bank, so will arrange for the maturing ISA to be moved to a fixed rate within the same bank.
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