ISA - transfer and open

Hi -I have an instant access cash isa with £20000 which was added to the account in 2023 in bank A I would like to transfer £20000 to the fixed cash isa which provide high interest rate in the same bank Am I allowed to do this? -After doing this, Can I also in 2024 new tax year, open a new cash fixed isa in bank B and add £20000 into it? As my understanding, I am able to transfer my “old” money (from previous year)without affecting my current year £20000 (current year)allowance, as it does not counted as opening an new account Thank you so much for your help!

Hi c w,
You can open a new cash ISA each tax year.
You can transfer the contents of one cash ISA into another, but that will come out of your ISA allowance and based on the amounts mentioned, you would not be able to add anything to any other ISAs in the tax year.
Please also have a look here:
Individual Savings Accounts (ISAs)
Thank you. 



 

Hi I did not explain my situation completely and clearly and make you misunderstood my condition --in 2023, i put £20000 in Bank A instant cash isa with low interest, now i would like to transfer "This OLD £20000 from 2023" in bank A instant cash isa to a new fixed interest cash isa in bank A now. and i searched in the internet that i am free to transfer previous year ISA into a new cash ISA and this will not count toward the current year allowance and transfer does not count as opening a new one --so in 2024, I would like to open a NEW cash isa in bank B and add £20000 so that i can use THIS YEAR isa allowance £20000 to earn some interest am I allowed to do this?? as i just transfer my old money(2023, £20000) into a new ISA account and open a new account and add this year 2024 £20000 into it. as i found opposite answers from HMRC forum and internet, I would like to ask your help to clarify this situation sorry to bother you so much I appreciate your help and thank you so much for your help!

Hi c w

Please refer to please refer to Individual Savings Accounts (ISAs)

Thank you