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Posted Wed, 06 Mar 2024 10:19:12 GMT by ksingh_1
Hi, I had a query about transferring and renewing isas. I currently have a cash ISA that matured this tax year that was previously a 2 year fixed rate ISA, and once it matured became an instant cash ISA with Bank A, I also have a second cash ISA that will mature this tax year with Bank B. I have not used any of my ISA allowance this year. Is it possible for me to transfer the ISA with Bank A into a new fixed rate ISA with the same bank, and also pay my allowance into the ISA I have with Bank B and renew the ISA with Bank B? My understanding is that the new isa with Bank A would count as a transfer (not as opening a new ISA) and the renewal with Bank B would not count as opening a new ISA either? Any clarity would be appreciated. Thanks
Posted Thu, 07 Mar 2024 10:49:52 GMT by HMRC Admin 5 Response
Hi 

That is correct. Further guidance is at Individual Savings Accounts (ISAs).
Please note new guidance comes into effect 06/04/24 whereby you can pay into more than 1 cash ISA per year.

Thank you

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