I have two cash ISA’s (both cash) with the same Bank.
1. Opened in 2018 and no money has been added since the 2018/19 tax year.
2. Opened in 2020 and transferred to a 1 year fixed ISA that had a better rate in August 2023. £20,000 has been paid into this ISA in September 2023.
ISA no. 1 has now been reduced to 0.25% after maturing and I wish to transfer this ISA to a cash ISA with a better interest rate, with the same Bank. I do not plan to add any funds.
Is this allowed?