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ISA transfers - anyone who's done it - is it cumulative across multiple years?

3 replies

Borelis · 04/06/2019 19:07

Say I have an ISA with Bank A (with the term being 2014-2016) and input the maximum of £20k.

In year 2017, I open a new ISA with Bank B (variable rate, yearly interest), transfer across the bank A ISA (as it has matured) via ISA transfer = 20k (PLUS input another 20k as I still have the allowance right?) = 40k.

In year 2018, can I then transfer the 40k from ISA with Bank B to another ISA with another bank (1.1% interest) and input an extra 20k (the allowance for that year) i.e. get the interest rate e.g. 1.1% applied onto the total of 60k? i.e. get £660 interest that year?

Disclaimer: Obviously I don't have that much cash floating about haha but I'm just trying to understand how the ISA transfer process works in the long term.

OP posts:
Ribenaberriesgowoo82 · 04/06/2019 19:51

Different accounts had different t&cs when I worked in a building society.

Mehmehmeh19 · 04/06/2019 20:17

It depends if the account you want to transfer it to allows isa transfers. If it does yes.

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