Can I move my ISA mid term?

[PersephoneParlormaid]

I put £2.5K in an ISA with the intention of adding to it, to make it the full £20K, but then discovered that I can’t add to it. I’m about to inherit some money and want to make it a nice even £20K, so can I move the £2.5K that doesn’t mature until next year, and add the rest, to a new ISA?

You can open multiple ISA accounts provided they don’t total over £20,000.

Probably depends on the specific isa, if it’s a fixed term cash type thing or not. You need to check with the provider. Some it’s fairly clear in the online system if there’s an ISA transfer button.

If you can't add to it, it's almost certainly a fixed term and can't be moved or withdrawn until it matures. Just open a second one to use the rest of your allowance then combine them when the first matures.

But if I can’t add into the first one, how do I combine them when it matures, do I need a different type for the second one?

The 'can't add restrictions will be for a fixed period. 'Maturing' is the end of that period, after which you can do what you like with it

You need to go to your account and read the terms and conditions. The restrictions are specific to the product you've bought, not a general ISA rule.

Yes use a different type as otherwise the new one will be tied up when the old one matures. I would open a new more flexible one and add £17500 then move the old one to the new one when it does mature.

Make sure you do an ISA transfer between the accounts as well, if you put it into the bank and then transfer it will lose its tax-free status.