Can someone explain ISA's please

[BG2015]

Made the mistake of putting £20k into an Easy Access Nat West ISA that's got a rubbish interest rate. I need to access it soon though as I need to take some money out for a house purchase.

Can I open another one with a better rate and transfer some over or can I only have one?

You can only pay into one cash ISA each tax year but you can transfer this to other providers.

you need to request the transfer from the bank that the money is going to rather than you send it yourself. For most banks you can make this request online.

It should take no longer than 14 days to transfer the ISA.

Can you upgrade to a better rate in a fixed rate ISA with the bank your ISA is with ?

but if you need access, then you just have to take the lower interest rates, it’s how it works

Just to add, not all ISA providers allow transfers in from another ISA provider - have a look on Martin Lewis’ Moneysavingexpert website - he has great recommendations.
However, if you need quick access to this money, you will get a lower rate.

The most you can pay into ISA per tax year is £20k.

You can have more than one ISA in 2024/25 tax year, but that £20k overall limit applies.

You can move by Transferring to another provider. Not all Cash ISAs allow transfers in.

This rule has been changed recently. You can now pay into multiple ISAs of the same type, so long as you don't exceed the £20,000 limit.

Thank you everyone