Maturing ISA question

[PersephoneParlormaid]

Am I right in thinking that when my current ISA matures next month and I move it into a new one, that does not affect my £20,000 allowance for this year?
So eventually you could have lots of ISA’s but you can only put a new £20,000 in per financial year.

Correct.

You can leave it in situ, or if you find a better interest rate, you can transfer it. The old and new providers will do it all for you, like switching your current account. Under no circumstances withdraw it.

This tax year and next tax year you can put up to 20k in a cash isa, the rules for the year after will be less

The critical bit is to TRANSFER the funds - or rather get the isa providers to do so. If you empty it into your current account then move to a new ISA, that is classed as using this years allowance.

"So eventually you could have lots of ISA’s but you can only put a new £20,000 in per financial year."

Yes but as PP's have said, the crucial part is to ensure you transfer the maturing ISA and not to withdraw it.

I think some people get confused about ISA's and think £20k is the max you can have whereas that is just your annual allowance (dropping for some).
My OH & I have multiple cash ISA's, all with over £20k in them as when you transfer, the interest goes with it.